CREDIBLY: What’s the main problem with a restaurant using coupons to attract customers?DONALD BURNS: I find that people who use coupons are loyal only to the coupon. They’re not loyal to the restaurant or the brand, they’re only loyal to the deal they can get. I use this example a lot: Have you ever gone to Apple and gotten a
By naftal Nyabuto Route to market is how you sell your product and how you plan your sales. A company's success is defined by how well their route to market is developed. No matter how great your product is, choosing the right retail channel and distributor can be a key determinant of success when entering a new market. A business should put more emphasis in hiring the right people to define and map its route to market in order to propel the success of sales strategy .While there are dozens of strategies to consider when entering a new market, this post will focus on the three key strategies.
- Evaluate the distribution landscape for your product and Identify the strongest distribution channels for your business
- Use technology to create loyalty in your channels
- Use feedback mechanism to continuously re-evaluate the market.
By Arnaud Bouchard A number of loyalty programs have operated the same way for decades. Customers buy a favorite product. They are rewarded with points. In time, they cash in those points. The objective of the loyalty program is, in theory, ‘achieved’. Given that there has been no fundamental change in the process for years, it is no surprise that 50% of consumers worldwide are dissatisfied with the quality of loyalty programs and their features . Fatigue and stale familiarity have set in: only half of households that belong to loyalty programs are active participants. (more…)
Every sale is a win, but converting customers into loyal brand advocates is the ultimate goal. You can quickly transform one-time shoppers into repeat customers by designing a loyalty program. Keep the following guidelines in mind when you decide to create a system that your existing and prospective customers will actively use, and learn how the program influences their purchasing behaviors. (more…)
Did you know it costs a business about 5-10X more to acquire a new customer than it does to sell to an existing one? Not only that, but on average, current customers spend 67% more than new customers. In light of statistics like these, businesses must think about what they are doing to keep their customers coming back to their business. And if you’re like 65% of marketers, your company has implemented a loyalty program. (more…)