Course Objectives
Customer Satisfaction and Loyalty - Virtual Learning
By the end of the course, participants will be able to:
- Explain customer satisfaction, retention and loyalty and measure them in a meaningful and systematic way
- Defend the use of a profitability dimension to any customer loyalty strategy
- Arrange, plan and manage impactful customer satisfaction surveys
- Define customer segments, profiles and models for maximum strategic as well as tactical impact
- Create 'customer value propositions' that work
- Develop effective loyalty schemes: know what to avoid and how to improve them
Target Audience
All marketing staff at any level in the organization, Customer Relationship Management (CRM) departments, market research, loyalty scheme managers and supervisors, product managers, business unit managers, sales managers and supervisors, customer care managers and supervisors, analysts and any interested decision maker, department head or supervisor.
Target Competencies
- Customer orientation
- Balanced decision making
- Results orientation
- Understanding prospect's motivation
- Integrative ability
- Problem and situation analysis
Course Outline
- Key definitions
- Customer satisfaction, retention, loyalty and delight
- Levels of loyalty
- Customer satisfaction and loyalty
- Customer delight
- Key loyalty measurements
- Customer Satisfaction Index (CSI) and Customer Retention Rate (CRR)
- Profit impact of CRR
- Customer life expectancy
- Customer loyalty index
- Loyalty and profits
- The cost of loyalty
- Generally Accepted Accounting Principles (GAAP) shortfall
- Activity Based Costing (ABC)
- Customer profitability and the whale curve
- Customer profitability at best practice companies
- The strategy quadrants
- Customer satisfaction surveys
- Surveys and questionnaires
- Objective of the survey
- Population of interest
- Writing the questions
- Sampling methods
- Administration and analysis
- Customer surveys guidelines
- Different survey metrics
- Types of satisfaction surveys: transactional versus image-based satisfaction surveys
- Who and what to measure
- How to ask
- Loyalty components
- The importance of demographics
- Surveys and questionnaires
- Segmenting your customers
- Attitudinal and behavioral dimensions
- Demographic variables, consumer and business
- Customer profiling
- Customer modeling
- Types of business customers (B2B)
- Key to loyalty: a 'customer value proposition' that works
- The value proposition: definitions
- Why a value proposition
- Building the value proposition
- Articulating the value proposition
- The strong value proposition: conclusion
- Customer loyalty and loyalty schemes
- How to foster loyalty
- The 6 Ps of customer loyalty
- The two tier approach
- The laws of customer loyalty
- Loyalty schemes: background and justification
- Loyalty schemes: what to avoid
- Types of loyalty programs
- Reasons to join
- Different loyalty schemes
- Rewards and perceived value
- Maximizing the results