Customer retention mainly means that the customer should be ready to repurchase the brand. In such scenarios, structural ties with the customer can ensure that repurchases happen frequently. For example, several pharmaceuticals as
Marketing management articles
Why me too marketing is on the rise and its effect on the market
A reader might ask the question, that why do business owners adopt a Me too marketing strategy? Why don’t businesses always start with their own unique products? There are several reasons to adopt
Are you in your marketing zone
If you have any small business or even a large corporation, your marketing will involve 2–3 main strategies which are used regularly and 4–5 smaller marketing strategies which are used time to time.
How to reduce customer defection and bring down defection rate?
It is a known fact that one of the variables which hit’s the bottom line of all established companies hard is the customer defection rate. The customer defection rate is the rate at
Customer Driven Organization
Business today has taken a whole new direction where competition has become stiffer, and margins have become smaller. Success currently not only depends on technological advancements, size or superiority of the organization. It
One to one marketing – Personalized marketing
One to one marketing is a customer relationship management concept. It is also known as personalized marketing. One to one marketing is on the rise since the last 15 years and is almost
How to use your customer database
A customer database is generally used by companies which have repeat buyers, which go through regular updates, give repeated services or for cross selling different products to the same customer. Nowadays, customer databases are being
Target market vs Strategic market
The characteristics of both – Target market and Strategic market are different. Hence, when our readers ask us the difference of Target market vs strategic market, than we answer with the point of
What is Product classification?
In every part of the world there are different systems of product classification. The concept of “product classification” consists of dividing products according to specific characteristics so that they form a structured portfolio.
Vision statement vs mission statement
I have recently written an article on Vision statement and why you need it. A second article has been written on Vision vs Mission. But in this article I would like to compare
4 elementary ways to measure customer satisfaction
There are several ways to measure customer satisfaction. However, some methods are elementary and can be applied to any business format, be it a large corporate or a small and medium enterprise. As
Customer lifetime value
Customer retention is quite dependent on the customer lifetime value. In layman terms, customer lifetime value tells us what would be the profits from a customer if he is retained by the brand
Adoption Process
Adoption process is a series of stages by which a consumer might adopt a NEW product or service. Whether it be Services or Products, in todays competitive world, a consumer is faced with a
Increasing importance of marketing in today’s economic environment
Today’s economic environment is tough. Consumer spending is low and at the same time consumers have become very knowledgeable and selective about the product they buy. Decision making is happening mainly based on word of mouth,
Cost of Lost Customers
Customer retention is very important for a company if it wants to grow and reach its apex. However, many of these companies also lose customers over time. In fact, at the start of
How to balance part time business and full time job?
Many of us want to start a part time business with our full time job so that we can have a better bank balance. However, when we try to juggle both, then there
