As part of on-going Brunel Business School research seminars we invite you to learn how to improve your Customer Engagement Strategy by using the cutting-edge applied research in this free open seminar featuring top academic authorities in the field. This seminar is organised by the Centre for Research in Marketing (CREAM) in Brunel Business School.
Customers can engage with the firm in various ways and it is no secret that firms treat customers differentially. When one customer spends ten minutes on the phone navigating through automated menu options, only to find out that there are no seats available on that evening flight to Chicago, a “Gold” customer whose phone call gets picked up on the second ring by a friendly service representative is offered a window seat on that same flight. How do firms decide the customers to whom they should provide preferential treatment that clearly costs more money and resources, to which customer they should interact through inexpensive channels like the Internet or the touch tone phone, and which customer to let go? How do firms decide the timing of an offering to a customer? What kind of sales and service resources should the firm allocate to conduct future business with that customer? What should be the metric that a firm should use to base their acquisition and retention strategies? Should firms focus on investing in brands or investing in building customer relationships? Should firms encourage customers to shop in multiple channels or is there a fear of cannibalization? Can a firm identify customers who are likely to quit buying from it and further take preventive action to retain the customers? How to infer the strength of the relationship between the firm and the customer using transaction data and not survey data? Finally, can a firm find the right customers to act as advocates for the firm’s products and services?
Specifically, to answer the above questions, firms can rely on building profitable customer loyalty by developing a set of customer metrics:
- a measure of what a customer is likely to provide to the firm through direct purchases -Customer Lifetime Value,
- a value that each customer attaches to a brand – Customer Brand Value, and
- a value that each customer provides through incentivized referrals – Customer Referral Value, Business Reference Value
- a value that each customer provides through his/her influence in the social media –Customer Influence Value
- a value that each customer provides through offering feedback and ideas for new product and services – Customer Knowledge Value
Several case studies will be presented to demonstrate the practice of profitable and loyal brand and customer value management by both B2B and B2C firms. The successful implementation of a profitable customer engagement strategy has resulted in increased revenues, profit and ROI.
Building a Profitable and a Loyal Brand and Customer Engagement Strategy
November 2, 2012 at 10:00 AM – 12:30 PM
Brunel Business School, Brunel University – London
Name: BBS Events