From Uncategorized

Antidote to whatever

The gym that I just paid 2-years membership fee upfront, said they had contract issues with the real estate developer and their business were coercively suspended.

 

Anyway, I just want to show that I’ve been here and done the 2018 portion of visiting. Hope for the best for anything coming from the unknown.

Class 7 of CRM

  • Haagen Daz doesn’t mean anything.
  • QVC- there is a guy like the Fantasy Island guy with the magic suitcase
  • Affiliate marketing: earning a commission by promoting other people’s (or company’s) products.
  • Indirect selling: supermarkets, department stores,
  • response: active and thought-through answer
  • react: could be passive and natural answer
  • Sometimes you don’t know what you don’t know

CRM class 4

How to compete with big players in the industry

  • Work step by step and analyze your competitors’ value chain. 
  • De-construct their value chain
  • Find their weaknesses in the chain and bring to customers something your competitors couldn’t.
  • Beat them on their weakness using appropriate and specific strategy

Blockbuster vs. Netflix

  • customer focus vs. marketing focus
  • data-driven and forward-looking
  • Netflix’s advantage
    • selection
    • convenience
    • price

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recency

monitoring

Is Your Brand a “Partner,” a “Best Friend” or a “Secret Affair” For Your Customers?

Brand relationships come in all shapes and sizes, but marketers tend to focus on loyal brand “marriages,” missing opportunities to relate to customers who may see their brand as a best friend, a fling, or even an adversary, says Boston University’s Susan Fournier.

At MSI’s February 2014 conference, “Brands in the Balance: Managing Continuity and Change,” Fournier and John Wittenbraker of GfK discussed how managers can overcome such myopia and build stronger customer-brand relationships.

While many managers embrace the idea of relationship marketing, the practice of customer relationship management has devolved to customer profitability management, she points out. “A lot of relationship marketing is IT-led and IT-enabled and while these professionals know how to manage data they do not necessarily understand relationships. Bribing with cash incentives, locking-in, giving a membership card. Is that a relationship?”

Firms need to refocus on managing the relationship equity in their total portfolio of brand relationships, Fournier says. They will find that their consumer—brand relationships are complex and multi-dimensional. Some may be functionally-oriented, some superficial and fleeting, and some emotional and social. Each type of relationship has different norms and expectations. “If you learned your brand was a ‘secret affair’ for a sizable segment, for example, as we learned with Cheetos, ‘Sex in the City,’ Wal-mart, and National Enquirer, you are going to think twice about your advertising messages and marketing campaigns. A fashion brand marketed as a ‘best friend’ versus a ‘fling’ brand is going to have a different brand story, identity, and feel.”

Fournier cautions marketers not to forget about managing negative relationships, which her research shows comprise on average 45% of consumers’ relationships with brands. “If a customer of the New York Philharmonic feels they are in a stalker-prey relationship, you better develop a plan to manage that. And you might think twice about sending Development after them for donations, which is the knee-jerk reaction of CRM.”

“There is profit potential in all types of relationships,” says Fournier. “The trick is to understand the specific relationship contract and the implicit rules that govern consumers’ brand interactions.”

While managers claim credit for profitable relationships, they rarely look inward to learn why some relationships go bad. For example, companies often reward good customers with discounts and special treatment and permit them to break rules. These “best customers” become costly to serve and may even eventually be “fired” by the firm.  “Firms need to pay attention to their signals. All signals. Not just the ones in the marketing plan.”

“There is profit potential in all types of relationships,” says Fournier. “The trick is to understand the specific relationship contract and the implicit rules that govern consumers’ brand interactions. You have to play by the rules.”

Rather than seeking simply to maximize revenue in a journey to gold customer status, firms should segment their customers by relationship type, Fournier suggests. With this portfolio map, they can determine which segments to target, and develop strategies by reverse-engineering best and worst relationships.

“You can know a purchaser by collecting purchase and demographic data, but to establish a relationship you really need to understand what makes the person tick,” Fournier says. “As marketers, we tend to think it’s all about the brand—no, it’s all about people’s lives and if you are lucky, your brand will come into those lives.”

http://www.msi.org/articles/is-your-brand-a-partner-a-best-friend-or-a-secret-affair-for-your-customers/

MIT pic Gfk

Click to access BaCE-How-Deep-is-your-love.pdf

Click to access Putting%20the%20R%20Back%20into%20CRM_Sloan%20Management%20Review_April%202011.pdf

 

Should a company kill a deceasing brand? -Vibhava Chemicals

KFC-fried rats PR crisis in the 70s. But the brand survived and is doing great right  now.

Black Belt vs. Ozone

Should Vibhava kill Black Belt?

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Some notes:

GE revived, Apple revived, dramatically, and some other brands survived as well.

So what’s the math to do when a company is considering about whether to kill/eliminate a brand ?

“You gotta be very careful when you are trying to kill a cash cow, even if it’s dying”.