E-COMMERCE.docx - Retention Retention is all about being...

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Retention Retention is all about being the ultimate test of our marketing strategy and, sometimes, brands get so laser-focused on acquiring new customers that they overlook the value of the ones they already have. THE USUAL RETENTION STRATEGY/CYCLE: acquisition conversion retention BUT RETENTION STARTS LIKE THIS: satisfaction loyalty referrals (ppt) Also, as Acquisition and Retention are extremely related one to another (high difficulty to gain customer, high difficulty to keep them), we have to decide as most of companies do as well how are we going to balance our efforts between those two. As this question can be somehow tricky, we will say that we have to balance equally for the following reasons: First of all, our closest and preferred persona profile is Trendy Taylor: Millennial. As all of his generation, Trendy Taylor is a person who follows trends closely and pays a lot of attention on everything that can be visually related. She grew up amongst technologies and, as every young person of her age, she wants things to be delivered quickly, efficiently and in a enjoyable manner. Aims - Establish a niche based on our audience aspirations, lifestyles and needs to have more engage and loyal customers than our competitors. As it is not always a good idea to sell everything we can in the world of ecommerce business. Small to medium-sized businesses that participate in niche markets online have the opportunity to get closer and focus their efforts on customer satisfaction restricted to a smaller amount, making sure that this one will be more impactful, effective, and much more adaptable. - Make our customers feel like they are part of something bigger, as having a Customer Retention Rate of 65% at least. We seek to deliver higher than expected levels of service to each and every customer. Easy said and hardly done, obviously, but before exceeding any customer’s expectation we need to know what those expectations are. As a good marketed, you know you have been able to implement yourself fully in the market is when you have been able to create a need that people did not expected to have, and this is what we seek to do. Approaches - Use a network of influencers on social media in order to increase our brand and product awareness As we are seeking for Millennials and we are an e-commerce platform, we have to expect from our customers to be at their ease at least with the basics of social media and web surfing. Because our product is extremely focused on art, aesthetic, packaging and every visual features possible, we want to make sure that our visibility on social media will be present and, above all, will reflect our brand image. Referring to our lifetime customer value data and the content of Acquisition above, we want to determine and have constant ambassadors that will correspond to our persona, being trendy, fashion, perfectionists, curious, colorful social media influencers.
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- Increase switching costs with Artificial costs : Loyalty Programs, VIP Membership, Surprise and Delight
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  • Fall '17
  • Customer attrition, Customer retention

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Christopher Reinemann
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