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| Date post: | 30-Dec-2015 |
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[email protected]@rmgtarget.com
Schedule09.15 – 09.25 Introduction
09.25 – 10.00 RM Foundations
10.00 – 11.00 RM Principles
11.00 – 11.10 Questions
11.10 – 11.30 Break – Tea/Coffee
11.30 – 11.50 RM Lifecycle
11.50 – 12.10 RM Dynamics
12.10 – 12.20 RM Brands and Bonds
12.20 – 12.50 RM Return 2 Investment
12.50 – 13.00 Questions
THE PURPOSE OF A BUSINESS IS TO CREATE AND KEEP A
CUSTOMER.
TO DO THAT YOU HAVE TO DO THE THINGS THAT WILL MAKE PEOPLE
WANT TO DO BUSINESS WITH YOU.
RM Realities• Most communications we send
customers are irrelevant to them.
• We spend millions sending them these communications.
• We usually have no idea what impact if any our actions have made.
• We never measure the negative impact of what we do.
• We lose around 20% of our customers each year.
• Costs of acquiring new customers are increasing.
RM Realities
• We spend significant amounts of money acquiring new customers and very little on retaining and developing them.
• What we replace them with are less valuable.
RM Realities
• Get to know customers.
• Meet their needs.
• Treat them as equals.
• Build appropriate relations.
• Develop meaningful dialogue.
A Different Approach
This is the business of Relationship Marketing.
Creating and sustaining profitable relationships.
“Targeted communications that encourage interaction with a view to building or maintaining a relationship.”
Gary Brown.
Relationship Marketing
• Targeting.
• Interaction.
• Continuity.
• Control.
RM Foundations
• Who.
• How many.
• Tone.
• Message.
• Medium.
• Timing.
Targeting
Interaction
“Tell them and they’ll forget, show them and they may remember, involve them and they’ll understand.”
Continuity
Great relationships are the ones that exist over time.
“Old friends are best.”
Control
• Take Control.
• Give Control.
“If you can measure your business, you can manage it and if you can manage it, then you should be able to make a profit.”
RM PRINCIPLES
A Good Start
Dialogue
Staying in touch
Relevance
Recognition
Support in Difficulty
?
Shared Interests
Shared Experiences
Trust
Shared Values
Spontaneity
RELATIONSHIP LIFE CYCLE
Relationship Life Cycle
• Acquire.
• Develop.
• Retain.
Acquire
• Target.
• Manage.
• Welcome.
Develop
• Activate.
• Build Usage.
• Expand.
Retain
• Bond.
• Manage Problems.
• Win Back.
RELATIONSHIP DYNAMICS
Relationship Dynamics
• The Business.
• The Brand.
• The Customer.
• The Communications.
Business Dynamics
• Key financial factors that influence how much we can invest in each customer and over what period of time.
• The buying cycle, the acquisition cost, customer profitability and customer churn.
Brand Dynamics
• Communications should be “on Brand”.
• Relationship is with the Brand.
• Competitive Brands.
Customer Dynamics
• Determines who should be targeted and when are the best moments to reach them.
• Different audiences involved.
• Needs of different market segments.
• ‘Moments of Truth’.
Communication Dynamics
• Best channels to use.
• Types of messages/tone.
• Customer preference.
• Testing channels.
BRANDS &
BONDS
Brands and Bonds
• Market leadership is always in the hands of those who have better bonded with high value customers.
?
Bonded Pyramid
• BondingRational and emotional attachments to the brand to the exclusion of most other brands.
Bonded
• Bonding.
• Advantage.
• Performance.
• Relevance.
• Presence.
Bonding
Advantage
Performance
Relevance
Presence
Strong Share of Wallet
Weak Share of Wallet
BondingSTRONG
WEAK
Bonding
Advantage
Acceptance
Presence
Latency
“Nothing beats it”
“It’s better”
“It’s good, it meets my needs”
“I know about it”
“I don’t know about it”
Rational Bonds
• Logical reasons why a customer should have a preference for maintaining the relationship.
• Financial, convenience, structural.
Emotional Bonds
• Emotive reasons why.
• Member of select group.
• Community.
• Individual relationship.
• Live up to Relationship Principles.
RETURN 2
INVESTMENT
Return 2 Investment
• Investment.
• Interaction.
• Innovation.
• Intimacy.
Investment
• Plan for growth.
• Segment customers by value.
• Target, target, target.
• Refine information.
• Time and resources.
Interaction
• Learning from interaction acts as a feedback loop to guide further innovation and creativity.
• This enables continuous improvement and further engagement.
• Customer interaction is key to gaining customer information.
Innovation
• Customer information drives Brand innovation.
• Innovation drives trial and more sales.
• Accurate and targeted innovation leads to more customer information.
Intimacy
• An intimate relationship is based on trust.• An intimate relationship is based on
dialogue.• An intimate relationship is based on
emotional bonds.• An intimate relationship is hard to break.
Intimate Communications are:
• Anticipated.
• Personal.
• Relevant.
“When we close the books at the end of every year we kill the customer.”
“In the future the new organisation will have their strategic marketing databases on the balance sheet, then and only then will organisations have demonstrated that they have embraced and finally understood the principles of Customer Relationship Marketing.”
Gary Brown.
