Phase 3

- What tools will be used for product development, marketing, advertising and communication? 

  • Brainstorming
  • Customer reviews
  • Examining your competitors
  • Audience surveys
  • Social media
  • B2B wholesale marketplaces
  • Concept testing
  • Online consumer trend publication

- Customer loyalty program
 

Point-based loyalty

Points programs are the most common type of rewards programs. They let customers accumulate points they can redeem for freebies, cashback, perks, etc. Customers don’t just earn points from purchases. They can also earn points from sharing on social, leaving reviews, having a birthday, or through gamification.

Paid loyalty

 Paid loyalty, or fee-based loyalty programs, give customers immediate and ongoing benefits for a participation fee. These fees can be recurring or one-time. Paid programs may need to require proof-of-value to get signups, but the business can gain higher customer value from members. A recent report by McKinsey shows that consumers are 62% more likely to spend more on a brand after joining a paid loyalty program.

- How the techniques learned throughout the Service Excellence/Essentials Program will help ensure the success of the company?

 We can use the internet, It is incredibly powerful and very cost-efficient, but it takes time and some skill. It is about creating a community, using social media networking such as Facebook, YouTube, Twitter, and blogging to build rapport with your market. You need to get on the train and do it because your competitors are. Although, we can keep track of everything, and manage by the numbers. Create written systems for everything, because you will reap benefits from them later on. This is how you train your employees and retain consistency. Know your numbers and check them daily and make all decisions based on what they tell you. One of the most important calculations is cash flow pro forma. Determine how much cash you need to do the business, and do not start without the required cash on hand.

Reference

- 7 Innovative Customer Loyalty Programs (+ How to Start) (2022) - Shopify Canada

- 7 Ways to Help Ensure Your Business Succeeds (entrepreneur.com)

Comments

Post a Comment

Popular posts from this blog

Phase 2

Image
Operations blueprint     Using resources efficiently is both responsible business practice and a means of reducing our environmental impact. We have made important strides in promoting renewable technologies and in reducing the energy, water, and waste associated with our facilities. While our greatest impacts come from the manufacturing of our products in suppliers’ mills, our control over the facilities we own and operate allows us to change those operations more rapidly.                 Infographic of revenue projections              How to deliver effective customer service?   1. Be friendly The most important rule in providing excellent customer service is to be friendly. Try to greet customers with a smile and always be courteous and respectful. Be proactive by paying attention to the customer’s needs and offering help or recommendati...
Read more

Phase 1

Image
- How the service or product will be positioned as the superior choice over competitors through a competitive analysis?    The second survey question is my favorite, especially when it enables you to map the benefit directly to a feature. It tells you the value your customers get from your product and which aspect of your product is key to them. It means you can then get your team to fix broken flows around it and double down to ensure more users see its value.   But it doesn’t end there. You’ll still have to answer questions such as whether the person you sell to is a manager or somebody involved in daily execution.  The data you get from your first step should ideally help you determine which market you’re in. You should start to see clusters of users with similar profiles, who all say they’d be disappointed without your product, and describe a benefit around a common theme.  In a relatively new market, you have to first establish the problem before talking ab...
Read more