Markma session 3 presentation marvin pedregosa revised

Connecting with Customers
CREATING LONG-TERM LOYALTY
RELATIONSHIPS
Marvin Pedregosa
ATENEO GRADUATE SCHOOL OF BUSINESS
ph.linkedin.com/in/marvinpedregosa

Outline
STRONG Loyalty Relationships are created
through:
1. Maximizing Customer Value
2. Ensuring Customer Delight
3. Solidifying Product Quality
4. Investing in the Right Customers
5. Managing Customer Relationships
6. Being Savvy with Data
WOW
SUCH PRODUC
MUCH QUALITY
VERY AMAZE
WOW
WOW
TEACH DOGE PLS

Loyalty Relationship Concept 1 of 6:
SET CUSTOMER VALUE to MAXIMUM
Cust. Perceived Value = Total Benefits – Total Costs
Total Customer
Benefit
Customer
Perceived
Value
Product
Benefit
Services
Benefit
Personnel
Benefit
Image Benefit
Total Customer
Cost
Monetary Cost
Time
Cost
Energy
Cost
Psychological
Cost
= -

Undergo CUSTOMER VALUE ANALYSIS
1. Identify benefits, etc
customers value
2. Assign weights
3. Assess company and
competitors’
performance
4. Ask customers to rate
5. Monitor

HOW TO MAXIMIZE?
2 Alternatives:
1. Increase Total Customer
Benefit
2. Decrease Total Customer
Cost

DELIGHT THY CUSTOMER
WHAT IS CUSTOMER SATISFACTION?
A person’s feeling of PLEASURE or DISAPPOINTMENT
that result from comparing a product’s perceived
performance to expectations.

Performance < Expectations
DISSATISFIED
Performance = Expectations
SATISFIED
Performance > Expectations
DELIGHTED

EVERYONE WANTS HIGHLY SATISFIED CUSTOMERS!
THEY:
1. Stay loyal longer
2. Buys more as the company introduces new & upgraded
products
3. Talks favorably to others about the company
4. Pays less attention to competing brands
5. Less sensitive to price

ENSURE PRODUCT QUALITY
WHY?
High Quality
High Customer Satisfaction
High Loyalty
High Prices
Low Costs*
High Profitability

ENSURE PRODUCT QUALITY
HOW? Codify QUALITY as a company priority
Ensure Departmental objectives and
targets reflect QUALITY as a priority
Develop action plans to achieve QUALITY
targets through daily processes or projects
PERIODICALLY MONITOR

INVEST IN THE RIGHT CUSTOMERS
Marketing is the art of attracting and
keeping PROFITABLE CUSTOMERS
Person, household, or company that
over time yields
REVENUE STREAM > COST STREAM
for attracting, selling, & serving that
customer.

NOT ALL CUSTOMERS ARE “EQUAL”
Customer Profitability Analysis

NOT ALL CUSTOMERS ARE “EQUAL”
The Marketing Funnel

MANAGE YOUR RELATIONSHIPS
CRM
CUSTOMER RELATIONSHIP MANAGEMENT

CUSTOMER RELATIONSHIP MANAGEMENT
Companies can create stronger bonds with customers by personalizing
relationships.
CRM can be practiced through…
1. Personalized Marketing
2. Customer Empowerment
3. Recommendations from consumers

CRM CUSTOMER RELATIONSHIP MANAGEMENT
4-Step Framework for Personalized Marketing
1. Identify Prospects and Customers
2. Differentiate customers in terms of their needs and value
to your company
3. Interact to gain information and build relationships
4. Customize products, services , and messages to each
customer

BE DATA SAVVY
BUILD A CUSTOMER DATABASE
MINE DATA

Summary
STRONG Loyalty Relationships are created
through:
1. Maximizing Customer Value
2. Ensuring Customer Delight
3. Solidifying Product Quality
4. Investing in the Right Customers
5. Managing Customer Relationships
6. Being Savvy with Data
SUCH DELIGHT
LOYAL DOGE
VERY MANAJED
WOW
WOW
WOW

Conclusion
LOYAL CUSTOMERS ARE RESULTS OF
1. Good recognition of needs
2. Not settling for anything less than the BEST in Product Quality
3. Well-managed interactions
4. Strategically focused efforts
LOYAL CUSTOMERS ARE PRIORITY!
Repeat Sales, Positive Word-of-Mouth, Neutralized Competition

Connecting with Customers
ANALYZING CONSUMER MARKETS
Marvin Pedregosa
ATENEO GRADUATE SCHOOL OF BUSINESS

Outline
HOW DO WE LOOK INTO CONSUMER
BEHAVIOR?
1. WHAT Influences Consumer Behavior
2. HOW Do Consumers Think
3. HOW Do Consumers Choose
4. HOW To INFLUENCE Consumers’Behavior

Analyzing Consumer Markets Concept 1 of 4:
BEHAVIORAL INFLUENCERS
What is consumer behavior?
It is the study of how consumers select, buy, use, and dispose of
goods, services, ideas, or experiences to satisfy their needs and
wants

FACTORS 3
CULTURAL SOCIAL
PERSONAL

FACTORS: CULTURAL 3
Culture Sub-Culture Social Class
Family
Key Institutions
Nationality
Religion
Racial Group
Geographic Region
Lower Lowers
Upper Lowers
Working Class
Middle Class
Upper Middles
Lower Uppers
Upper Upper

FACTORS: SOCIAL 3

FACTORS: PERSONAL 3
AGE ECONOMIC
CIRCUMSTANCES
AND
OCCUPATION
PERSONALITY
AND SELF-CONCEPT
LIFESTYLE AND
VALUES

PSYCHOLOGICAL PROCESSES
AFFECTING CONSUMERS

AFFECTING CONSUMERS
MOTIVATION
Motivation is when a need becomes aroused to a level of intensity
that drives us to act.
3 theories of human motivation:
1. Freud 2. Maslow 3. Herzberg

AFFECTING CONSUMERS
PERCEPTION
Perception is the process of how we interpret information to create a
meaningful picture of the world

AFFECTING CONSUMERS
LEARNING
Learning Induces change in our behavior arising from experience
Marketers can thus build product demand by associating it with
strong drives, using motivational cues, and providing positive
reinforcement

AFFECTING CONSUMERS
EMOTIONS
Emotions are involved when consumer response is not all rational but
invokes different feelings
• Emotional marketing campaigns help build stronger connections with
consumers.
• People can relate more to the brand instead of just associating it as
a product.

THE PURCHASE PROCESS
PROBLEM
RECOGNITION
PURCHASE
DECISION
POSTPURCHASE
BEHAVIOR
INFORMATION
SEARCH
EVALUATION
OF
ALTERNATIVES

PROBLEM
RECOGNITION
1.
Internal
Stimuli
External
Stimuli
External
Stimuli
External
Stimuli
External
Stimuli

2.
INFORMATION
SEARCH
4 MAJOR INFORMATION SOURCES:
1. Personal
2. Commercial
3. Public
4. Experiential

3.
EVALUATION
OF
ALTERNATIVES
THE EVALUATION PROCESS IS INFLUENCED BY
1. Beliefs
2. Attitudes
3. Expectancy Values (Rationalization)

4.
NON COMPENSATORY MODELS
Makes use of “Mental Shortcuts” or HEURISTICS
1. Conjunctive– Minimum Cut Off per Attribute
2. Lexicographic – Choice among the best of a perceived most
important Attribute
3. Elimination-by-Aspects
PURCHASE
DECISION

5.
POSTPURCHASE
POSTPURCHASE SATISFACTION
POSTPURCHASE ACTIONS
POSTPURCHASE USE AND DISPOSALS
BEHAVIOR

CONTEXTUAL INFLUENCES &
HEURISTICS
DECISION HEURISTICS OR RULES OF THUMB
1. Availability – Based on the quickness and ease with which a
particular example of an outcome comes to mind e.g. Safety of Malaysia
Airline flights

HEURISTICS
2. Representativeness – Based on how representative or similar the
outcome is to other examples e.g. Coffee Creamer Packaging

HEURISTICS
3. Anchoring or Adjustment – Consumers arrive at an initial judgment
and then adjust it based on additional information e.g. Important First
Impressions

Summary
HOW DO WE LOOK INTO CONSUMER
BEHAVIOR?
1. WHAT Influences Consumer Behavior
2. Psychological Processes AFFECTING Consumers
3. The Purchase Process
4. Contextual Influences and Heuristics
LOL found it

Conclusion
ANALYSIS LEADS TO REWARDS
1. Consumer behavior is affected by a lot of factors
2. Purchase decisions are not purely rational
3. GOOD MARKETING can influence these factors and lead to
meeting company objectives!

Markma session 3 presentation marvin pedregosa revised

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