Scenario:

Successful business owners understand the value of repeat customers and how it affects their bottom lines. In fact, studies reveal that returning customers spend close to twice as much money as new customers.

For this assignment, assume that you are a committed, small business owner with the goal to further the success of your business. You also know that your customers are the bread and butter of your business.  Therefore, you understand the need to incorporate customer retention strategies using effective marketing strategies and good customer loyalty programs to attract new and keep existing customers.

Choose any product or service you would like to market. Expand on some customer retention strategies to attract new and retain existing customers for your product or service.

You will need to:

• research current marketing strategies for your product
• research customer retention strategies
• research strategies on gaining customer loyalty
• make recommendations on how to implement these methods

Prompt:

Based on your preliminary readings and your personal ideas and experiences engage in a discussion with the other members of your group about the elements of customer loyalty and effective marketing strategies. Consider the things you think should be included in your presentation and negotiate things that you feel can be eliminated. Support your findings with research and precedent. During your discussions, your group should be identifying patterns of similarities and agreement, as well as outliers. You may have to convince others in your group that an element should be included, even if others don’t immediately agree. This is part of the collaborative process. As you begin to formulate the basis for your presentation, assign tasks and roles to members of the group. You can choose a project manager to do this or decide as a team.

The first part of the presentation should provide a brief background of the company and a description of the product/service and its major competition. The second part of the presentation is descriptive. As much as possible, describe the product’s current marketing strategy (objectives, target segment(s), value proposition) and implementation (marketing mix).

Find one or two peer-reviewed resources on: Customer Relationship Management; Attracting and Retaining Customers; Building Loyalty; Win-Backs, Creating Long-term Loyalty Relationships; Customer Perceived Value; or Building Customer Value, Satisfaction, and Loyalty. Incorporate the concepts listed below into your presentation.

• Provide an analysis of the current marketing and implementation strategy for your product or service with recommendations for improvement (unless you think it is perfect already, which is highly unlikely)
• Explain why customer retention is important to your business and provide five customer retention strategies that may benefit your business.
• Identify the factors that you would take into consideration to determine the prices of your products or services.
• Determine important strategic benefits of brand loyalty that seem most appropriate to your small firm.
• Determine the key factors that influence customer loyalty after their initial purchase

Answers-

I am selecting a business for myself is Electronic Products.

So The first and foremost step I have to execute is to identify the right clients or potential customers for my business. So If you have not any target customer then it's probable you are limiting yourself from marketing your brand effectively.

So the question is by what method will you discover the Target Customers?

Organize complete market examination and try to work out who and how you should market your product to prevail upon new customers. You need to utilize the Right Acquisition Channel, Circulate video content of your products, video marketing is on the ascent these days, People are more interested to watch recordings of the products there are substantially more tend to be obvious students and recordings are perhaps the best approaches to notify expectation about my brand and my products. I need to locate a decent harmony between informative and interesting recordings.

To procure customers to create top notch content normally, Content marketing is effectively one of the most effective and evergreen customer acquisition strategies. Also, one of the most important strategies is to Run a referral program, it's particularly often fill in as the premise of numerous customer acquisition strategies, particularly when you're a youngster organization. You can outfit current clients incentives like extra features or discounts to incentivize them to allude your services to others. What's more, you can likewise give these new customers comparative discounts to give them an extra jab to strengthen my services.

The following are the couple of more guides to attract your customers:

An all around outfitted and very much decorated store

The plan of the business place is pivotal in such a case that it's terrible customers will just disappear. You must know that a customer's purchase choice is typically made just after 3 seconds on my store, so it is the first impression that counts. In the event that customers don't care for my shop, then they won't accepting anything and won't ever returned.

Online life activity

This is one of the channels that validate your free promotion and on the off chance that you distribute advertisements among networks, you will pay, but the unimportant inhabitance is free.

Customer Care

One more thing that will assist you with absorbing numerous customers is outstanding customer care. Continuously recollect there is no better promotion than satisfied customers .with the goal that Make the experience of purchasing in your store exceptional and just in a positive manner.

Email Marketing

It's a low valued and worthwhile solution to attract customers. An Epsilon Branding Survey has a showcase that 54 Percent of individuals have a more positive attitude concerning organizations that send them messages.

Presently the question is what is customer Retention?

Customer retention mentions a business' ability to attract and safeguard repeat customers and measure utilizing my customer retention rate, which is the rate at which my business can retain those existing customers.

To retain customers I need to maintain the accompanying things in Electronic business :

Implement personalization

Today's technology, both on the web and face to face, is making personalization more open to retailers of various sorts.

customer loyalty program

Customization one approach to drive customer retention is to get to know your customers and give relevant incentive through a customer loyalty program.

proactive with customer support

The retailers are an essential part of your customer retention initiatives. They're the labor addition of your brand and a mainstay of the relationship you have with your customers and great relationships mean more repeat purchases.

Create a community

Community takes care of the certified relationships and drives customer loyalty. Creating a community around your brand or store helps the customer for retention by Gives customers motivation to return to your store and Builds trust.

There are 2 types of theory 4P theory and 4C theory

4 P's theory incorporates "product", "value", "promotion", and "spot".

Furthermore, the 4 C's theory incorporates Production to Consumer shift, Price to Cost change, Place to Convenience change, Promotion to Communication change.

During the 4Ps marketing blend, the product strategy depends on the target market positioning and customer should be made with the production product development related to arranging and dynamic. Its primary content is: to meet the requirements of clients structured product features, production product quality standards, product features, bundling plan, product brands and trademarks, deals and administration, quality affirmation, additionally bundle incorporating product life cycle in different stages of the strategy. During the 4Cs marketing blend, customer strategy stresses business from the customer needs and interests, to create products that meet the requirements of purchasers. So from the 4Ps "product" shift to 4Cs of the "customer", in fact, alludes to the product development dependent on the business should give more consideration to purchaser needs, to meet the shopper interest for profit, to accomplish a success win business and customers. This is an adjustment in marketing concept, is perceived as the advanced marketing of "the first revolution."

Electronic gadget administration marketing conveyance system is isolated into customer behavior, front help behavior, back-end administration behavior and physical presentation from the horizontal direction, vertically separated into four stages: customer stage, customer stage, customer stage, and customer stage More, and a few connections incorporate a few little connections, for the administration conveyance system, where just important aspects of structure, for those aspects that we must be clear. From the horizontal division point of view, there are two aspects in the customer behavior is important, but additionally the administration marketer must understand the important content of the customer, that is, the customer's needs and customer satisfaction, and identify customers in the front assistance behavior Demand and customer satisfaction assessment is the key connection in administration marketing portfolio strategy, administration recuperation, and customer relationship management is the center, and the physical presentation is an important aspect of the organization's equipment strength is an important part. Be that as it may, from the perspective of vertical division, during the time spent obtaining customers and satisfying customers, we must first know the necessities of customers and identify them, and afterward take targeted administration marketing strategies dependent on the requirements of customers, in which tangible shows are administration marketing strategy Important aspects, then implement strategy and understand customer satisfaction. During the time spent retaining customers and strengthening customers, because of the long range of time, administration mistakes will inevitably happen. Therefore, administration recuperation has become an important connection. After the cure, we still need to understand the customer's satisfaction while understanding the new needs of the customers. A similar method, the level of distinction just, lastly long haul customer satisfaction, customer relationship must be overseen as the implementation of the object.

Needs Analysis of Electronics Customers Electronic Components on the market of different customers, different stages of administration, customer needs are different, to understand the genuine needs of customers is to limit the hole between the quality of administration key. The fundamental wellsprings of customer request are two types, one is from the internal interest for esteem, the other is chiefly determined by external stimuli request.

Identify customer needs Marketing How to understand the genuine needs of customers and guide the requirements of customers is important, a few customers contact the organization, professing to purchase the organization's electronic products, giving some product information, requesting a quote, for this situation, marketers must make sense of whether Why customers are purchasing, maybe treating you as a tool to hold their existing providers under tension, isn't really about acquiring you. So as to understand the genuine needs of customers or customer esteem requests, we can take the accompanying methodology 1. up close and personal contact and communication 2. great relationships 3. integrated sensible thinking.

Electronic gadget marketing strategy Electronic gadget administration marketing portfolio elements of quality, value, conveyance, administration, different customers, administration marketing in different stages.

The factors that will take into consideration to determine the costs of the products

Costs

First and foremost you should be monetarily informed before you set your estimating, work out the costs engaged with maintaining your business. These incorporate your fixed costs and your direct costs.

Customers

Know the requirement of the customers want they want from your products and services. Is it accurate to say that they are operate by the cheapest cost or by the worth they get? And Furthermore take a gander at what you are selling, are your current customers purchasing top of the line or low-finished results and services? It might be that you have to change your market to make your business more profitable.

Positioning

When I understand my customer, I have to take a gander at my positioning. Where would I like to be in the marketplace? At the point when I have chosen then I will start to get a thought of your optimal valuing.

Competitors

You must be a little competitor ask. What are the products? What compositions would they say they are offering for those costs? What customers would they say they are attracting with their valuing? Furthermore, how are they positioned in the marketplace? These answers will give an industry benchmark for y the evaluating.

Profit

One of the most important questions business proprietors neglect to ask themselves is, "What amount profit would I like to make? While the business for the energy and to increase the value of the lives of others, you likewise need to enhance your own that gives cautious thought to what your time is worth.

Quality of the Brand is what customers buying products from a similar brand again and again rather than changing to other brands. Brand loyalty incorporates a buyer's commitment to repurchase or continue to utilize one brand. It is more than basically repurchasing. Businesses might be given customer loyalty programs that stay customers returning. Customers appreciate the prizes and advantages of being a dependable customer.

The business proprietor should know the brand loyalty is a key factor in terms of customer retention. Marketing ha has been set up toward brand loyalty to keep customers returning to purchase or utilize your services. It is the topmost objective an organization makes out while budgeting. Stay your customers returning to put up to the bottom line of your organization. Skyscraper deals volumes, premium evaluating ability, and retaining rather than lookout for customers are the important aspects of brand loyalty.

You can make appreciative brand attitudes by having a quality product that takes care of an issue a buyer is encountering. Customers consistently like and need your product so as to create loyalty to the product. Reinforce habits with marketing tools and crusades. Customers should be helped to remember the estimation of your brand and urged to purchase the product in the future.

Brand loyalty marketing strategies might incorporate enrollment cards to Use a combination of hard and soft actions for customer reward projects to include esteem. You can utilize registered plastic cards that your steadfast customers use to pay for products and give them the codes for product promotion or utilize a point system where points are recovered for additional products.

These days utilizing versatile loyalty rewards is profoundly cost-effective. So you might not have the printing cost, physical loyalty cards, and expecting the customer has the card with them. Almost all customers consistently have a Smartphone with them. With the goal that you have a loyalty program that is downloaded to a Smartphone and offer coupons and percentage discount programs. This type of remuneration program stays customers returning to your business since you have created brand loyalty.

Instant awards for your customer is extremely valuable, this type of card-less system gives you the advantage of lower printing costs and supports multiple prize projects like points, stamps, cashback, enrollment discounts, and vouchers. It builds brand loyalty and customer engagement. Buyers don't want to convey loyalty cards and they want to utilize their portable.

Marketing efforts can be realigned to remember this program for the marketing efforts. Each businessman ought to advertise to customers that they can download this program benefit on their smartphones and foreground they no longer need to heft everything around plastic, you have to tap on the application and raise today's discount or points bundle.

You will get glad customers, and brand loyalty will be expanded.