HST 210 Lecture Notes - Lecture 11: Affinity Analysis, Customer Relationship Management, Stock Keeping Unit
23 Apr 2016
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Document Summary
Share of wallet: almost a sign of loyalty ( how much of their wallet do you get? ) The percentage of total purchases made by a customer in a store. Increasing a share of the customer"s wallet is a cheaper way to increase revenues than expanding market share. If you spend 500$/month on clothes and 1000$ a year at harry rosen, they have a 16. 7% sow. Focuses on actually building a relationship, and creating an emotional collection. It can"t be price: to create loyalty you have to make them feel like all their needs are fulfilled. Average household has 29 loyalty cards, but only 12 are active. People aren"t seeing value in these cards. Purchase date, price paid, skus bought, whether orn to purchase was stimulated by a promotion. Need to connect contacts with a specific customer identifier. As identifying information telephone number, name, and address. Personal information protection and electronic documents act.
