MKTG 35035 Lecture Notes - Lecture 17: Marketing Mix, Loyalty Program, Switching Barriers
8 Nov 2020
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A commitment from the consumer to continue to purchase from you in the future. A preference for your brand over your competitors" brands. How much value does the customer think you provide: word of mouth. How likely is it that you would recommend us to a friend or colleague? : personality indicators. Some customers are more likely than others to be loyal regardless of you or your product. Loyalty prone: variety seekers, brand conscious, economic indicators, search costs, transaction costs, switching costs. Has this customer really formed an attitudinal attachment to my brand, or is it just easier to stay than to defect: customer loyalty programs. A focused and specific marketing initiative to segment, retain, and extend existing customers. Typically includes providing unique recognition, rewards, and targeted communications to desired customers: reward-based loyalty programs, frequent flier programs, grocery store discount cards, buy-10-get-1-free cards, credit card points, hotel stay points, etc, non-reward-based programs.
