By the end of the course, participants will be able to:

• Explain customer satisfaction, retention, and loyalty and measure them in a meaningful and systematic way
• Defend the use of a profitability dimension to any customer loyalty strategy
• Arrange, plan and manage impactful customer satisfaction surveys
• Define customer segments, profiles, and models for maximum strategic as well as the tactical impact
• Create ‘customer value propositions’ that work
• Develop effective loyalty schemes: know what to avoid and how to improve them

Key definitions:

• Customer satisfaction, retention, loyalty, and delight
• Levels of loyalty
• Customer satisfaction and loyalty
• Customer delight

Key loyalty measurements:

• Customer Satisfaction Index (CSI) and Customer Retention Rate (CRR)
• Profit impact of CRR
• Customer life expectancy
• Customer loyalty index

Loyalty and profits

• The cost of loyalty
• Generally Accepted Accounting Principles (GAAP) shortfall
• Activity Based Costing (ABC)
• Customer profitability and the whale curve
• Customer profitability at best practice companies
• The strategy quadrants

Customer satisfaction surveys:

• Surveys and questionnaires
• An objective of the survey
• Population of interest
• Writing the questions
• Sampling methods
• Administration and analysis
• Customer surveys guidelines
• Different survey metrics
• Types of satisfaction surveys: transactional versus image-based satisfaction surveys
• Who and what to measure
• How to ask
• Loyalty components
• The importance of demographics

Segmenting your customers:

• Attitudinal and behavioral dimensions
• Demographic variables, consumer and business
• Customer profiling
• Customer modeling
• Types of business customers (B2B)

Key to loyalty: a ‘customer value proposition’ that works:

• The value proposition: definitions
• Why a value proposition
• Building the value proposition
• Articulating the value proposition
• The strong value proposition: conclusion

Customer loyalty and loyalty schemes:

• How to foster loyalty
• The 6 Ps of customer loyalty
• The two-tier approach
• The laws of customer loyalty
• Loyalty schemes: background and justification
• Loyalty schemes: what to avoid
• Types of loyalty programs
• Reasons to join
• Different loyalty schemes
• Rewards and perceived value
• Maximizing the results

Attendees will get training certificate after the completion of the course