Better Retaining Customers

Posted on June 18, 2018 by bermanevansretail

Customer retention is a major driver of long-term success. Yet, it can be elusive. Thus, today’s post relates to the goal of better retaining customers.

Before reading below, please check out these two posts. Great Post-Purchase Communication Is Essential. THREE Infographics to Help Improve Customer Satisfaction.

Better Retaining Customers

Thanks to Justin Green of M2onHold, an Australian communications firm, for authoring this section of today’s post AND providing the infographic.

“Many businesses make the mistake of undervaluing customer loyalty. Instead, they choose to chase new customers, often at the expense of loyal customers. Yet, building a steady base of loyal customers represents one of the most sustainable ways to grow a business. Repeat customers spend larger amounts, buy more often, and act as an advocate on behalf of your brand. The combination of these elements can boost brands. A 5% increase in customer retention results in a profit boost of between 25 and 95%! Moreover, it is far less costly to reach out to customers with whom you have already built a relationship than to convert new customers.”

“Often, businesses hope the quality of the product or service will be enough to generate loyalty. And to gain devotion. But, it is also key to maintain impeccable customer service. As author Rick Tate asserts, ‘Merely satisfying customers will not be enough to earn their loyalty. Instead, they must experience exceptional service worthy of their repeat business and referral.’ So, how can your firm optimize customer service to drive higher retention?”

The first step would be to check out this highly informative infographic from the team at M2OnHold. This handy infographic guide will prime you on everything you need to know about building customer loyalty. It looks at the main reasons why customers are lost. And it offers tips on the various things you can do to prevent customer defection. It also shows how to calculate your customer retention rate so you can monitor it and set goals for the future. To learn how to use customer retention to grow your business, read the infographic .”

Better Retaining Customers

Posted in Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 7: Communicating with the Customer | Tagged , , , , | Leave a comment

IHOP Becoming IHOb

Posted on June 13, 2018 by bermanevansretail

Last week, IHOP announced on Twitter that it would be changing its name to IHOb, with an announcement on Monday June 11, 2018 as to what the “b” stood for. It encouraged the media and customers to guess what the “b” would stand for with IHOP becoming IHOb.

 

Pre-Disclosure Assessment: IHOP Becomes IHOb

When IHOP released its name change teaser last week, the media reacted quite negatively.

For example, Jade Scipioni wrote this for Fox News:

“Goodbye IHOP and hello to IHOb! The 60-year-old iconic pancake chain announced it’s literally flipping its last acronym from ‘p’ (pancakes) to ‘b’ which stands for burgers, the company disclosed last Monday. The breakfast joint’s acronym, coined for its host of international pancakes, teased the coming news last week to drum up press — and encouraged its customers to guess what its new name could possibly stand for. And then to make the official reveal on Monday June 11.”

“’The decision to change the name may have been the dumbest decision ever made in the world of branding. Brand equity is precious. It takes years to build, and it is the cornerstone of customer loyalty. IHOP just decided to throw it away,’ David Srere, co-CEO and chief strategy officer of Siegel+Gale said.  Allen Adamson, co-founder of Metaforce, a brand consulting firm, says he believes the whole name change is nothing more than a ‘publicity stunt. It’s a symptom of the enormous pressures on marketers to get noticed,’ Adamson said. ‘The best they hope for is that an ad and social media campaign tied to a name change will get their breakfast-beyond-pancake story to stick,’ he said.”

In the following video, Fox News asked people to guess what the b would stand for.

 

After the Reveal: IHOP Becomes IHOb

After all of the build up, this is what actually happened.

According to Paul R. La Monica, reporting for CNNMoney.com:

“IHOP said that it’s temporarily changing its branding because the B stands for burgers. It’s only a marketing campaign. IHOP isn’t changing its name. But the chain of breakfast diners took social media by storm last week with the cryptic announcement that it was flipping the lowercase ‘p’ in its logo and making it a ‘b.’ IHOP, of course, stands for International House of Pancakes. But IHOP — sorry, IHOb — wants to be known as a place to get lunch and dinner, not just breakfast and brunch. It’s adding several burgers to its menu, including a Big Brunch burger with bacon, a fried egg and browned potato on top.”

See IHOb’s Twitter feed.

 

Posted in Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Social Media and Retailing, Video Clips (non-career) | Tagged , , , , | Leave a comment

Are Americans Shopaholics?

Posted on June 12, 2018 by bermanevansretail

Last week, Evans on Marketing looked at Shopper Online-Offline Psychology: Inside the Minds of Shoppers. Today, we consider this question. Are Americans shopaholics? For a lot of people, the answer may be yes. Let’s see.

 

An Infographic Look: Are Americans Shopaholics?

Thanks to Josh Wardini for authoring this section of today’s post.

“You think ‘shop till you drop’ is just a metaphor? Well, in the capitalist wonder that is the USA, that is how at least 18 million adults roll daily. While we all have indulged in a bit of compulsive purchase, these shopaholics take it to a new level. Welcome to the life of an American shopaholic. The high someone gets from a great buy is real.Shopping causes dopamine, the chemical to thank for your pleasure sensations, to surge through your brain. This creates an instant high fort those addicted to shopping. Retail therapy is a favorite of those going through a rough patch in life.”

“We’ve got a variety of underlying motivations. For some image shoppers, how much you spend defines your status. While codependent shoppers shop to gain love, approval, and acceptance. It’s gotten even worse with the spread of online shopping. And the ability to compare prices and find great deals on the Internet.”

“Compulsive shoppers shop as a form of coping mechanism. Perhaps that is an inner void that seems impossible to fill without the latest merchandise that’s taking the world by storm. Or some childhood deprivation that is hard to block out. Needless to say, the world of aggressive marketing which promises to ‘fix’ us does not make the plight of these shoppers any better.”

“Women everywhere have to live with the stereotype of being shopaholics. Yet, American statistics tell a different story. Men and women, in this part of the world, seem to be on equal footing when it comes to struggling with a shopping addiction, with the average age for both genders being between 18-30. Hardly anyone is exempt from the shopping bug. Even wealthy celebrities sometimes find themselves biting more than they can chew.”

 
The infographic below from Shopping.fm sheds some light.

Are Americans Shopaholics
 

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