We had quite an interesting session on customer relationship management (CRM). So basically it’s plan or strategies to help improve the relationship between customers and marketing & sales.
All the operating, marketing , analytics and retail functions are involved in it.
Then a major myth was explained which 80% of us actually don’t know till date. And that myth is- MORE DISCOUNTS BRING IN MORE CUSTOMERS (obviously that was the case in India earlier but now now!). So a customers loyalty is built first and then to sustain the customers, loyalty offers are put out. There are different types of offers such as loyalty benefit (birthday offers), Platinum members ( for the customers who buy from that brand quite frequently).
Then we were told steps to design a loyalty programme: Vouchers (re-visit by the customers), Birthday offers & gifts (given with a validity date), liquidity stock (Buy 2, Get 2) and lucrative offers for customers who don’t shop from the brand anymore.
It was such an informative session. I personally learnt a lot from this class. It couldn’t get any better!
Devyani Keswani 