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WOM Marketing

WOM Marketing. How valuable is Word Of Mouth ?. Group 7. PLAN. 1. MOST VALUABLE CUSTOMERS. 2. RESUME OF THE ARTICLE. 3. IMPORTANCE OF IDENTIFYING NEW CUSTOMERS. 4. CLV AND CRV. 5. INTRODUCTION. CLEAR AND TRUSTFUL MESSAGE. CONCLUSION.

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WOM Marketing

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  1. WOM Marketing How valuable is Word Of Mouth? Group 7

  2. PLAN 1 MOST VALUABLE CUSTOMERS 2 RESUME OF THE ARTICLE 3 IMPORTANCE OF IDENTIFYING NEW CUSTOMERS 4 CLV AND CRV 5 INTRODUCTION CLEAR AND TRUSTFUL MESSAGE CONCLUSION

  3. Who do you think are the most valuable customers?

  4. 1.MOST VALUABLE CUSTOMERS Those whose word of mouth brings the most profitable new customers, regardless of how much they themselves buy.

  5. 2.RESUME OF THE ARTICLE Identify the customers who bring in the most referrals. Then capitalize on the knowledge.

  6. 3. IMPORTANCE OF IDENTIFYING CUSTOMERS Calculate each customer’s lifetime value Calculate each customer’s referral value Segment customers based on CLV & CRV Target your marketing strategies by segments • Champions (high purchasing behavior- low referring) • Affluents (high purchasing behavior- low referring) • Advocates (low purchasing behavior- high referring) • Misers (low purchasing behavior- low referring) Increasing marketing Return On Investment

  7. Segmentation WOM applied to segmentation • 3 main segments: affluents, advocates and misers • Objective: draw customer value matrices relevant to each sample in order to adapt our mareting campaigns to their needs: • Affluents: direct-mail promotion to encourage them to refer more customers. • Advocates: cross-selling and up-selling to increase their lifetime value • Misers: combination of both techniques in order to increase their CLV and CRV

  8. DEVELOPMENT

  9. VIDEO

  10. 4.CLV AND CRV What is CLV ? Simply knowing what an average customer$is$ to your business in a certain period of time • Betterdecisionmaking= • More accurateBudgetingfor marketing campaigns

  11. They know what’s CRV is about! I wouldratherearn 1% of 100 people’seffortsthan 100% of my ownefforts”  - John Paul Getty (American Billionaire) Networkingcompanies

  12. 5. CLEAR AND TRUSTFUL MESSAGE Clear message • Giving a Clear Message will help your customers to understand better what you offer to them. • In this case, telling your referral customers how they are going to be benefited of referring new customers, will encourage them to do it, as now they understand how and what they are going to win.

  13. 5. CLEAR AND TRUSTFUL MESSAGE Trustful message • Showing your referral customers their benefit of referring new customers is very important to be done in the right way. • If you show warranties to your referrals about how they are going to win, they will trust and do their best. • Offering immediate payment for each referral, insted of payment for a certain ammount of of referrals.

  14. CONCLUSION

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