Discuss the best ways in which two of the organizations below can measure the actual and the potential value of its existing customers:
- A large department store chain like Target (consumers)
- A supplier (business) of industrial equipment for restaurants (business)
- The Adrienne Arsht Center for the Performing Arts (consumers)
- A nonprofit organization (consumers)
In other words, if you were a marketing manager in charge of differentiating existing customers for two of the organizations above:
1) how would you quantitatively measure the value that your existing customers create for your organization
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2) how would you be able to distinguish great customers from poor customers? For example, the easiest and most basic way to measure value is revenue or sales. Go way deeper than this. Think creatively! Remember that we are focusing on customer retention, not customer acquisition here. The customers already exist.
Question 2: Select one (1) of the types of organizations from Question 1 above. Then discuss how you might categorize your existing customers by their different needs in the same way that Module 4 Unit 3 discussed the example of the toy building blocks (Actors, Engineers, etc., and what each category represents. Create your own categories and descriptions.)
Question 3: Discuss one take-away or lesson learned from this module. Be specific as to what you actually learned and how you could apply it.
Question 4: State a thought-provoking question you have about differentiation or CRM in general. Don’t ask it if the answer can be easily found in the course material!