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How to Increase Customer Equity - Essay Example

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From the paper "How to Increase Customer Equity" it is clear that moreover, the newspapers have flooded in the market making people skim through giving little attention to advertisements posted there. New technology comes in handy for marketers especially those who embrace it…
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How to Increase Customer Equity
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Download file to see previous pages A company can improve the popularity of the products that they are offering through constant advertisements. This will serve to create awareness of the existence of the products and thus attract customers. Lastly, the company can improve its goodwill (Ryan and Jones 85).
Customers may be categorized according to their behavior. According to these criteria, they are broadly categorized into five groups; loyal customers, discount customers, impulsive customers, need-based customers and lastly wandering customers (Ryan and Jones 65). Loyal customers are usually low in number but they generally contribute more to the sales and profit that the company makes as compared to the other customers. They normally revisit the organization frequently thus there is a need for the management to have constant contact with these customers so as to ensure that their customers are well satisfied to be able to maintain them (Ryan and Jones 67). Discount customers similarly visit the organization frequently but when offered with discounts. They tend to focus on products that cost low (Ryan and Jones 70). The management also needs to focus on these customers as they promote a distinguished part of the profit in their business.
Impulsive customers, on the other hand, buy what is good and convenient for them at that particular moment they have gone shopping. They should be treated the way that they want since they can be able to contribute to a high profit that may result from the selling of many products at once (Ryan and Jones 82). Need-based customers are product specific and tend to go for particular products in the market that they require at that time. The management should inform these customers of the need for switching products so as to maintain them in cases when their favored products are out of stock (Ryan and Jones 77). ...Download file to see next pages Read More
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