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Week 2 Managing Clients: Retention and Acquistion & Financial Considerations
Week 2 Managing Clients: Retention and Acquistion & Financial Considerations
Week 2 Managing Clients: Retention and Acquistion & Financial Considerations
MANAGEMENT
Week 2
Managing clients:
Retention and
Acquistion &
Financial
Considerations.
Session Outline
What is a consumer?
What is a Client or Customer?
Client Retention
Client Acquisition definition and process
Client Portfolio Concept
Financial considerations .
What is a Consumer?
Client/Customer Retention.
Client/Customer Retention is the activity that a selling organisation
undertakes in order to reduce customer defections. Successful customer
retention starts with the first contact an organisation has with a customer
and continues throughout the entire lifetime of a relationship. A companys
ability to attract and retain new customers, is not only related to its product or
services, but strongly related to the way it services its existing customers
and the reputation it creates within and across the marketplace.
Customer retention is more than giving the customers what they expect, its
about exceeding their expectations so that they become loyal advocates
for your brand. Creating customer loyalty puts customer value rather than
maximising profits and shareholder value at the centre of business strategy.
(1) The key differentiator in a competitive environment is more often than not
the delivery of a consistently high standard of customer service.
Customer retention has a direct impact on profitability. Research by John
Fleming and Jim Asplund indicates that engaged customers generate 1.7
times more revenue than normal customers, while having engaged
employees returns a revenue gain of 3.4 times the norm.
Client/Customer Acquisition
Client Acquisition Management is a term used to describe
the methodologies and systems to manage customer
prospects and inquiries, generally generated by a variety
of marketing techniques. It can be considered the
connectivity between advertising and customer
relationship management. This critical connectivity
facilitates the acquisition of targeted customers in an
effective fashion. (1)
Source: http://www.destinationcrm.com/articles/web-exclusives/viewpoints/the
missing-linl-in-CRM-customer-acquisition-management-44024.aspx
Contact
Acquaintance
Expert
Steady Supplier
Trusted Advisor
Ive know her for a long time. Shes superb at what she
does and has great business sense. I really trust her
judgment and I will definitely use her as a sounding board
for important issues.
Trusted Partner
Global alignments
Is it for real?
Mergers
Is it profitable?
Like-minded brands
Time & resources - average pitch typically requires 600800 internal head hours
Disruption to marketing process and also incumbent
agency if shortlisted
Exposure of brand/business information to the market
Time and resources to induct and orientate new agency
Knowledge loss with change of agency
Managing the process in a timely & professional manner
for corporate reputation
* Adapted from Trinity P3 Top 10 tips to ensure you get the best media strategy
A review is a pitch
A pitch means you are a chance to
lose
Pitches cost money
Retaining clients can be as good as
winning new ones
2. Why a pitch?
Is there a hidden
agenda?
What are the real
reasons for pitching?
Make sure these
reasons are addressed
in the response
Cast smart,
likeable, talented
people
What is the clients
background?
What are their
personal interests?
6. No standard formula
your work
count
Dont fall at the
last hurdle
Very hard to fail
when you are
prepared
COMM2333: CLIENT
MANAGEMENT
Week 2
Financial
Considerations in
Client Management
Outline
Why do we need financial analysis?
How to use Financial Analysis?
Key Terms
Break Even Analysis
Foundations of Budgeting
Setting the campaign budget
Advertising Budgeting Methods
Resources
Sobel A (2009) All for One 10 strategies for building trusted client
partnerships. Wiley
Sebastian T (2008) Tell your clients where to Go!
Gibson P (2012) The world of customer service
Solomon R (2008) The art of client service
Po-Chedley (2001) Client Relationship Management
Ogilvy, D. 1968 Confessions of an Advertising Man Mayflower Dell, Great
Britain.
Maister, D, Green, C. & Galford, R. 2000 The Trusted Advisor, Free Press,
New York.
Axelrod, A. 2002 Everything I Know About Business I Learned From Monopoly,
Running Press Book Publishers, Philadelphia.
Trinity P3 - Marketing Management Consultants.
http://www.trinityp3.com/downloads.php
Penguin English Dictionary 3rd ed 1979 and Wikipedia accessed July 2013
HOW TO ANALYSE A
CASE STUDY.
1. Statement of Problem
Identify the Core or underlying problem (just ONE problem)
Separate problem from symptoms
Be Succinct and paint a clear picture usually one sentence
4. Recommendations/ Rationale
Choose one of your alternatives and support your recommendation with a
strong persuasive argument
Recommendation is a straightforward statement followed with bullet points to
support your preferred option
6. Contingency Plan
Identify the biggest Risks with your recomendation
What if it goes wrong?
Statement saying : If this happens this is what we will do
Work on your team proposal also familiarise yourself with the library
cross search facility (refer slides at the end of this slide pack on
WARC/GOOGLE)
2.
3.
Slide 51