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首页 贝恩咨询市场营销-customerloyalty

贝恩咨询市场营销-customerloyalty.ppt

贝恩咨询市场营销-customerloyalty

光平
2019-04-25 0人阅读 举报 0 0 0 暂无简介

简介:本文档为《贝恩咨询市场营销-customerloyaltyppt》,可适用于战略管理领域

bcAuthor:JenniferMcEnroeTarrbcCustomerLoyaltyContributors:KaraGruver,RumaSanyalMarchCopyrightcopyBainCompany,IncReviewer:RobMarkeyCUIMBbcCustomerLoyaltyAgendaWhatisLoyaltyEvolutionoftheLoyaltyPracticeLoyaltyEconomicsHowBainHelpsClientsMaximizetheValueoftheirCustomerBaseExampleLoyaltyToolsLoyaltybcWhatisLoyaltyLoyaltyisaperspectiveonbusinessstrategywhichemphasizesthedeliveryofsuperiorvaluetothebestcustomersandemployeesSincetheirloyaltyiskeytoprofitandgrowth,theiracquisition,defection,shareofrelevantwalletprovidefocalpointsformeasurement,learningandimprovementCustomerLoyaltyLoyaltybcCustomerLoyaltyBainCompanyisresponsibleforvirtuallyalltheeconomicresearch,financialanalysisandconsultinginthefieldofcustomerretentionandrecoveryCouncilonFinancialCompetitionLoyaltyisaBainCompanyInnovationLoyaltybcCustomerLoyaltyAgendaWhatisLoyaltyEvolutionoftheLoyaltyPracticeLoyaltyEconomicsHowBainHelpsClientsMaximizetheValueoftheirCustomerBaseExampleLoyaltyToolsLoyaltybcEvolutionoftheLoyaltyPracticeCustomerRetentionCustomerLoyaltyKeepingcustomers:GoodLosingcustomers:BadCustomerswhobuymore:GoodSomecustomerswillneverbuymoreROSRMSdoesn#tworkinservicesQuantificationofretentioneconomicsCreditcasualtylossesLowspendersornonborrowersShareofwalleteconomicsMarylandNationalMBNACommercialBaxterIVDIVsystemsAmericanExpressStateFarmBankInterFirstCommerceFundamentalinsights:Whatledtotheinsights:Someexamples:Overtheyears,thetrainingonloyaltyhasevolvedfromldquodonrsquotloseanycustomersrdquotoldquohowdoImaximizethevalueofmycustomerbaserdquoEarlyinEvolution:CurrentView:CustomerLoyaltyLoyaltybcCustomerLoyaltyRetentionvsLoyaltyWhatisthedifferencebetweenretentionandloyaltyLoyaltyisanapproachtobusinessstrategythatemphasizestheretainingandgrowingofprofitablecustomersegmentsItisparticularlypowerfulinclientswhoareinlowfixedassetbusinesses(ie,servicebusinesses)RetentionisatoolweuseindiagnosingandmeasuringaclientssuccessinmaximizingthevalueoftheircustomerbasesOthertoolsincludeshareofwalletandcustomersegmentationRetentionisoftenconfusedwithloyaltybecausetheearlyinsightsoftheloyaltypracticewerearoundtheretentionofcustomersHowever,usingretentionratealonetoassessloyaltymaymisleadclientsandnotmaximizevalueRemember,notallcustomerscreatevalueWewanttohelpclientsretainvaluablecustomersLoyaltybcProfitabilityDriversROSRMS(ProfitvsShare)BeerIndustrySoftDrinksIndustryAnheuserMillerSchlitzPabstOlympiaOperatingIncome(PercentofSales)RelativeMarketSharexBuschCottDrPepperRCUpPepsiCokeRelativeMarketSharexOperatingProfit(PercentofSales)Westartwiththeempiricallybasedbeliefthatinmanyindustries,marketshareisthekeydriverofprofitabilityCustomerLoyaltyLoyaltybcProfitabilityDriversROSRMS(ProfitabilityvsPortfolioSize)*ClaimsandexpensesasapercentofpremiumincomeSource:Best#s,PropertyCasualtyPremiumRankingsInsuranceIndustryExampleCustomerLoyaltyHowever,manyserviceindustries(orotherlowfixedcostbusinesses)shownorelationshipbetweenRMSandprofitabilityLoyaltybcProfitabilityDrivers(ProfitabilityvsRetention)Fortheseindustries,retentionisabetterdriverofprofitabilityCompanieswithhigherretentionutilizetheircustomerassetsmoreeffectively*ClaimsandexpensesasapercentofpremiumincomeSource:Best#s,EstimatedRetentionRatesInsuranceIndustryCustomerLoyaltyLoyaltybcProfitabilityDrivers(ProfitabilityvsRetention)MidwestGothamChesapeakeLibertyGreatLakesProfitability(PreTaxROA,YearAverage)RetentionRateOmnicomWPP*FCBGreyInterpublicLeoBurnettProfitabilityRetentionRateCreditCardIndustry(Disguised)AdvertisingIndustryCustomerLoyaltyLoyaltybcSource:BainSurvey,BainCompanyCustomersatisfactionwasthetraditionalmeasureofqualityinservicebusinessesButthereislittlecorrelationbetweencustomersatisfactionindicesandfinancialmeasuresCustomerSatisfactionIndicesRevenueRevenue()()()()RevenueChange()CustomerSatisfactionIndiciesRevenueGrowthCustomerSatisfactionIndicesProfitProfitCustomerSatisfactionProfitabilityCustomerLoyaltyLoyaltybcCustomerLoyaltyAgendaWhatisLoyaltyEvolutionoftheLoyaltyPracticeLoyaltyEconomicsHowBainHelpsClientsMaximizetheValueoftheirCustomerBaseExampleLoyaltyToolsLoyaltybcCustomerValueThefirststepinviewingcustomersaslongtermassetsiscalculatinglifetimecustomervalue$,$SinglepurchaseRetainedforYearsNomatterhowvaluableIwastellingthemacustomerwas,ourpeopleneededtohavethatmagnitudeintheirmentalbalancesheetPhilBressler,Domino#sPizzaCustomerLoyaltyLoyaltybcCustomerProfitPatternCustomersarecostlytoacquireThelongeracustomerstayswithacompany,themoretheyrecovertheoriginalacquisitioncostandearnadditionalprofitstreamsTypicalevolutionofprofitbycustomerAcquisitionVolumeCostImprovementReferralsPricePremiumAcquisitionCostsCustomerLoyaltyMethodologyLoyaltybcCustomerProfitPattern(CreditCardExample)RetentionRate:Companieswithhighcustomerturnoverwillcontinuallybereplacingprofitable,maturecustomerrelationshipswithunprofitablenewonesCustomerLoyaltyLoyaltybcSource:TheLoyaltyEffect,BainCompany,IncImpactofRetentionRateIncreaseonCustomerNPVDependingontheindustry,aincreaseincustomerloyaltycanincreaseprofitabilitybyCustomerLoyaltyLoyaltybcLoyaltyasaGrowthDriver$MM$MM$MM$MM$MM$MM$MM$MM$MMYearPretaxNetIncome(MillionsofDollars)retentionrateretentionrateImprovedcustomerretentiongreatlyacceleratesgrowthCustomerLoyaltyLoyaltybcSource:BainLoyaltyPracticeLoyaltyLeaders#GrowthvsIndustryLoyaltyLeaderIndustryCompanyIndustryRelativeRateDeereCoLawnEquipmentxAGEdwardsStockBrokeragexIntuitFinancialSoftwarexLexusLuxuryAutosxMBNABankCardxStateFarmInsurancexUSAAFinancialServicesxRevenueGrowth()CompanieswiththehighestcustomerloyaltyrateshavetypicalgrowthratesxtoxtheindustryaverageCustomerLoyaltyLoyaltybcCustomerLoyaltyAgendaWhatisLoyaltyEvolutionoftheLoyaltyPracticeLoyaltyEconomicsHowBainHelpsClientsMaximizetheValueoftheirCustomerBaseExampleLoyaltyToolsLoyaltybcStrategicApproachtoLoyaltyLifetimeCustomerValueSegmentationLifecycleNeedsRetentionImpactFullPotentialNotallcustomersareequalSegmentsdifferinvaluebasedonneedspreferencesbehaviorCapturingshareofrelevantwalletrequiresdynamicvsstaticviewofpurchasestrackingandprojectinghowneedsevolvewithlifestageAttritionratemustbeusedtodiscountexpectedcashflowsAttritiondiffersbysegmentandlifestageRetentionImpactCustomerbehaviorsarechangeableValueofcustomerscanbeincreasedthroughtargetedvaluesharingincentivesProperlycapturingcustomerlifetimevaluehasfourrequirementsCustomerLoyaltyLoyaltybcCustomerValueSegmentsDifferentcustomersegmentscreatedifferentlevelsofvalueforacompanyBestCustomersOtherCustomersHouseholdsAnnualVariableContributionFullyCostedContribution()CustomerLoyaltyLoyaltybcCustomerValueSegmentsBestCustomerOtherCustomerThesebestcustomerstendtolookquitedifferentfromtheothersCustomerLoyaltyLoyaltybcStrategicApproachtoLoyaltyLifetimeCustomerValueSegmentationLifecycleNeedsRetentionImpactFullPotentialNotallcustomersareequalSegmentsdifferinvaluebasedonneedspreferencesbehaviorCapturingshareofrelevantwalletrequiresdynamicvsstaticviewofpurchasestrackingandprojectinghowneedsevolvewithlifestageAttritionratemustbeusedtodiscountexpectedcashflowsAttritiondiffersbysegmentandlifestageRetentionImpactCustomerbehaviorsarechangeableValueofcustomerscanbeincreasedthroughtargetedvaluesharingincentivesProperlycapturingcustomerlifetimevaluehasfourrequirementsCustomerLoyaltyLoyaltybcCustomerCorridor(AutomobileExample)CustomerEntryShoppingPurchaseDeliveryServiceTradeInRepurchaseServiceRetentionTradeInPointsWhereValueisCapturedAloyaltyleader#sviewoftheircustomergoesbeyondtheinitialproductorservicepurchasedtocapturethetotalshareofwalletPointsofCustomerInteractionCustomerLoyaltyLoyaltybcCreatingaLoyaltyBasedBusinessSystem(LexusExample)CustomerTargetingCustomerExperienceAdvertisingDealerNetworkDealerTrainingMeasuresCadillacMercedesRemovetheflawsLoyaltythemePartnerwithselectfewLoyaltydriversPercentrepurchaseandserviceLexusdevelopedabusinesssystemthatemphasizedthecustomerandremovedtheflawscustomersexperiencedwithcompetitiveproductsCustomerLoyaltyLoyaltybcAutomobileRepurchaseRatesIndustryHondaLexus(Target)RepurchaseRateLexustargetrepurchaseratesarehigherthantheindustryCustomerLoyaltyLoyaltybcAutomobileRepurchaseRatesLexusisapproachingtheirgoalwithofpreviousLexusownersreplacingtheircarwithanewLexusAcuraPreviousVehicleNewVehiclePercentageLexusMercedesBMWLincolnCadillacInfinitiJeepJaguarVolvoSaabAudiLexusMercedesBMWLincolnCadillacAcuraInfinitiJaguarVolvoSaabAudiCustomerLoyaltyLoyaltybcServiceRetention:AutoDealerLexusHondaFordInaddition,LexusserviceretentionissignificantlyhigherthancompetitorsCustomerLoyaltyLoyaltybcStrategicApproachtoLoyaltyLifetimeCustomerValueSegmentationLifecycleNeedsRetentionImpactFullPotentialNotallcustomersareequalSegmentsdifferinvaluebasedonneedspreferencesbehaviorCapturingshareofrelevantwalletrequiresdynamicvsstaticviewofpurchasestrackingandprojectinghowneedsevolvewithlifestageAttritionratemustbeusedtodiscountexpectedcashflowsAttritiondiffersbysegmentandlifestageRetentionImpactCustomerbehaviorsarechangeableValueofcustomerscanbeincreasedthroughtargetedvaluesharingincentivesProperlycapturingcustomerlifetimevaluehasfourrequirementsCustomerLoyaltyLoyaltybcCustomerLifecycleProfits(InsuranceExample)AnnualProfits($)($)($)$$$$$$AgeAgeYearLookingonlyatcustomerlifetimevalue,thisinsurerwouldconcludethatbothsegmentscouldbeprofitableCustomerLoyaltyLoyaltybcCustomerRetentionRatesVaryWidelybyAgeSegment(InsuranceExample)PercentofCustomersRetainedYearAgeAgeCumulativeRetentionRatesHowever,theyearoldsegmenthadmuchhigherdefectionratesCustomerLoyaltyLoyaltybc(CustomerNPV)InsuranceExample$($)($)$$$$$$AgeAgeNetPresentValueUnlesstheyearoldretentioncouldbeimproved,theywouldnotbeaprofitablesegmenttotargetCustomerLoyaltyLoyaltybcRootCauseAnalysis:WhyCustomersDropOutConvenienceServiceEmployeesMistakesProcessingdelaysUnavailabilityofexclusiveserviceSpeedofservice(Longlines)LocationofbranchorATMHours(Inconvenient)FarBadaccessHomeWorkDrivethruParkingWalkthroughChargesandfeesFeesFinesToohighNotreversedInterestratesVersusthecompetitionMinimumbalanceUnfriendlyProblemsolvingDon#tknowmeTakestoolongKnowledgeanddemeanorUnprofessionalUnknowledgeablePolicynotwaivedincertaincircumstancesConcernsaboutcheckcoverageSpecialtreatmentSafedepositboxesDirectdepositPriceDepositorrootcausesofdefectionRootcauseistypicallyutilizedtodeterminecausesofdefectionIt,too,mustbeanalyzedonasegmentedbasisCustomerLoyaltyLoyaltybcDifferentCustomerSegmentsDefectforDifferentReasonsAsegmentedviewwillleaduptodevelopdifferentstrategiesforbestversusothercustomersCustomerLoyaltyLoyaltybcStrategicApproachtoLoyaltyLifetimeCustomerValueSegmentationLifecycleNeedsRetentionImpactFullPotentialNotallcustomersareequalSegmentsdifferinvaluebasedonneedspreferencesbehaviorCapturingshareofrelevantwalletrequiresdynamicvsstaticviewofpurchasestrackingandprojectinghowneedsevolvewithlifestageAttritionratemustbeusedtodiscountexpectedcashflowsAttritiondiffersbysegmentandlifestageRetentionImpactCustomerbehaviorsarechangeableValueofcustomerscanbeincreasedthroughtargetedvaluesharingincentivesProperlycapturingcustomerlifetimevaluehasfourrequirementsCustomerLoyaltyLoyaltybcOptimizingCustomerBaseAllothercustomersstrategyBestcustomerstrategyIdentifythemostvaluablecustomerstoretainandpenetrateDeveloparobustvaluepropositiontosustainablymeetthesecustomersneedsbetterthancompetitorsFindandattractmoreofthesecustomersinternalcandidatesexternalprospectsReducethecoststoservetransitiontoalternativedeliveryvehiclesprocessproductredesignbusinesssystemredesignselectiveautomationoutsourcingpartnershipsPriceproductsandservicesforprofitMaximizingthevalueofthecustomerbaserequiresprioritizationofsegments,andthedevelopmentoftailoredapproachesCustomerLoyaltyLoyaltybcValuePropositionRightCustomers(BankExample)AteachpointofcontactplatformtellerATMstatementsteleserviceHigherservicelevelsBetterpricingRethinkqualifyingbalancesfordiscounts,bundledproductsloansanddepositsandinvestmentsbalancesInfrequentoverdraftfeesCheckorderfeesConsolidatedstatementsPlatformidentifiersTellerATMidentifiersDedicatedpersonalbankersSeparatetellerlinesSeparateteleservicephonelinesGraceperiodtorequalifyTotalvsdepositbalancecriteriaFreechecksOverdrafttosavingsMMAActionImplications:BankingExample:Foryourtargetcustomers,youmusttranslatetheirneedsintoanimprovedvaluepropositionCustomerNeeds:DemonstratethatyouknowusldquoTreatusbetterbecausewearegoodcustomersrdquoldquoRecognizetheimpactoflifeeventsonourneedsrdquoldquoDonotnickelanddimemerdquoldquoDothese,andIwillbewillingtoconsolidatemybusinesswithyourdquoCustomerLoyaltyLoyaltybcValuePropositionRightCustomers(BankExample)ProductServiceDeliveryCommunicationBundledproducttoinclude:checkingbankcardservicediscountsfreecheckstieredsavingsratesCDbonustiersTotalvsdepositonlybalancequalificationCreatelinkswithinvestments,annuities,etcAssignawelltrainedpersonalbankertoeachcustomerAccessMMASavingsaccounttocoveroverdraftsPreapproveloansOfferfinancialplanningOfferpremiumserviceateachpointofcontactseparateteleservicelinewithshorterwaittimes,higherqualityseparatetellerlinesEmphasizetargetedvsmassformsofcommunicationtargetedmailingshighvaluephonecallstelemarketingSemiannualstatementonbenefitsofproduct,currentusageoffeaturesClear,consolidatedstatementforallaccountsBankCoofferedanewintegratedvaluepropositiontohighvaluecustomersCustomerLoyaltyLoyaltybcProductSimplificationLowValueCustomers(BankExample)FREEMinimumtoopenMonthlymaintenancePercheckchargesBalancefornochargeATMcardissuanceFreeAutomatedTransactionsBasicCheckingInsuranceCheckingPremiumCheckingSimpleNewBundle$$overNA$$$overNA$$$over$$BankcardAPRdiscountstyearfeeReadyReserveAPRdiscountstyearfeeNoYesNoYesYesWaivedNoYesYesWaivedNoYesYesWaivedYesWaivedIncentivefornotusingbranchfortransactionsNoNoNoYESproductsproduct:LowercostsIncentivetousealternativedeliveryIncentivesforbundlingotherproductsOnestandardprice,fee,andbalancestructureConsolidateEliminateYoualsoneedtoreduceresourcesservingthenontargetcustomersBankCostreamlinedservicetolowvaluecustomersCustomerLoyaltyLoyaltybcOptimizingCustomerBaseSummary(BankExample)AtBankCo,streamliningoffertolowvaluecustomersdroveneartermprofitabilitywhichwasusedtoinvestinvaluepropositionforhighervaluecustomersHighValueCustomersLowValueCustomersofHouseholdsAverageValue$$$$GoalAcquireRetainPenetrateIdentifyhighpotentialupsellLowercosttoserveReduceLowercosttoserveOKtodefectPercentofYearValueCreatedPercentofYearValueCreatedCustomerLoyaltyLoyaltybcAchievingFullPotentialAcquireRightCustomersMaximizeRelevantShareofWalletCrosssellUpgradeBuildOnRetainRecoverCustomersegmentationDeclineranalysisRevenuesieveChannelsharegrowthanalysisLifetimevalueBehavioraleconomicsSystemeconomicsExpandedcustomercorridorDefectoranalysisVulnerabilityassessmentCustomerneedsresearchTargetedacquisitionAwarenessbuilding(advertising)LoyaltyprogramsNewbusinessesRecoveryunitsDialoguemarketingProductDevelopmentBainCompanyassistsclientsinmaximizingvalueoftheircustomerbasesCustomerLoyaltyLoyaltybcCustomerLoyaltyAgendaWhatisLoyaltyEvolutionoftheLoyaltyPracticeLoyaltyEconomicsHowBainHelpsClientsMaximizetheValueoftheirCustomerBaseExampleLoyaltyToolsLoyaltybcCustomerLoyaltyInsureInc*Background*DisguisedclientcaseSituationInsureIncisthesecondlargestautoinsurancecompanyintheUSHistorically,InsurehasbeenprofitableComplicationForthepasttwoyears,theindustrygrowthrateandprofitabilityhavedeclinedThemarketisonlygrowingattherateofpopulationgrowthInsurersquosgrowthratehasdeclinedrecently,andforthepasttwoyearsithasbeenrunningalossHypothesisInsurewillbeabletoregainitsstronggrowthrateandhighprofitabilitybyretainingtargetcustomersBaindevelopedaretentionstrategyforInsureInc,alargeUSautoinsurancecompanyCURSAbcCustomerLoyaltyInsureIncProfitabilityDrivers(p)AutoPremiumAutoinsurancepremiumpaidbycustomersPremiumpercustomerincreaseswithcustomertenureduetothefollowingreasons:customerstendtobuymoreinsuranceastheygetolderForexample,astheygetolderandtheirfamilysizeincreases,theybuyinsuranceforasecondcarcustomerstendtobuymoreexpensiveproductsastheygetolderForexample,theytendtobuymoreexpensivecarsthatrequirehigherpremiumsInvestmentIncomeTheincomefrompremiuminvestedinsecuritiesItincreasesfrom$peryearforanewcustomerto$peryearforayearcustomerThereasonforthisincreaseisacombinedresultoflowerpremiumsandhigherexpensesforanewcustomerversushigherpremiumsandlowerexpensesforacustomerwithlongertenureAcquisitionCostCostofacquiringanewcustomerAcquisitioncostonlyexistsinthefirstyearForInsure,theaverageacquisitioncostpercustomerisofthefirstyearpremiumCommissionExpenseSalescommissionforcustomeracquisitionpaidtotheagentsalesrepresentativewhosellsthepolicyThecommissionexpensefornewcustomersisandforexistingcustomersofthepremium,sinceitismoredifficulttobringinnewcustomersthantoretainexistingonesFollowingarethedriversofprofitabilityintheautoinsurancebusiness:CURSAbcCustomerLoyaltyInsureIncProfitabilityDrivers(p)ExpenseRatioTheratioofoperatingexpenses(eg,underwriting,claimsexpenses)topremiumsTheaverageexpenseratiofornewcustomersisversusforacustomerwithyearsoftenureExpensesaretypicallylowerforexistingcustomersbecausetheyhavefewerquestionsandbecauseinsuranceclerkscanmakequicker,moreeducateddecisionsbasedonknowledgeofcustomersrsquohistoriesLossRatioTheratioofaccidentpayouttopremiumItisaboutofpremiumfornewcustomersandofpremiumforacustomerwithyearsoftenureThereasonforhigherlossratiosforcustomerswithshortertenureisthatascustomersgetintoaccidents,theirpremiumsgoupandtheygotolowerpremiuminsurersCustomersstayingforlongerperiodsaretheoneswhoarelessaccidentproneCombinedRatioThesumofexpenseratioandlossratioCURSAbcCustomerLoyaltyInsureIncRevenueGrowthandCombinedRatioTrendFromto,Insurersquosrevenuegrowthratedeclined,whileitscombinedratioincreasedCURSAbcCustomerLoyaltyInsureIncProfitabilityTrendAsaresult,Insurersquosprofitabilitydeclined()()CURSAbcCustomerLoyaltyInsureIncProfitperCustomerbyTenureSincelongertermcustomersaremoreprofitablethanshortertenureones,InsurecanimproveprofitabilitybyretainingcustomersNetProfit($)NetProfit($)NetProfit$NetProfit$CURSAbcCustomerLoyaltyInsureIncProfitperCustomerbyTenureStepsDeterminenumberofcustomersbytenureCalculatethevalueofeachprofitdriverpercustomerbytenureDeterminethenetprofitpercustomerbytenureTherearethreestepsindeterminingtheprofitpercustomerbytenureStep:Step:Step:LoyaltybcCustomerLoyaltyInsureIncProfitperCustomerbyTenureStep:NumberofCustomersbyTenureInsurersquosMMcustomerswerebrokendownbytenureasfollows:YearsofTenurePercentofCustomers

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