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MNM3712 ASSIGNMENT 1 SEM 2 2023 (1ST FOR WOMEN CASE)
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MNM3712 ASSIGNMENT 1 SEM 2 2023 (1ST FOR WOMEN CASE)
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QUESTION 1Advise 1st for Women on two practical retention strategies they can use at each
stage of the relationship development ladder of loyalty to ensure that a
customer such as Ms Lebogang Mkhize remains with 1st for Women and
progresses to the next stage of the relationship. (2 marks per stage of the
relationship ladder of loyalty) [12]
The relationship development ladder of loyalty typically consists of several stages,
each representing a different level of customer loyalty and engagement. For the case
of 1st for Women and Ms. Lebogang Mkhize, here are two practical retention strategies
for each stage:
Awareness
Strategy 1: Personalized Onboarding Process
When a potential customer like Ms. Lebogang Mkhize becomes aware of 1st for
Women, it's crucial to provide a seamless onboarding experience. This can be
achieved by collecting relevant information about her needs and preferences and
using it to tailor the communication and offerings. The goal is to make her feel valued
and understood from the beginning, increasing the likelihood of her staying with the
company.
In the awareness stage, personalization and informative content are key. By providing
a smooth onboarding experience and engaging Ms. Mkhize with relevant and valuable
content, the company can capture her interest and lay the foundation for a lasting
relationship.
Strategy 2: Informative Content and Engagement
Engaging Ms. Mkhize with informative content can help establish 1st for Women as a
trustworthy and reliable insurance provider. This could include educational articles,
videos, or webinars on topics related to insurance and financial security for women.
By providing valuable content, the company can build a connection with Ms. Mkhize
and strengthen her interest in their services.
Moving into the consideration stage, customization and transparency become vital.
Tailoring product recommendations to her needs and preferences shows that 1st for
Women cares about her individual requirements. Transparent pricing and benefits
, information build trust and confidence, making her more likely to choose 1st for
Women over competitors.
The following are 6 steps on the relationship ladder of loyalty
1. Prospect: The first task is to identify prospects who offer interesting potential and
may want to do business with you. Prospects usually have limited awareness of an
organisation and its relevance, but are unlikely to become purchasers until awareness
increases. Thus, elevating levels of company or product/service awareness may be
important to shift customers from prospects to purchasers. These prospects then need
to be moved up to the first rung to become purchasers.
2. Purchaser: During the purchaser phase, potential consumers have begun to
explore the extent to which your company is relevant to them, perhaps with initial trial
purchases. Based on their satisfaction with this experience, they will wish to assess
the potential of establishing a more significant flow of business to your company.
Needless to say, excellent service and follow-up interaction are important in moving
these customers to the next rung on the ladder.
3. Client: The company should now try to turn the new purchaser into a client who
purchases regularly. If clients are satisfied with all their contact with the company, they
may become more significant. Even small mistakes or problems can create the
dissatisfaction that can erode the trust relationship that is beginning to be forged during
this stage.
4. Supporter: The next stage of advancement up the loyalty ladder is to a supporter
of the organisation and its products the longer-term buyers whose trust you now have.
These consumers, who are satisfied with their initial experience, have begun to do
business with your company, but not as a matter of course. They are likely to continue
to do business with their current supplier, but are interested enough in your offering
that they consider your company an appropriate second source in the event that their
main supplier fails to satisfy them in some way.
5. Advocate: The advocate on the next rung provides powerful word-of-mouth
endorsement of an organisation. With advocates, your company has customers who
are so committed to your organisation that only a major violation of trust would erode
their goodwill. You have virtually all their attention in this product or service category.
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