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Buying Behaviour Explained

Buying Behaviour Explained. How to Keep Your Customers Coming Back for More Presented by Martin Varley President & CEO of Customer Focus With Original Research from Impact Consulting Psychologists. Why it ’ s important.

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Buying Behaviour Explained

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  1. Buying Behaviour Explained How to Keep Your Customers Coming Back for More Presented by Martin VarleyPresident & CEO of Customer Focus With Original Research fromImpact Consulting Psychologists

  2. Why it’s important • Retaining existing customers costs five times less than attracting new ones. • Source: Lee Resource Inc.

  3. Cognitive Dissonance • Two (or more) opposing thoughts, e.g. I like smoking but I know it’s bad for me • We are ‘wired’ to reduce this conflict (quit smoking or decide you’re not really at risk)

  4. Cognitive Dissonance • Dissonance occurs when things go wrong after a purchase decision: • Unexpected price hikes at checkout • Poor after-sales service • Poor quality product / service • Perceived indifference

  5. What could happen • The customer’s attitude could change • They could research competitors • They may engage in trivialization – what didn’t matter before becomes a top priority • They are likely to shop around and find a good deal elsewhere

  6. It doesn’t stop there… • The majority of dissatisfied consumers will tell between 9 and 15 people. About 13% tell more than 20 people.Source: White House Office of Consumer Affairs, Washington, DC

  7. Building trust • How to ensure you deliver customer satisfaction

  8. Be trustworthy • Plausibility

  9. Be trustworthy • Credibility

  10. Be trustworthy • Honesty

  11. Deliver a positive experience • 60% of consumers will pay more for a better experience; 86% break ties following a bad customer experience.Source: Harris Interactive, Customer Experience Impact Report

  12. Using cognitive dissonance • When you care enough to send the very best • Just do it • Because you’re worth it • It’s the real thing • Be all that you can be

  13. Ensure value • It takes 12 service experiences where a consumer feels they have received value, to make up for one negative experienceSource: “Understanding Customers” by Ruby Newell-Legner

  14. Handle problems well • Those whose issue is successfully resolved, quickly, will tell about 4 to 6 people about their experience.Source: White House Office of Consumer Affairs, Washington, DC

  15. Practical applications • What do you know about your customer after one purchase?

  16. What info could you request? • Age • Gender • Industry • Source • Opt In

  17. Where can you collect data?

  18. How you can use data

  19. What is CRM? • A company-wide business strategy designed to reduce costs and increase profitability by solidifying customer satisfaction, loyalty, and advocacy.

  20. Why CRM? • Helps you identify opportunities • Allows easy segmentation of the database • Needs to be linked to allsales channels

  21. Further benefits of CRM • Source: Benchmark

  22. Targeted marketing • Builds interest • Creates brand loyalty • Boosts competitive strength • Maximizes return on investment

  23. Importance of targeting • 61% of emails received at professional email accounts are not essential. • Source: Mimecast

  24. What to send • Email: welcome message, coupon for next purchase, newsletter, promotional material • Mail: catalog / brochure • Web: re-marketing

  25. When to send • Welcome message: Straight away! • Triggered email messages get 119% higher click-through rates than “business as usual” messages. • Source: Epsilon

  26. When to send • The average person first checks their email just after 7:00 AM • Consider the nature of your message and what makes the most sense for your brand.

  27. Use your database well • Personalized emails improve click-through rates by 14%, and conversion rates by 10% • Source: Aberdeen

  28. Stay relevant • The top reasons for U.S. email users to unsubscribe from a business or non-profit email subscription are too many emails (69%) and content that is no longer relevant (56%). • Source: Chadwick Martin Bailey

  29. Customers as advocates • Ask for feedback and add it to your website • Offer an incentive to ‘refer a friend’ • Engage with them via social media – encourage ‘likes’ • Deliver an exceptional product exceptionally well

  30. We’re here to help • Visit our website www.customerfocus.com • Call me on 305-639-0252 • Email martin@customerfocus.com • Connect with me on LinkedIn (search Martin Varley) • Twitter: @martinvarley

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