2. Explain the difference between customer acquisition and retention. Outline two marketing strategies that would help a company accomplish each of these two objectives. Present facts and logical arguments that support the use of each strategy for each objective. Limit your answer to 600 words.
3. Many people have strong negative reactions to pop-up, pop-behind, interstitial, and rich media ads. Write a 500-word letter to the editor of an Internet industry magazine in which you explain, from the advertiser's viewpoint, why these ads are an effective advertising medium.
Acquiring customers for your company "Customer Acquisition Program" clients need to achieve higher customer acquisition rates, increase the number of customers they have, or keep acquisition rates the same but at a lower cost. In addition, they sometimes want to focus specifically on acquiring more "High Value" customers. The cost of acquiring a new customer is generally believed to be five times more than that of retaining an existing one. Customers are constantly bombarded with new products, services and technologies-making the development of effective customer acquisition and retention strategies more difficult.
The market to sales process begins where a desirable product or service is defined from the perspectives of both the company and a prospective customer, and ends when the customer life cycle successfully achieves or exceeds the targeted profitability for the company. Included are the marketing processes (product definition, market testing, pricing, product management and marketing communications), organizational processes (recruiting, hiring, training, setting expectations, supporting and rewarding) and sales processes (direct response advertising, call centers, direct sales forces, agents, partners and e-commerce). Transforming these processes with the right industry and marketing expertise will reduce acquisition costs; improve margins per product, channel and customer and reduce churn.
Good marketers have two objectives with any kind of customer retention marketing. A measure of how many customers re-visit a web site over a period of time. The strategy of keeping your existing customers The philosophy of treating customers so well that they lack any reason to go anywhere else. The philosophy of building your business on the basis of repeat sales, past customers, and word-of-mouth recommendations. The process of building a relationship with your customer by learning as much as you can about them through surveys, demographics and psychographics. By utilizing this information, you can ...