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Introduction
The modern business world is filled with challenges emanating from the competition and dynamic business technology. Developing customer loyalty is the question that lingers in the minds of most enterprise managers. This section of the paper explores the steps adopted by companies in dealing with lost accounts. In the competitive business environment, service providers have resorted to consumer subscriptions as a way of locking consumers into their service system. The process of subscribing to a particular service requires that the consumer agrees to terms and conditions spelled out by the service provider.
Case 16.1: “Lost” Accounts
Consumers have a tendency of switching to the most reliable and affordable service providers and close down accounts of service providers deemed expensive and unreliable. Service providers strive to give their consumers the best in relation to what the competition provides. In the event that an account is lost, the service provider must devise mechanisms regaining the account holder back to the system.
A price is a major tool that companies apply in enticing consumers to their service. Price strategy involves adjusting the price to a level that is relatively similar to what similar service providers offer their consumers. Hiking prices higher relative to other service providers serves to send away potential service consumers.
Technology is another strategy that service providers apply to hold onto their subscribers. A firm that uses superior technology that offers consumers high-end service is able to attract back even the lost subscribers. Technological advances in the modern, market environment is very dynamic, this requires that a company invests more in appropriate technology that enables it to provide the best to its consumers.
In many cases depending on how supportive and loyal the “lost” account holder was to the business, it is important that the company devices particular methods to bring the consumer back to the system. Dwyer and Tanner suggest that such strategies would include; tracking the consumer, establishing their actual feeling about the products (498). This information helps you to develop ways of making the service attractive to the consumer and other users.
Case 16.2: Rock Cantino and Ron Wilson
Rock Cantino has discovered a marketing strategy that is relatively cheaper and works for his business more effectively. His innovation however reduces the number of ads he makes with the Centerberg courier. Wilson who is the advertising rep is concerned over losing advertising revenue from Rock Cantino. As pointed out by Dwyer and Tanner, he has realized the importance of developing good customer relations and applying appropriate knowledge management strategy (2).
By using direct mails, Rock is able to reach out directly to the consumers at a relatively cheaper cost. Besides, the method is more effective compared to running ads on paper as the mails are sent out directly to the consumers. It is worthy noting that not all potential consumers can be ardent readers of the paper and therefore the ad information may not reach them.
Dwyer and Tanner point out in the case study that the marketing strategy through clinics and events was very successful and cost him relatively lower than newspaper ad (499). This clearly indicates that Wilson is out to recapture a moving customer by warning him against the new strategy that he has adopted.
Conclusion
Rather than warn Rock on the new strategy he has adopted for marketing, Wilson should develop another marketing strategy that can add value to Rock’s business. He should then discuss the new marketing strategy with Rock and emphasize to him the advantages that the new strategy has over what he is currently using. It is important to invest in business research and development in order to be current with the changing business needs. Most entrepreneurs have resorted to online advertisement in the modern business world because it is possible to reach customers worldwide and cheaply. Wilson should consider online advertisement as a new strategy to entice his customers.
Reference
Dwyer, Robert F. and Tanner John F. Business Marketing: Connecting Strategy, Relationships, and Learning. New York: McGraw Hill, Inc., 2008.
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