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The article You Say You Want a Revolution: Three Evolutionary Trends that will Transform Your Loyalty Strategy - Essay Example

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The article You Say You Want a Revolution: Three Evolutionary Trends that will Transform Your Loyalty Strategy

A company that has been exceeding the expectations of its customers with the innovative technology products is Apple Computers. Apple took over the music player and smartphone marketplaces with the introduction of the IPod and IPhone. The three revolutionary trends that were discussed in the article that can be used to build customer loyalty were the power of networks, the power of data, and the power of convergence. The use of networks can benefit the marketing strategy of a company. Metcalf’s law states that the usefulness or value of a network system equals the square of the numbers of users in the system. The telephone is an example of a product that follows Metcalf’s law. A single telephone is not of much value, but as more people buy telephones the value and utility of the telephone increases. Another example of the power of networks is EBay. Buyers and sellers at EBay depend on each other for the marketplace to be liquid. As more people join the EBay network the business model continues to thrive. The article mentioned the case of Hewlett-Packard. The company created a loyalty program for its technical users. The program was very effective at bringing IT users together. Four tips for leveraging your network are know your customer base, create virtual sharing environments, build community through tangible assets, and networks are a means to an end. The second important factor mentioned in the article was the power of data....
There are three dimensions that customers use to evaluate a product or service. The three dimensions are service mix and quality, product features and quality, and price. There are different levels of product’s features, benefits, and quality. The five product levels are core benefit, basic product, expected product, augmented product, and potential product. The core benefit is the fundamental service or benefit that the customer is buying. Marketers also classify products on the basis of three characteristics. The three product classifications are durability and tangibility, consumer goods, and industrial goods. Non durable goods are goods that are consumed after a few uses. Most food items are non durable goods. A durable good will last a long time due to the fact that the utility of the product will extend over a number of years. An example of a durable good is a refrigerator. Consumer goods are items that can be bought retail stores such as K-mart and Wal-Mart. Industrial goods are materials and parts that are utilized by firms in the manufacturing process. A product system is a group of diverse but related items that function in a compatible manner. The product mix is the set of products and services that a company offers. The product mix of GM motors includes all the car models the company offers, its retail parts operation, and the repair shop servicing operation. Companies that offer a variety of products are able to generate more revenues the firm that offer a limited amount of products. An example of a company that offers hundreds of different consumer products is Proctor and Gamble. Some of the attributes of product mix are width, length, depth and consistency. ...Show more

Summary

One of the factors mentioned in the article that drive customer loyalty is innovation. I believe that innovation is one of the most important factors for marketers in today’s marketplace…
Author : boyerdortha
The article You Say You Want a Revolution: Three Evolutionary Trends that will Transform Your Loyalty Strategy essay example
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