Brand owners, manufactures, importers, retailers BEWARE!
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On 5 May 2021 the Regulations Regarding Extended Producer Responsibility (EPR Regs) came into force under the Waste Act. On the same day, the second round of amendments to the EPR Regs were finally published after extensive consultation with the affected sectors.
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Anna Shvets | pexels
Growth depends on companies keeping a steady flow of new customers coming in. And in those efforts, businesses might offer discounts to new customers or provide a better customer experience for prospects while doing little for their existing customers.
While a legacy customer might continue to buy products or services from the company, they could just as easily be annoyed enough to take his or her business elsewhere.
Perhaps one of the best examples of this can be found in the public sector, when local governments provide tax incentives to lure new businesses to a community, while existing businesses donât get the same or equivalent tax discounts.
e. Either a or b is correct
5. You split a pair of Aces while playing Blackjack and draw 10 on each one. The dealer draws to 21. How are your hands settled?
a. Each hand is a âpushâ (tie)
b. Each hand is paid even money
c. Each hand is a âblackjackâ paid off at 3-2
d. You are paid a âdouble blackjackâ bonus
e. Each hand is an automatic winner
6. Your chances of hitting a winning combination on a slot machine are better if you:
a. Play maximum coins per spin
b. Push the âplayâ button
c. Pull the handle
e. None of the above
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Kristaps Ungurs
Over the past few years, CMOs have expanded their ability to measure marketing impact by investing in the ability to attribute revenues to their efforts. But are they maximizing their teamâs contribution to said revenues?
In 2019, the data science team at my firm, Optimove, coined the concept of a CRM Contribution Metric as a means for companies looking to grow through their existing customers to gauge the financial impact and effectiveness of their retention marketing. Back then, they discovered that top brands drive an average contribution of 33% to their revenue from this marketing.
(Note: The term CRM Contribution Metric is explained in full at the end of this article)
PHOTO:
Valentin B. Kremer
Businesses should take care of all of their customers, it s true. But not all customers are created equal, which is why businesses should take extra care with high-value customers. If the people who provide your business with more revenue and higher margins donât receive a higher level of CX in return, they ll likely go to a competitor that they feel better recognizes their value.
Below are some ways to show your high-value customers your appreciation.
Do You Know Who Your High-Value Customers Are?
First things first: does your company know who its high-value customers are? âBy segmenting existing and prospective customers across multiple dimensions, we can analyze each cohort by their needs, decision criteria, purchase process and value so we can begin to serve them differently,â said Janet Balis, EY Americas customer and growth market leader and marketing practice leader.