Customer Acquisition
Funnel
Funnel
How many steps are in the acquisition funnel?
There are 5 steps
___________ is a person's feelings of pleasure or disappointment resulting from comparing the perceived performance of a product or service with expectations.
Satisfaction
Making customers feel special through promotional incentives is called _____
Building loyalty programs
How many ways are there in dealing with customer complaints?
There are 5 ways of dealing with customer complaints.
How do you calculate Customer Lifetime Value?
To measure CLV, companies need to keep track of all costs incurred to serve each customer
Name 2 pros or cons of the acquisition funnel
Pros:
Cons:
What are the things that Customer opinions about a product depend on
What are the three ways a business keeps customer relationships?
- Interacting with customers
- Building loyalty programs
- Building brand communities
What happens if a company takes too long to respond to a customer complaint?
The slower the company is to respond, the more dissatisfaction may grow which leads to negative word of mouth and decreases brand loyalty.
In the Amazon example, did the customer increase or decrease the CLV after they bought the controller and the headset?
CLV grows as the customer adds more value to the company without Amazon spending much more money
Name all of the steps in the customer acquisition funnel
Awareness
Appeal
Ask
Act
Advocate
Customer expectations are shaped by (4 things)
A business builds brand communities by sharing… (3 things)
First - share a sense of connection to the brand
Second - share rituals, stories, and traditions
Third - share a moral responsibility
What makes Amazon's returns so easy?
The customer does not need to answer a multitude of questions and with a press of a button, they can process the return.
What percentage of customers usually make up most of a company's profit?
80% of most companies profits come from the top 20% of their customers