What are some of the Customer Retention Methods used by Coca Cola?
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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According to Solomon et al, 2010, a customer is a person who has a need or desire and he or she finds the best way to satisfy his or her needs by buying it or acquiring it. Solomon et al (2006) define consumer behavior as the procedure involved when individuals or groups choose, purchase, use, or dispose of products, services, ideas, or experiences to fulfill their needs or desires.
Customer retention is very important at present times in organizations as they are looking for the best ways to satisfy and fulfill the interest of their customers. Citing Fill (2009), understanding consumer behavior helps in strategizing and making clear plans and them coming out successfully.
According to Euro Monitor, 2010, the Coca-Cola Company is a soft drink company, it has built its brand loyalty over the years despite the competition being very high. Coca cola’s success has been a result of its understanding of its customers, who they are, what they want, and how they consume the product.
The Economic recession was a tribulation for companies which resulted in the closures of some companies and caused damage to the majority. This essay is going to analyze the soft drink company and how management of their consumer behaviors is going to ensure their success.
This report answers key questions such as; what are different methods to retain customers? What are the four retention strategies? What are the strategies that Coca-Cola did in order to retain its customers? Among others
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What are some of the customer retention methods used by Coca-Cola?
Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of customer retention and how it is carried out in various organizations.
- Understand the customer retention methods used by Coca Cola
- Apply the knowledge attained to real-life companies
1.0 INTRODUCTION
Customer retention refers to the ability of a business to keep its existing customers loyal and satisfied over time. It is a key indicator of customer satisfaction, loyalty, and profitability. Customer retention may be influenced by several factors, such as the quality of the product, customer service, pricing, branding, and marketing strategies. This essay is going to analyze the soft drink company and how the management of their consumer behaviors is going to ensure their success.
This report answers key questions such as; what are different methods to retain customers? What are the four retention strategies? What are the strategies that Coca-Cola did to retain its customers? Among others
Coca-Cola is one of the most successful and recognizable brands in the world, with a loyal customer base that extends across generations and cultures. Below are some of the customer retention methods used by Coca-Cola to maintain its market leadership and competitive edge in the global beverage industry
1. Creating a strong brand identity and connection with its customers. Coca-Cola has a very unique logo, color, shape, and slogan which are easily identifiable and these evoke positive associations. The company uses its storytelling techniques and social media to create a sense of belonging among its customers.
2. The company offers a variety of products and flavors to cater to the various tastes and preferences of its customers. Coca-Cola has a diverse portfolio of beverages, including carbonated drinks, juices, water, tea, coffee, energy drinks, and more. It makes sure to innovate and launch new products and flavors that meet or fulfill the changing demands and trends of its consumers.
3. Coca-Cola offers competitive pricing and promotions to attract and retain customers. The company ensures that its products are widely available and accessible through various channels, such as supermarkets, convenience stores, vending machines, restaurants, online platforms, and delivery services.
4. Building customer loyalty and advocacy programs. Coca-Cola rewards its loyal customers with incentives, such as coupons, discounts, free samples, gifts, and loyalty points. The company encourages its customers to share their feedback and opinions through surveys, reviews, ratings, testimonials, referrals, and social media.
5. Supporting social causes and environmental sustainability. Coca-Cola demonstrates its corporate social responsibility by supporting various causes and initiatives that align with its values and mission. The company strives to reduce its environmental impact by using renewable energy sources, recycling materials, reducing water consumption, and promoting a circular economy.
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