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National Marketing Symposium 2010 at IIFT- A grand success

Anoop Poonia | Friday 4 February 2011 ( 0 Comment)
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 NATIONAL MARKETING SYMPOSIUM 2010

 
“THE CONSUMER RETENTION ROUTE TO ENHANCING ROMI”
 
“Loyalty cannot be blueprinted. It cannot be produced on an assembly line. In fact, it cannot
 
be manufactured at all, for its origin is the human heart – the centre of self respect and
 
human dignity. It is a force that will leap into being only when conditions are exactly right for
 
it – and it is a force very sensitive to betrayal.”
 
~ Maurice Franks
 
Let us begin with a simple question: Who gives a bigger return on marketing investment –
 
an existing consumer of your brand who must be retained for the possibility of a future
 
repurchase; or an uninitiated user who expands your consumer base and gives you
 
volumes?
 
THE THEME – NATIONAL MARKETING SYMPOSIUM 2010
 
“The consumer retention route to enhancing ROMI” – Understanding Brand Loyalty, Efficient
 
Measurement of Return on Marketing Investment (ROMI) and Strategies for Consumer
 
Retention; including low cost IMC techniques aimed at consumer retention to facilitate a
 
greater ROMI. A brief description of the various sub-themes mentioned above is presented
 
in the following paragraphs.
 
UNDERSTANDING B RAND LOYALTY
 
As advertising spends break records after records, rivals are leaving no stone
 
unturned to pull your consumer away from you. Besides this, post the deregulation
 
of the Indian economy in the 1990s, the entry of some of the biggest international
 
players in the market has presented Consumer India with a plethora of options to
 
choose from. As clichéd as it may sound, an understanding of the underlying factors
 
that drive consumer loyalty is becoming increasingly important for organizations
 
facing a competition which is stiffer than ever before.
 
MEASURING ROMI
 
ROMI – Return on Marketing Investments; is a metric used to measure the overall
 
effectiveness of a marketing campaign to help marketers make better decisions
 
about allocating future investments. ROMI precisely signifies profitability generated
 
for every rupee spent on marketing activities. Some of the parameters that it takes
 
into account are: product positioning (market share), profitability (contribution/
 
EBIDTA margin) and marketing philosophy and aggression (Selling & distribution).
 
STRATEGIES FOR C ONSUMER RETENTION
 
A growing top line for an organisation today is not a function of an increasing
 
consumer base alone. Consumer involvement of existing users through engagement,
 
feedback, variants, extensions, upgrades, value addition and a unique experience has
 
become a critical aspect for a year on year sales growth of all successful
 
organisations. The word of mouth publicity which results from all these activities
 
often helps in transforming brands from the ordinary to the iconic.
 
On August 12, 2010 at The National Marketing Symposium at IIFT; some of the best minds
 
from the corporate world and some of the brightest students in the country unravelled the
 
mind of the consumer who is already connected to a brand.
 Attached Files: Media Coverage.jpg  
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