Topic 1: Customer satisfaction, loyalty & empowerment
Red Bull (https://www.redbull.com/us-en/)
What does this company do to build customer loyalty? As founder of energy drinks, Red Bull appeals to the consumers need to feel energized. This appeal alone is one that is parallel with athlete’s desire for a quick boost of energy. Their engagement, support and sponsorship of athletes in extreme sports such as skateboarding, Esports, motor cross, winter/water sports and more. The company slogan is “Red Bull give you wings”. This has made the brand synonymous with Adrenaline, making that need provided by drinking this soft drink. The website is a continuous avenue of information and interactive communication.
To build community? Red Bull is committed to reducing emissions and the use of energy in production. That commitment includes reducing CO2 by using state of the art processes and quality ingredients such as mountain water from alpine springs. The history of red bull is community; the sports community. The combination of social networking and building communities has provided advertisement that reaches the far corners of the globe. Their use of influencers i.e. athletes has shown to keep Red Bull in the marketing atmosphere for centuries to come (Saylor, 2015, Pg. 3).
Are customers are empowered to do anything here? Customers are encouraged to create a profile and engage with their TV application to view sports, shows, events and films. There is also a premium page, where B2B and partners alike will have first-hand knowledge and full access of events, partner events and athletes. There also opportunities to take a quiz test your knowledge with of Red Bulls commitment to environmental sustainability.
Are there opportunities for customer feedback? There is a dedicated page that provides a telephone number and email address, should you want to contact them. There is an additional link of FAQ’s for typical questions.
Does the company partner with other organizations to leverage the loyalty those other companies enjoy with their customers? If so, what organizations?
What partnering activities is the company doing with those organizations?
Red Bull partners with other companies and organizations nationally and internationally, as they were founded in Germany in 1987. The partnerships are in various sports arenas, through sponsorship of Red Bull athletes and corporate loyalty agreements to include brand partnerships, media partnerships, media sales, etc. Red Bull is a miniconglomerate that extends into the world of their consumers, making a full list of partnerships a task much larger than this question. Their use of viral marketing in the sports arenas has proven to be successful.
Gaming – Acer Inc.
Motor Racing – Honda
Media – GoPro
Environment Studies/Technology – Exxon Mobile
Are you a loyal customer of this company or might be consider becoming one? Why or why not?
I am not a customer of this company. I have always had an underlying fear of a drink that increases your heart rate. I found that those who drank the drink would develop addictive behaviors towards thinking they needed the drink. Also, there have been incidents of negative effects from exceeding the recommended amount.
RedBull.org (2020), Company Profile. Retrieved from https://www.redbull.com/us-en/energydrink/company-profile
Saylor Foundation (2015), Principals of Marketing: Customer Satisfaction, Loyalty, Empowerment and Management – Influencer Panels. Retrieved from file:///C:/Users/Halima/Desktop/Halima%20Education/MRKT%20310%206383%20Marketing%20Principles%20(2208)/WK2/Week2_CourseContent.pdf
TOPIC 4: CUSTOMER LIFETIME VALUE – Personal Application
Starbuck’s is definitely a go to in the morning. I usually go to Starbucks every other day, Monday, Wednesday and Friday. I chose to do the custom LTV method because it the equation seems to show a more reasonable amount of data to equate the money used over a lifetime with also using a simple algorithm. So the equation that is used is custom LTV equation: t(52xSxCxP) the t equates to the average customer lifespan. The s equates to the amount of money spent during each visit. The c represents the purchase cycle or the number of visits per week. The p represent the profit margin per customer which is 21.3%. So the equation is 20(52 x 4.65 x 3 x 0.213) = 20(154.5102) = 20 x 154.5 = 3,090.20. So my LVT will equal to $3,090.20 (Patel, n.d.).
To retain me as a customer the company is always sending me deals through either the app on my phone or through coupons or deals through email.
Patel, N. (n.d.). How to calculate lifetime value-The infographic. Retrieved from NEILPATEL: https://neilpatel.com/blog/how-to-calculate-lifetime-value/
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