About this Course

Competition is everywhere and companies have spent great efforts in using effective customer acquisition and retention programmes, ranging from loyalty reward to subscription-based membership programmes, for winning customer loyalty and commitment. It is imperative for organisations to continue retaining the most valued customers and acquiring new ones for business sustainability.

An effective customer acquisition and retention programme has the power to increase customer loyalty, customer life-time value, and developing long-lasting customer relationship. With a well-planned customer acquisition and retention programme, organisations can collect critical data about their customers to better understand their needs, customise future interactions with them, build relationships, seize opportunities and maximise profit for better business performance.

Effective Customer Acquisition & Retention Strategies (BM-SM-409E-1) is a national competency unit from the Business Management (BM) Workforce Skills Qualifications (WSQ). It is suitable for Level 4 executives, managers or any personnel who oversees customer acquisition and retention programmes.

Learning Outcomes:

Upon completion, participants will gain the knowledge and skills to secure prospect commitment and win the deal. Competency elements covered in this unit include:

• Review existing customer acquisition and retention programmes to ensure that they are current
  
• Establish and manage customer acquisition and retention programmes to increase customer loyalty
  
• Evaluate customer response to determine if customer needs and expectations are met
  
• Evaluate and refine customer acquisition and retention programmes to increase customer loyalty
  

Course Outline:

Introduction & Overview of Course

Review existing customer acquisition and retention programmes to ensure that they are current

• Importance of building customer relationships and increasing customer loyalty
  
• Objectives of customer acquisition and retention programmes
  
• Costs of customer acquisition and retention programmes
  
• Types of customer acquisition and retention programmes
  
• Reviewing activities for existing customer acquisition and retention programme
  

Establish and manage customer acquisition and retention programmes to increase customer loyalty

• Guidelines on customer eligibility
  
• Processes on how customer information will be collected and analysed
  
• Relationships with merchants to offer privileges
  
• Feasibility of programmes
  
• Ease of implementing programmes
  

Evaluate customer response to determine if customer needs and expectations are met

• Assess data on customer attitudes
  
• Determine if programmes create extra loyalty
  
• Determine customer take-up rate of programmes
  

Evaluate and refine customer acquisition and retention programmes to increase customer loyalty

• Quantify impact of programmes on sales
  
• Measure incremental benefits of programmes
  
• Determine Return-On-Investment (ROI)
  
• Conduct cost-benefit analysis to determine if programmes are worth continuing
  
• Evaluate components of programmes to determine which factors have the most effective impact on the customer
  

Who Will Benefit?

Level 4 executives, managers or any personnel who oversees customer acquisition and retention programmes.

Methodology

Participants will be assessed after they have been taught a particular competency through case studies and written assessments. A Competent or Not Yet Competent assessment will be given at the end of each competency unit to confirm if participants have acquired the skills and knowledge of the subject.

Certification

Upon successful completion, participants will receive a Statement of Attainment (SOA) in BM WSQ Effective Customer Acquisition & Retention Strategies awarded by WDA.

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