Market Trends: Loyalty Programs as Instrument of Marketing

Nokia

Objective

• To find Issues regarding the existing Loyalty programs .
• To find new and innovative solutions to issues.
• To find new possible Loyalty programs.
• To find Value and need of Loyalty programs in changing market conditions.

Scope Loyalty programs are a tool for increasing consumer satisfaction. these are great in understanding consumer behavioral patterns and offering customers a value for their money which will ultimately result in developing business.

Introduction

Loyalty programs are something which will provide extra benefits to the users it could be in many forms like cash discounts additional benefits like free goodies.

It’s just as same valuing your family. Discounting the existing users creating customer clubs for maintaining customer interest. Exchange offers in return of existing Nokia phone could be also considered as a loyalty program, by this both company and consumer will be benefitted as consumers will get discounts and company can recycle the product and extract the useful components from it which will be used again and will ultimately benefit much to the company’s profit share.

Loyalty Programs an attitude that leads to a relationship with the brand A customer is someone who buys something. They can be potential as well as actual. Consumer generally prefers to purchase something which benefits them they will be attracted to something which will provide best of their money.

They will get connected to those brands and become loyal to those providing benefits that will fit their budget as well provide additional benefits like in form of Loyalty programs.

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A company providing best of the best offers and consumer satisfaction will surely create a bench mark and lead the market with their services. In the era of Advertising boom every brand is focused on increasing its presence over everywhere be it online or offline creating ads everywhere. If these brands start to focus ultimately on the consumer satisfaction then the view will be completely different. The more benefits the customers get the more they will be loyal to your brand. Issue In this century of businesses there is no focus on customer loyalty. Every brand be it Nokia is focused to gain expansion increasing profits . Nokia should gain some knowledge from its previous experiences. Nokia once was global leader and a premium brand providing best of the best products.

But it forgot the customers in the emerging race it is focused on its existing products and never considered research and development an important aspect that is why Nokia is fallen back in the race of maintaining brand presence in market as it lacked to maintain consumer loyalty . If it considered the consumer needs and changing preferences then this time of down fall won’t be seen. Problem Nokia focused on maintaining its uniqueness of building phones on the platform of symbian os But didn’t knew the needs of the consumers which wanted a wide range of smart apps , not only a durable phone . Nokia always focused on durable and quality hardware.

Which was need of people earlier but the changing demand involved smart features. Symbian os failed as no developer wanted to create applications o it as it lacked technological advancement. Nokia had introduced Loyalty programs earlier named “Love Nokia” back in 2013 but now there is no updates and any new program issued . Nokia’s website dedicated to loyalty programs https://nokiapoweruser.com/ is also not updated regularly, its copyrights are also of 2019 they are not connected to their consumers. This shows careless nature of Nokia regarding its users Loyalty Programs Introduction Nokia is late in bringing android smart phones.

And now fallen very back in the market presence . Once this brand was having most market share in world now have on presence. This issue could be tackled by introduction of loyalty programs. Nokia is doing again mistake in the market it is providing smart phones at much higher price which is not affordable by people. We could buy same features of phone at much low price from other brands .It is now working on Research and development still the products are expensive means the company is focused on increasing its profits. It is a crucial time for Nokia and it should focus on consumer loyalty Like it could provide free goodies on purchase of more than one smart phone. Offering one time free screen replacement, providing earlier access to apps and software updates for club members. Free earphones for existing users ,gift coupons scratch and win contests , lucky draws etc These are the possible examples of loyalty programs that could be offered to consumers.