| Rentals and returns | It's half past eleven on a Saturday morning, the DVD's are due back at midday, but the kids fell asleep halfway through the movie last night and now they're insisting on watching the rest of it, plus the hour-long bonus features... What do you do? Upset the kids and hear them whine for the rest of the day? Return the videos late only to be fined for the full amount? Or drop the videos in the dead of night and never go back? With the economy facing the possibility of recession, retaining loyal customers is as important as making sure your books balance at the end of the day, and it's becoming more and more necessary to find the equilibrium between the two. Because, while you're sitting with a lengthening list of people who owe you, these people in turn are facing their own cashflow problems, and are more than likely screening their calls from your persistent accounts department. In the case of DVD rental stores, some have become more customer-centric with respect to their return times and cater for those people who, after a long night of watching, tend to snooze till noon. And I'm under the impression many other businesses could learn a thing or two from this lot. I'm not saying extend repayment times indefinitely, but perhaps show a little leniency. Compile a list of loyal customers who have recently been falling behind in their payments. Give them a call and speak to them like you actually care (and so you should - this isn't just your money you're following up on, but also a long-term customer who's been feeding your bottom line for years). Don't harass them by demanding to know when they're going to pay. Tell them you've noticed they're a little overdue, but because you value them so much, you're going to give them an extension without the costly fines. They'll love you for it. Also, be willing and open - rather than have the customer avoid you like the plague, let them know that they can call you if they can't make a full payment and arrange another payment option. After all, a small amount per month with a shot of interest and a happy returning customer is better than nothing at all, is it not?
Shan Radcliffe, Retail editor
| | Today's headlines
RetailGIA releases food and beverage research reportsGlobal Industry Analysts (GIA), USA-based research company, has released several research projects in the food and beverage space. Each report aims to provide comprehensive insight into the product's current market scenario, factors influencing the market, growth drivers, and major challenges. The reports also focus on recent research and development activities, and strategic corporate activity of major market participants. Advertisement:
Banking & FinanceWomen more prone to go broke?Women were more likely than men to file bankruptcy in 2007 according to research recently released by the Institute for Financial Literacy, a non-profit financial counselling and education organisation based in Portland, Maine, USA.
Brand newsSlashing trans fat from Snackworx's snacks [ActivRetail] Snackworx, manufacturer of Bakers, Pyotts, Baumanns and Willards snack foods, recently announced that all of its biscuit and chip ranges are now being produced free of trans fatty acids. Heinz cans 'baked'NEWSWATCH: Food giant Heinz has announced it is dropping the word 'baked' from its canned beans, the UK's Telegraph reports. The actual product will, however, remain the same but cans will now be sporting the new title 'Heinz Beanz' on the labelling. Advertisement:
Consumer researchGlobal study of consumer ritualsA global study by BBDO Worldwide offers marketers insight into the everyday routine of people across the globe - the commonplace rituals that consumers embrace on a daily basis in their lives. The study, entitled 'The Ritual Masters', is the most extensive research project ever undertaken by BBDO.
e-CommerceStylish new on-line gift registry Lauren Bloch and Daleen Atherton, the owners of the online wedding directory Wedding Secrets, recently launched Secret Gifts - an online gift registry offering upmarket gifts to the discerning customer.
PackagingDNA labelling for drug security?German logistics firm Movianto GmbH has developed what it considers to be the most effective protection against the infiltration of counterfeit drugs into the supply chain: DNA labelling. In a statement, the firm noted that the proportion of counterfeit products has recently been reported by the European Commission to be rapidly increasing. Advertisement:
PromotionsBeer aficionados requiredThe search is on to find a new board member for Hansa's league of extraordinary beer aficionados, wherein one lucky winner will be set to win an annual board member's salary of R600 000, as well as receive the exclusive honorary title of a Hansa Board of Approval member.
Retail servicesCreating a stronger customer link[Andrew Boyd and Sumair Dutta] Despite progress made against key warranty chain improvement initiatives, service and warranty management executives still wrestle with post-sale customer satisfaction issues and escalating warranty costs. Advertisement:
International Retail Advertising Conferences with top professional speakers at Emperor's Palace Convention Centre on August 12 and at Lord Charles in Somerset West on August 14. For more information or to register go to www.raclite.co.za
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RetailersEdgars must compensate[Nivashni Nair] A leading clothing retailer has been found guilty of racism and will have to fork out thousands of rands in compensation to a disgruntled customer.
SecurityRuling opens customer data floodgates[Anick Jesdanun] USA - A judge's ruling in the Viacom vs. YouTube case sets a new and permissive standard for parties seeking to get their hands on the data companies retain about their customers. While not a legal precedent, the ruling will serve as a reference in future cases, potentially laying bare the trail of search terms we all leave behind.
TechnologyBottles from plantsRising fuel prices drive consumer demand for oil-free packaging; new primo bottled water made from plants, not crude oil, expands distribution. |
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