Research Questions and Justification
Abstract
Coupons and loyalty points are today becoming essential marketing tools, which not only help in promoting companies’ brand images but also driving up their sales volumes. Although the US spa industry is a fast-growing market, many companies, such as the SEV Laser Aesthetics, are unable to retain their clients even though they adopt these electronic marketing techniques.SEV Laser Aesthetics Company uses discount offers through Groupon to target new clients. Although this has increased potential customer acquisition, retention continues to be a major issue. The research problem will analyze the current spending habits of Groupon customers, and assess consumer motivation when introduced to promotional offerings relayed directly through the company, such as referral or loyalty programs.
Introduction
Digital marketing has become a contributing factor in increased profits for many businesses. These online platforms provide modern society with endless techniques to acquire and retain new clientele, as opposed to the traditional marketing outlets at the time, laser hair removal became commercially available (Hryszko, 2019). Through research, companies can seek out what they can adjust in their business strategy to retain customers. With the increasing competitiveness in the contemporary business environment, companies are shifting to marketing tools, such as coupons and loyalty points, to increase their product acceptance amongst consumers and increase their sales volume (Starvish, 2011). However, the problem is that most companies often fail to retain their customers even after undertaking these marketing strategies.
There is no doubt that it remains one of the most competitive industries, not only in the country but across the globe. According to (Mclheney, 2017), the global Spa services market is projected to reach the $154.6 billion mark by the end of 2022.The industry is also expected to register the fastest growth in the next five years, even as more players are entering the market. Today, the industry is witnessing significant innovations, such as the use of hybrid spa technology, to help promote the quality of spa services provided to customers. Because of such intense competition in the industry, companies are realizing the need to offer services that can enhance the emotional connection between them and their customers, and enable these customers to feel delighted, engaged, heard, and empowered. The US medical spa industry is one that requires constant personal contact between a company and its clients.
SEV Laser Aesthetics is one of the companies that offer medical spa services in the US market. The company is based in Los Angeles and specializes in providing various services such as laser hair removal, laser skin tightening, dermal fillers, and course botox. Initially, the company started with the simple vision of offering high-quality laser treatment services, before it later opted to provide other services. Because of the changing consumer tastes, preferences, and expectations, the management of SEV Laser Aesthetics is often opened to adopting new marketing techniques, which can enable the firm to not only achieve customer’s expectations but also retain these customers and promote its brands across the US market. It is for this reason that the company implements various product promotional tools, such as offering discount vouchers, redeemable loyalty points, and partnering with Groupon Company, which is an e-commerce platform. Despite undertaking all these promotional services, the company has failed to retain a significant percentage of their customers. Hence, this research will examine how SEV Laser Aesthetics can implement an effective customer retention strategy to allow its base of loyal clients to expand.
Research questions
The decision problem that this paper aims at addressing is the fact that although SEV Laser Aesthetics Company has utilized discount vouchers via Groupon to attract new customers and increase its consumer traffic, many of the clients fail to return after the Groupon code has been used.In order to effectively address this decision problem, the following two research questions will be answered;
- Doesconsumer spending habit of Groupon customers significantly affected by various product promotion techniques such as discount vouchers?
- Are consumers motivated to increase their purchasing parity and stay loyal to the company when they are introduced to various promotional offerings, such as referral and loyalty programs, relayed directly by the company?
Justification
Today’s clients are different from those of yesterday or a decade ago. Today’s customers are more enlightened, expressive, and know exactly what they want in the market. Nowadays, companies cannot satisfy their customers by just providing goods and services conventionally. These customers desire to feel engaged, delighted, empowered, and emotionally connected to the company and the products sold to them. While most companies are adopting different marketing tools, such as discount vouchers and redeemable loyalty points, most of these firms often fail to achieve to retain their customers, which is always the primary reason why they adopt these marketing tools in the first place. Some of the reasons why companies fail to retain their clientele using these marketing tools are; lack of data, too much discounting, complicated loyalty programs, and the disconnect between companies and their customers. In conclusion, it is, therefore, justifiable to undertake this research study to examine the reasons why SEV Laser Aesthetics Company is failing to retain its customers despite using various product promotional strategies discussed above.
References
Mclheney, C. (2017). US Spap Industry Returns to Growth.
Starvish, M. (July 27, 2011). Customer Loyalty Programs that Work.Harvard Business School.Retrieved from edu/item/customer-loyalty-programs-that-work“>https://hbswk.hbs.edu/item/customer-loyalty-programs-that-work.
Hryszko, J. (September 30, 2019). How to Develop a Successful Coupon Marketing Strategy and Increase your Conversion Rates-The Ultimate Guide.Voucherify. Retrieved from io/blog/coupon-marketing-strategy-ultimate-guide“>https://www.voucherify.io/blog/coupon-marketing-strategy-ultimate-guide.
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