Tryg business marketing issues

Résumé du document

After getting to know the issues that Tryg is undergoing, we came up with two ways of approaching the case. One of them is how they can retain the existing customers. The other one is how they can gain new ones and therefore, gain more profit.

There are some methods and theories we found relevant for solving this case. One of them is the leaky bucket theory to show how Tryg can retain its customers. Worth to be mentioned are also the business model (customer benefits bridge), the cause and effect diagram (what caused the problem, which are the effects) and the time base strategy.

According to relationship marketing, Tryg should have value-added exchange relationships with their customers. That would help to retain the existing customers because of objectives of both sides are met. In this way the company can shift from attracting new customers to keeping the current ones by providing with additional services. Customization is another angle that they could focus. Therefore, the customers would feel special and awarded.

Extraits

[...] Michael D. Hutt & Thomas W. Speh South Western Cengage Learning 2010 -Business-to-Business Marketing, ch R. Vitale, J. Giglierano, W. Pfoertsch Pearson Education -Clusters and the New Economics of Competition by Michael E. Porter Harvard Business Review Nov-Dec 1998 -Competitor Analysis: Understand Your Opponents Harvard Business Press Chapters, Nov Prod. [...]

[...] The most profitable customer group in this case is small businesses. Giving the fact that the service can't really be differentiated, the switching costs are low. In order to make the customers loyal after the contract concludes, we have to create higher exit barriers, to keep them for longer time. Tryg should do it in an attractive way: offer insurance for a bigger period (at least a year) and for that 1 or 2 months for free or other suitable offer. [...]

[...] Tryg business marketing issues INTRODUCTION After getting to know the issues that Tryg is undergoing, we came up with two ways of approaching the case. One of them is how they can retain the existing customers. The other one is how they can gain new ones and therefore, gain more profit. METHODOLOGY There are some methods and theories we found relevant for solving this case. One of them is the leaky bucket theory to show how Tryg can retain its customers. [...]

[...] To increase awareness they can invest more money in publicity for the markets where they are not market leaders. Tryg could for instance present some interviews with customers from the Danish SME market, in which they can explain that the company is a reliable and trustful partner and how fast they manage to resolve issues with accidents. In this way we aim to make the competitors' customers to think that they could have the same benefits in shorter period of time. Bibliography -Business Marketing Management, 11th ed. [...]

[...] The leaky bucket theory suggests to do offensive and defensive marketing. When it comes to retention, the second part of this theory is important. Tryg has a very big rotation of customers constantly gaining new ones and losing existing ones. They should focus on blocking the leaking places by ensuring customers that it is worth to stay with them. GAINING NEW CUSTOMERS Tryg is selling service, it is intangible and therefore does not have many physic characteristics or certain particularities. [...]