Question posted on May 16, 2014: “I am recently appointed as manager for a small local food chain based in Northern Philippines. WE have about 3 branches. Can you please provide strategic advice on how I can keep and increase loyal customers”
Answer from BusinessMango, May 26, 2014: Thank you for your note. We did some research and had some discussions on how food chains such as Mcdonald’s, KFC, and Krispy Kreme have gained massive following. We agree that there are three common qualities of these stores which explain their customer loyalty and success.
From Knowledge@Wharton – “The shared economy, perhaps best known for crowd-powered marketplaces such as travel accommodation site Airbnb and transportation-focused Lyft, blossomed as the recession set in. At the same time, social platforms were establishing broad footholds. Collaborative consumption, made more feasible by evolving technology, offered consumers ways to personalize their experiences without having to own their own cars, vacation homes and items that may be out of reach financially. It also presented fresh streams of income for people with something to spare or share.”
From FT.com – “Bright spots are emerging as a result of macroeconomic and social change. The focus is swinging back to developed countries where half of luxury’s total global sales are made to consumers in their traditional markets”
From FT.com – “The FT Boldness in Business Awards have become the pre-eminent forum for recognising entrepreneurial risk-taking and business innovation”
From Stanford Business School – “In his recently published book, Hooked, the writer and lecturer explains how one of the most popular Bible apps in the world is engineered to be habit-forming. It’s not often an app has the power to help keep someone out of a strip club. But according to Bobby Gruenewald, CEO of YouVersion, that’s exactly what his technology did: A user of his Bible verse app walked into a business of ill repute when suddenly, seemingly out of the heavens, he received a notification on his phone with a custom-selected verse from the Bible.”