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What drives customer attrition at Michaels? (Marketing strategies…
What drives customer attrition at Michaels?
Channels
Online Business
Not focusing on strengthening their omnichannel presence will lead to customer attrition.
Tough website navigation and bad user interface generates negative customer experience leading to increase in customer attrition.
Effectiveness of the recommendation system will affect the attrition rate
Brick and Mortar
More distance to stores will lead to customer attrition
Bad store layout will lead to bad customer experience and hence increase customer attrition
Mismatch between customer demand and store inventory will increase customer attrition
Not employing and training effective sales associates will lead to customer attrition
Marketing strategies
Not using appropriate social media platforms for advertising will lead to increase in customer attrition
Inappropriate marketing strategies due to poor customer identification will lead to attrition
Incorrect marketing measurement framework will lead to customer attrition
Frequency of customer outreach
Low
High
Customer Profile
Demographics
Location
Income
Occupation
Age
Transactional Engagement
Number of products purchased
Frequency of purchase
Time between purchase
Dollar value of products purchased
Benefits and Services offered by Michaels
Less responsive customer support for product issues is leading to customer attrition.
No added benefits to the loyalty programme will lead to customer attrition
If the return policies are rigid it will lead to customer attrition
External Factors
If the variety contained by Michaels is not as diverse as their competition, it will lead to customer attrition
Reductions in discretionary income will affect customer attrition
If Michaels products are more expensive then their competitors for the same or similar product it will lead to customer attrition