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Customer Retention Strategy - Assignment

   

Added on  2021-02-21

8 Pages1088 Words63 Views
Customer retentionStrategy
Customer Retention Strategy - Assignment_1
Table of ContentsINTRODUCTION ..........................................................................................................................1Brief Literature ................................................................................................................................1Strategies .........................................................................................................................................1REFERENCES ...............................................................................................................................3
Customer Retention Strategy - Assignment_2
INTRODUCTION Customer retention is defined as the action or activity which occurs within organisationfor minimising customer defections. The main objective of customer retention program is to helporganisations to retain their customers. This is done by providing loyal products and services topeople and increasing brand as well as customer loyalty. The CR strategies helps in developinga personal touch to existing relationship with customers. When all needs and demands ofcustomers are fulfilled then it leads to providing quality customer service. If a company has goodcustomer retention strategy, it helps in identification of new customers and retaining them byproviding quality products and services (Hill, and Alexander, 2017). If new customers areincreased then it indicates future growth and development of that organisation. It is very essentialfor different organisations to have good customer relation in order to increase sales and profit ofthe company. There are many customer retention strategies which an organisation can adopt. Thestrategies of CR enables in providing and extracting more value from the existing customer base.Brief Literature According to the viewpoint of Armstrong, and Et. Al, (2014), Organisations mustdevelop right marketing strategies for doing a successful business. In earlier times, companiesfocused on marketing strategies for attracting more number of potential customers and increasingmarket share. But with the increase in globalisation, many industries have become competitivethat leads to change in running of business. Industries are facing high competition and in order toretain potential customers, organisations have to meet demands and needs of customers. CRoccurs when a customer is being loyal towards a particular product, service, organisation orbrand. This reflects long term commitment. An organisation can build retention and loyalty byusing various techniques like preferential discounts, database marketing, issue of loyalty cards,special promotions, free gifts, etc. Customer retention is an important part of marketing and it isthe only system for client segmentation and data mining. A good bond or relationship withcustomer is very important for maximising sales and profits. Strategies There are some strategies developed within organisations which help in retainingcustomers. Such strategies are important for firms as it helps companies to sustain in market for1
Customer Retention Strategy - Assignment_3

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