The Impact of Customer Satisfaction Strategies on Customer Retention

This dissertation explores the impact of customer satisfaction strategies on customer retention, with a case study of Barclays. It examines various strategies and their effectiveness in enhancing customer satisfaction and retention. The research aims to provide recommendations for improving customer retention in the banking industry.

DISSERTATION
The impact of customer satisfaction strategies
on customer retention
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Abstract
Consumer satisfaction play important role that allow organisation to retain consumers for
longer period of time. It is essential for organisation to effectively meet expectation of
consumers while emphasizing upon certain indicators of consumer behaviour. Company is
required to effectively emphasize upon change in the behaviour of consumers on regular basis.
By tracking this organisation can implement effective consumer retention strategy through which
organisation can assure more competitiveness. Present report has been conducted on the aim of
consumer satisfaction strategy on consumer retention. For this research aims and objectives have
been framed on which literature review, finding and analysis research methodology, conclusion
and recommendation is being included.
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Abstract............................................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Literature Review.............................................................................................................................5
Research Methodology..................................................................................................................12
Findings and Analysis....................................................................................................................15
Analysis of collected facts....................................................................................................17
Interpretation of data............................................................................................................19
Conclusion & Recommendation....................................................................................................29
REFERENCES..............................................................................................................................32
Appendix........................................................................................................................................34
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INTRODUCTION
Consumer satisfaction is termed as a measurement that determines the extent to which
customers are happy with company’s services, products and capabilities. It is essential for an
organisation to determine the level of consumer satisfaction and make significant improvement
and changes in their services and products as to enhance overall satisfaction of customers
(Kankam Jr, 2020). With the help of this organisation can retain them for longer period of time.
Present report has been conducted on Barclays which is a leading organisation engaged in
banking sector. Organisation was founded in the year 1690 and headquartered in London, United
Kingdom. Consumer satisfaction strategies are assuming a significant part in expanding the
goodwill of the overall industry. With the help of adopting various customer satisfaction
strategies companies can effectively measure impact upon overall level of consumer satisfaction
and profitability. This organisation provides banking and financial services to customers. Present
report has been conducted on the aim to evaluate the impact of consumer satisfaction strategies
on consumer and consumer retention in order to determine the benefits of consumer satisfaction
strategies for both company and customers.
MAIN BODY
Research Aims and Objectives
Research Aim
" To evaluate the impact of customer satisfaction strategies on customer retention". A
case study of Barclays.
Research objectives
The research objectives that are widely based over the aim of the research are associated as
under:
 To determine various customer satisfaction strategies
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 To analyse need of customer retention and how it can be done through strategies.
 To recommend bank various ways for customer retention.
Research questions
 What are the various customer satisfaction strategies?
 What is the need of customer retention and how it can be done through strategies?
 What are the recommendations for bank for customer retention?
Literature Review
Literature review is defined as a narrative review in which survey of article, books, scholarly
articles as well as other sources is being done which is relevant to the particular issue on the
topic selected to provide descriptive and critical evaluation through which research outcomes can
be done in effective manner. Research review is basically a survey of various resources on a
particular topic that involves finding reliable publications such as articles and works and further
critically evaluates them. Literature review play important role in a research as it allow
investigator to conduct in-depth analysis of selected topic. It helps in critically evaluate the facts
and information through which researcher can accomplish research objective and aim in effective
manner. With the help of literature review, investigator aim towards establishing with the
understanding of current research in order to conduct a new investigation. With the help of
literature review investigating can identify possible gaps in the scholarly article and can further
research on them research is required to understand the importance of literature review for
assuring successful research outcome, as it helps in conducting in depth analysis of the selected
topic mentioned below is a literature review on the present topic has been conducted.
Various customer satisfaction strategies
Consumer Satisfaction is characterized as an estimation that decides the extent at which
customers are satisfied with company products, facilities and services. Consumer satisfaction
data, including reviews and evaluations, can assist an organization with deciding the way to
make best improvement or changes its items and administrations. Consumer satisfaction theory
(CAST) is a generally utilized as a key performance indicator that tracks the extent at which
customers are satisfied with company services and products. Furthermore, it has been underlined
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that, it is mainly defined as a psychological state of mind that is estimated by the client's
assumptions. With the help of taking use of this theory company can effectively maximise
loyalty of customers at great extent.
As per the view point of Messner, (2020), there are number of consumer satisfaction
strategies for which satisfaction level of customers can be improved in an effective manner. It
has been identified that by seeking feedback is one of the easiest and most forwarding strategy
for consumer. In addition to this, with the help of this organisation can overcome customer’s
issues and problems in an effective manner and can further undertake recommendation from
them. It has been determined that by building relationships that customers in an effective manner
by offering personalized services and additional benefits organisation can also enhance overall
satisfaction level of customers. Customers play most important role for any organisation
irrespective of its size and scope (GETENEH, 2020). Thus with the help of different type of
consumer satisfaction strategy organisation can increase consumer lifetime value and can
improve branding. With the help of consumer satisfaction company can build trust and loyalty
among customers. It is essential for the organisation to understand values of customers while
delivering services to many omni channels. It is also essential for company to provide instant
response with live chat to customer’s software. With the help of this company can maintain
transparency with their customers.
Offer Personalized Services:
Organisation can enhance its overall revenue rate with the help of satisfying customers at great
extent. In order to be a successful business in any industry it is essential for organisation to
determine the manner to treat customers in effective manner. As a customer if a person is treated
with personalized services can be satisfied in effective manner, along with this it has been
determined that if organisation offer personalized services to customers then it will help them to
enhance consumer loyalty as well as satisfaction. Offering personalized services especially in
banking industry is one of the most effective manner through which consumers can be satisfied
in effective manner. Furthermore, it also help organisation to lend a voice to their brands. with
the help of offering personalized services to customers such as customised message and
personalize assistance and offering notification as per consumer habits and needs will
successfully aid business organisation to enhance consumer satisfaction (Capponi, Corrocher,
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and Zirulia, 2021). Thus according to the analysis has been identified that with the help of offer
personalized experience to customers organisation can significantly engage their visitors in
effective manner.
Turn to Social Media:
In this modern competitive environment that is aggressive competition prevail in
basically all the industrial sector. In this social media is acting as one of the most powerful tool
through which an organisation can attract attention of many internet users. Social media is
defined as an effective channel that allow organisation to get consumer reviews as well as
recommendations. With the help of social media consumers can share their experience with
company. This will help organisation to fulfil actual needs and demands of customers.
Furthermore, with the help of social media industries like banking can keep regular track to make
sure that consumers are satisfied with the services provided by the business. Social media can be
effectively utilised to monitor a consumer reaction towards the services and can further
undertake feedback from them. With the help of this organisation can also engage their
customers with the help of activities like quiz and contests. It will help in building trust and
engagement of customers with organisation services and facilities
Provide Additional Benefits:
Additional benefits play a major role in enhancing consumer satisfaction level at great
extent. With the help of offering additional benefit and special offer to customer’s organisation
can surprise them with the unexpected gesture. It not only helps in building strong relationship
but also an organisation to maximise consumer loyalty and trust. Furthermore, it has been
underlined that with the help of offering additional benefits company can build a positive image
in marketplace that significantly helps in enhancing satisfaction level of customers immensely.
Provide instant response with live chat:
Consumer satisfaction play most important role for the entire organisation. In this it is essential
for company to address consumer questions concerns as well as issue. With the help of offering
regular support assistance to customer’s organisation can enhance consumer satisfaction level. It
has been identified that in banking industry response time play important role that helps in
increasing consumer satisfaction level (Vo and Xu, 2021). In order to offer great consumer
service it is essential for company to figure out the queries and provide assistance to customers.
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Organisation is also required to provide assistance with the help of expert solution and reduce the
wait time. With the help of life chat organisation can initiate a proactive conversation that helps
in offering support for assistance to customers.
Act on negative reviews & customer complaints:
It is one of the most important strategies that help in enhancing consumer satisfaction level. It is
essential for an organisation to effectively bridge the gap between traditional word- of- mouth
and vital form of feedback that effectively influence opinion of consumers. Negative review can
affect mindset of customers and can impact on consumer sales directly and indirectly. It is
essential for organisation to analyse review of customers in order to satisfy them in effective
manner (Das and Gondkar, 2021). Organisation is required to provide assistance to the feedback
provided by customers. Thus according to the above mentioned analysis, it is essential
organisation to resolve consumer complaints in time effective manner and have regular check on
the reviews and comments of customers. By fixing complaints and reviews organisation can
successfully maximize satisfaction level of customers and can maximise their satisfaction level.
Engage customers 24×7 with chatbots:
It is essential for an organisation to engage with customers 24/7. It helps in incredibly
increasing satisfaction rate of customers and also aid organisation to enhance the profitability
and sales. With the help of chart boots organisation can actively engage with customers and can
answer their queries and question. Organisation those who are especially engage in banking
industry are required to of a 24/7 support to customers, as it helps in increasing consumer
satisfaction level with the help of this organisation can build trust and can further maximize
consumer satisfaction.
Thus according to the above mentioned analysis it has been identified that with the help
of emphasising upon the above mentioned strategies of consumer satisfaction, business
organisation can effectively treat their customers and can build positive image trust between
company and customers. It helps increasing long term sustainability and higher profitability.
Customer retention
As per the view point of Shamsudin, (2020), customers are king of market thus it is
essential for organisation to retain their loyal customers for a longer period of time in order to
enhance the effectiveness and assure long-term sustainability in market. There are a number of
consumer retention strategy such as improve customer service, start consumer loyalty program,
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send engaging emails to customers, offer discount or personalized services in order to retain
customers for a longer period of time (Al-Gharaibah, 2020). It is essential for company to build
trust relationship by improving KPIs and take consumer feedback survey. Companies also
required delivering their services according to the promised measures. Customer retention is
defined as a process in which organisation undertaker various measures to retain customers for
longer period of time. In this with the help of implementing various consumer retention strategy
company can retain their loyal customers for longer period of time.
Offer excellent consumer service:
It is essential for an organisation to offer customers with the excellent services as compared to
the other rivals in industry in order to retain them with company for longer period of time. With
the help of offering excellent consumer service organisation can effectively provide satisfaction
to even frustrated customers. Consumers if get highly effective services can retain with
organisation. It is essential for company to offer cohesive and consistent experience to customers
and provide them care and attention with the help of life messaging services, email and phone. In
addition to this organisation with the help of offering multiple contacts channels can offer
services to customers in effective manner (Yu, Seo and Hyun, 2021). In addition to this with the
help of assessing customers as per their needs and wants will also help in retaining them for
longer time period.
Consumer survey:
Consumer survey acts as one of the most effective manner that allow organisation to have better
insight of the needs and wants of customers. With the help of consumer survey online can
quickly identify their behavioural change as well as demands in organisation. With the help of
taking quick online survey with the help of mixture of multiple choice question can make
customers to freely express their opinion (Sisson, 2021). This will further lead organisation to
develop a strategy to satisfy and serve consumer needs accordingly.
Keep consumer informed:
Organisation must assure that there is transparent relationship maintain with customers. In this it
is essential for company to keep their consumers informed and up-to-date with the new
development such as exciting milestone, product line, new service organisation that can be done
with the help of monthly newsletter or email (Refan and Suciratin, 2021). With the help of
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offering consumers with the information will lead organisation to keep an up-to-date and engage
with company. It significantly help in retaining with organisation for more period of time.
Develop frequent communication calendar
Organisation must assure that they maintain frequent communication with customers with the
help of multiple communication channels (Al-Hazmi, 2021). It is essential for company to
develop a communication calendar in order to keep touch with their consumers at regular interval
of time. With the help of this company can not only effectively promote their new services and
facilities but can also retain customers for long time period. Communication calendar helps
organisations to engage with their customers and help them to eliminate any form of doubt that
might prevail in their mind. It significantly helps in improving trust level and also organisation to
retain customers in effective manner (Bariha, 2021). There is different type of communication
calendar tool such as phone calls, letter or events, cards, special offers and message through
which company can communicate with their customers. This will help company to make that
customers feel valued and important. It is essential for an organisation to do not neglect
consumer interest. Thus with the help of communication calendar tool consumer needs demands
and interest can be evaluated in effective manner.
Thus according to the above mentioned analysis it has been identified that consumer
retention play most important role for organisation in terms of assuring higher profitability,
productivity, growth and long-term sustainability in an industry. With the help of retaining
customers, company can not only build their goodwill in market but can also develop a strong
consumer base. It helps in creating positive image of organisation in respective industrial sector
through which they can gain the capability to attract new customers in more effective manner. It
is essential for an organisation to implement wide range of consumer retention strategies in order
to provide valuable treatment to each and every consumer (Kiki and Ogutu, 2021). This will
significantly aid organisation to enhance consumer satisfaction level that further allow company
to retain them for longer time period.
Recommendations for bank for customer retention
According to the view point of MATHANGANI, (2020), it is recommended to bank to resolve
issues of customers with the help of live chat support system. It is one of the best measure
through which bank can not only enhance overall level of consumer satisfaction but can fulfil
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their expectations in time effective manner (Gutnik, 2021). Bank is also required to provide
rewards loyalty to customer and keep in touch with customers with different type of measures
such as emails, messages and more. With the help of this bank can retain customers for longer
period of time.
Increase personalization through newsletter campaigns and customer communications:
It is recommended to bank to increase personalization with the help of newsletter
consumer communication and campaigns. It helps in increasing customer’s base and allow bank
to increase consumer attention. With the help of starting a newsletter campaign banking
organisation can effectively helps in fostering trust based relationship with consumers through
which they can significantly enhance brand preference along with loyalty. It is essential for
banking to set up automatic messages and consumer communication in order to greet customers
on birthdays, as it helps in delivering personalization services. Along with is it also helps in
driving level of engagement with consumers that further help in developing stronger brand
promise.
Capture valuable feedback through customer satisfaction surveys:
Feedback play most important role in consumer satisfaction, in this with the help of consumer
satisfaction survey banking organisation can effectively collect valuable information. It is
recommended to bank to request feedback through survey in which they can determine banking
experience of customers and can further offer them services accurately. It also helps in
identifying, managing and resolving satisfaction level of customers (Nabasumba, 2021). With the
help of this banking organisation can ask the right questions that helps in understanding
customers and it organisation to deliver improved consumer satisfaction.
Demonstrate thought leadership through financial wellness programs:
It is recommended to bank to implement financial wellness as well as counselling
program in order to promote financial well being of consumers in banking organisation. By
providing financial wellness as well as counselling services can help in retaining consumers for a
longer period of time.
Retain customers by managing and responding to reviews:
It is essential for banking organisation to retain customers while managing and
responding to the consumer reviews. In this with the help of online review organisation can
review consumers experience level. With the help of this organisation can effectively develop
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positive brand reputation and can retain customers for long time period. It is essential for bank to
manage and respond to online review with the help of banking review sites. With the help of this
organisation can engage customers who left unsolicited feedback. Along with this bank is also
recommended to respond to negative reviews as well as positive feedback in order to satisfied
customers in effective manner.
Impact of customer satisfaction strategies on customer retention
Thus, according to the above mentioned analysis it has been identified that it is essential
for our organisation to nurture consumer loyalty by building a service culture. Banking
organisation is required to build trust by offering effective services to customers and with the
help of staying connected after post sales (Rahmatulloh and Melinda, 2021). Along with this,
with the help of technology bank can offer digital banking support to customers and
acknowledge their needs and demands. It is essential for organisation in banking industry to
focus on delivering superior consumer services as it helps in retaining customers for longer
period of time. This further helps bank to assure long term sustainability and competitiveness in
industry. Furthermore, it has been identified that, customer retention basically happens when
client buy an item or on the other hand benefits over and over. This process is underlined as
consumer retention as, the measure by which consumer duly interpret cost and value to a service
or product. In addition to this, clients who will address greater expenses for an item or
administration will in general be brand cognizant. (Nabasumba, 2021), characterize consumer
loyalty as dependence on or certainty in the individual or interaction administrations are
performances. This has been stated that consumer retention is an essential process and allow
organisation to ensure more growth. Customer retention has been demonstrated to be an essential
objective in firms that training relationship promoting. While the exact significance and
estimation of client maintenance can fluctuate between businesses and firms there seems.
Customer retention is potentially one of the most powerful weapons that companies can employ
in their fight to gain a strategic advantage and survive in today’s ever- increasing competitive
environment.
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Research Methodology
Research methodology is termed as a tool or technique that investigating undertakes to
collect reliable and authenticated data and information associated to the topic. It is important for
research to select best research methodologies in order to acquire the integrated information to
conduct research in an effective manner (Munene, 2020). In terms the present researcher
undertakes use of a framework which is known as research onion in order to accomplish present
research topics in effective manner.
Figure 1Illustration 1: Research onion
Research philosophies –
It is defined as an essential aspect of research methodology in which it is essential for
researcher to select effective results for research analysis. It is essential for investigator to select
the most effective research philosophy in order to accomplish long-term objectives. It has been
determine that there are mainly two forms of research philosophies that are positivism and
interpretation (Baber, 2020). In terms present research, researcher will take advantage of
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positivism in order to measure quantitative data in an effective manner. Main reason behind
selecting this research philosophy is to fulfil research objectives in an effective manner with the
help of subjective approach.
Research Approaches –
It is defined as a plan or a process that an investigator undertake in order to fulfil research
in a proper manner (Suganya, 2021). Inductive and deductive are two form of research
approaches through which investigator can accomplish research objectives in effective manner.
However in context with present research analysis, researcher will take use of deductive
approach in order to provide support to the objective nature of investigation with positivism
research philosophy. Main reason behind selecting this research approach is to effectively test
different information and data in order to generalized research finding in an accurate manner.
Research strategies –
It is defined as strategy in which researcher accumulate information associated to the
topics. Research strategy allows investigator to accomplish research in a systematic manner. In
context with present research analysis investigator will take use of questionnaire method in
order to acquire data in an effective manner (You and Joshi, 2020). The questionnaire has been
developed by researcher. With the help of this research can fulfil research outcomes in
appropriate manner. Primary reason behind selecting questionnaire method is that it allows
investigator to determine data and information appropriate to the topic through which
authenticated decisions can be undertaken in future. These methods has been undertaken in order
to take information and data from wide range of sources.
Research Choice –
It is defined as an information or data in which investigator undertaker effective research
choice to fulfil desired objective. It is important for investigator to select best choice in order to
directly and indirectly accomplish research objective. Quantitative and qualitative are two forms
of research choices out of which investigator will take advantage of quantitative research
methods. With the help of this investigator aim towards collecting reliable and authenticated
information based on statistics and numerical associated to the topics. With the help quantitative
method researcher can present collected facts and data in attractive and systematic manner with
the help of charts and tables.
Data collection –
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It is one of the most important aspects of research methodology in which investigator is
required to select different type of data Collection sources in order to accumulate various
information and data to conduct research (Al-Gharaibah, 2020). There are only two forms of
research collection methods that are primary and secondary. In context with present research
investigator will take use of both of the methods. In terms with primary method researcher
will select overall 50 respondents (employees) from overall workforce of company. In context
with test secondary research method investigated will acquire data from magazines, articles,
journals and other secondary sources. Primary reason to select both primary and secondary data
collection method is that with the help of this investigator to draw adequate information and
sources from which research can be conducted in an effective manner with unbiased, reliable and
accurate information and data.
Time horizon:
It is determined as time duration which is needed by a researcher in order to do their
work of research in effective manner. There are main two kinds of time horizon i.e. longitudinal
as well as cross-sectional time horizon. These help the researchers to present themselves as the
most appropriate for their project. In context of this research, an investigator is adopting cross-
sectional time horizon because that help in accomplishing work in best manner as well as in
given time duration. With the help of taking use of cross-sectional time horizon, investigator aim
to fulfil research in proper time frame by fulfilling all the actions like collection and analysis of
data within specific period of time. So, it is clear from the above description that main reason
behind the selection of this technique is completion of research activities within allocated and
adequate time frame without any issues.
Sampling:
It is defined as a procedure in which investigator use small sample size out of the whole
population. Probabilistic and not probabilistic are two methods of sampling out of which
investigator will take use of probabilistic sampling method in order to conduct present research
analysis (GETENEH, 2020). In this investigator will take sample size of 50 respondents
(employees) in order to collect information’s associated to the research topic. Primary reason
behind selecting probabilistic method is that with the help of this investigator can acquire a deep
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understanding about the ground workings of the selected research topics. Furthermore, it has
been underlined that the main reason behind selecting employees as respondent is that they are
having diversifying knowledge related to selected topic of the research through which
investigator can conduct research in an effective manner.
Findings and Analysis
Data analysis is termed as one of the most important process or procedure to identify,
evaluate and transform data and information with the intention to discover appropriate
information in order to support the decision making. In addition to this it has been underlined
that data analysis is termed as an essential as well as crucial aspect of investigation that basically
include interpretation of data and information that has been gathered with use of logical as well
as an analytical reasoning to determine relationship pattern and trend. It is one of the most
essential aspects of investigation which is helpful in evaluating data that have been gathered over
a particular topic. Thus, in context with present research analysis which is based upon the impact
of consumer satisfaction strategy on consumer retention, questionnaire is being developed by
researcher. It is one of the most effective approaches to accumulate information in order to
generate suitable outcome. Thus, in terms with present questionnaire is being developed in order
to accomplish research aims and objectives in effective manner.
Questionnaire
Q1) Do you think there is positive impact of customer satisfaction strategies on customer
retention?
a) Yes
b) No
c) Neutral
Q2) According to you, it is necessary to predict customer satisfaction strategies on
customer retention?
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a) Strongly Agreed
b) Agreed
c) Disagreed
d) Strongly disagreed
e) N/A
Q3) Do you this, company are well aware with the impact of consumer strategies on
customer retention?
a) Yes
b) No
c) Neutral
Q4) Does you organisation have effective strategies for consumer retention?
a) Yes
b) No
c) Neutral
Q5) As per your opinion it is essential to measure service quality from consumer point of
view?
a) Yes
b) No
c) Neutral
Q6) According to you, what is most effective strategy for consumer retention?
a) Build trust through relationship
b) Improve KPIs around consumer service
c Leverage customer feedback surveys
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d) Set customer expectations
Q7) As per your view point, in what manner consumer retention benefit Barclays?
a) Positive brand image
b) Reduces marketing cost
c) Increase in overall revenue
Q8) According to your perception, state some strategies to improve consumer service to
retain consumer for longer period of time?
a) Improve internal satisfaction
b) Benchmarking
c) Training to employees
d) All the above
Q9) Provide some recommendation to company for consumer retention
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Analysis of collected facts
Use of following frequency table is made for systematic and clear analysis of collected
raw data:
Q1) Do you think there is positive impact of customer satisfaction
strategies on customer retention?
Frequency
a) Yes 48
b) No 1
c) Neutral 1
Q2) According to you, it is necessary to predict customer satisfaction
strategies on customer retention?
Frequency
a) Strongly Agreed 10
b) Agreed 10
c) Disagreed 10
d) Strongly disagreed 10
e) N/A 10
Q3) Do you this, company are well aware with the impact of consumer
strategies on customer retention?
Frequency
a) Yes 45
b) No 3
c) Neutral 2
Q4) Does you organisation have effective strategies for consumer
retention?
Frequency
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a) Yes 30
b) No 10
c) Neutral 10
Q5) As per your opinion it is essential to measure service quality from
consumer point of view?
Frequency
a) Yes 15
b) No 20
c) Neutral 15
Q6) According to you, what is most effective strategy for consumer
retention?
Frequency
a) Build trust through relationship 15
b) Improve KPIs around consumer service 10
c Leverage customer feedback surveys 15
d) Set customer expectations 10
Q7) As per your view point, in what manner consumer retention benefit
Barclays?
Frequency
a) Positive brand image 13
b) Reduces marketing cost 15
c) Increase in overall revenue 22
Q8) According to your perception, state some strategies to improve
consumer service to retain consumer for longer period of time?
Frequency
a) Improve internal satisfaction 22
b) Benchmarking 10
c) Training to employees 9
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d) All the above 9
Interpretation of data
Theme 1: Positive impact of customer satisfaction strategies on customer retention
Q1) Do you think there is positive impact of customer satisfaction
strategies on customer retention?
Frequency
a) Yes 48
b) No 1
c) Neutral 1
a) Yes b) No c) Neutral
0
10
20
30
40
50
60
48
1 1
Chart Title
Series1
Interpretation:
According to the above mentioned graph analysis it has been identified that 48 out of 50
respondents think that there is positive impact of customer satisfaction strategies of consumer
34

retention. According to their viewpoint consumer satisfaction is a measurement that determine
the extent at which consumers are happy or satisfied with organisations services, products and
facilities. While on the other hand if it is talked about remaining 1 respondent out of 50 they did
not think the same. At last 1 respondent out of 50 were neutral.
Theme 2: Necessary to predict customer satisfaction strategies on customer retention
Q2) According to you, it is necessary to predict customer satisfaction
strategies on customer retention?
Frequency
a) Strongly Agreed 10
b) Agreed 10
c) Disagreed 10
d) Strongly disagreed 10
e) N/A 10
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a) Strongly
Agreed b) Agreed c) Disagreed d) Strongly
disagreed e) N/A
0
2
4
6
8
10
12
10 10 10 10 10
Chart Title
Series1
Interpretation:
After the above given graph it has been stated that 10 out of 50 respondents are strongly
agreed with this fact that it is necessary to predict customer satisfaction strategies on
customer retention. According to their view point by predicting certain changes in consumer
behaviour will lead organisation to implement strategies at first stage. While on the other hand,
remaining 10 respondents did not agree with the same. Furthermore, it has been evaluated other
10 respondents out of 50 is agreed with this fact. According to the viewpoint it is not necessary
to protect changes in consumer behaviour. In addition to this other 10 respondents out of 50 were
strongly disagree and remaining 10 respondents were neither agree or disagree with the same.
Theme 3: Well aware with the impact of consumer strategies on customer retention
Q3) Do you this, company are well aware with the impact of consumer
strategies on customer retention?
Frequency
a) Yes 45
b) No 3
c) Neutral 2
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a) Yes b) No c) Neutral
0
5
10
15
20
25
30
35
40
45
50 45
3 2
Chart Title
Series1
Interpretation:
According to the above mentioned graph it has been identified that 45 out of 50
respondents are agreed with this fact that there is positive impact of consumer strategies on
customer retention. As per their view point organisation resolve complaints of customers in
efficient way. While on the other hand remaining 2 respondents did not agree with that same. At
last remaining 2 respondents out of the 50 were neutral.
Theme 4: Does organisation haveeffective strategies for consumer retention
Q4) Does you organisation have effective strategies for consumer
retention?
Frequency
a) Yes 30
b) No 10
c) Neutral 10
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a) Yes b) No c) Neutral
0
5
10
15
20
25
30
35
30
10 10
Chart Title
Series1
Interpretation:
According to the above mentioned graph it has been identified that 30 out of the 50
respondents are agree with this fact that organisation are having effective strategy for consumer
retention. According to their viewpoint organisation can take advantage of different type of
consumer retention strategy in order to satisfy consumer needs and demands. While on the other
hand remaining 10 respondents did not agree with this fact as they think there are not much
effective strategy for consumer to tension undertaken by organisation. At last 10 respondents
were neutral
Theme 5: It is essential to measure service quality from consumer point of view
Q5) As per your opinion it is essential to measure service quality from
consumer point of view?
Frequency
a) Yes 15
b) No 20
c) Neutral 15
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a) Yes b) No c) Neutral
0
5
10
15
20
25
15
20
15
Chart Title
Series1
Interpretation:
By analysing above graph it has been stated that 15 out of 50 respondents are agree with
the fact that it is it essential to measure service quality for consumer point of view, as per their
viewpoint organisation must measure service quality from the viewpoint of consumers in
systematic and effective manner. While on the other hand other 20 respondents did not agree
with the same. At last 15 respondents out of 50 were neutral.
Theme 6: Most effective strategy for consumer retention
Q6) According to you, what is most effective strategy for consumer
retention?
Frequency
a) Build trust through relationship 15
b) Improve KPIs around consumer service 10
c Leverage customer feedback surveys 15
d) Set customer expectations 10
34

a) Build trust
through
relationship
b) Improve KPIs
around
consumer
service
c Leverage
customer
feedback
surveys
d) Set customer
expectations
0
2
4
6
8
10
12
14
16 15
10
15
10
Chart Title
Series1
Interpretation:
According to the above mentioned graph analysis it has been identified that 15 out of the
respondents said that the most effective strategy for consumer retention is building trust through
relationship. According to their viewpoint company with the help of building trust through
relationship with consumers can effectively retain customers for longer period of time and can
enhance their profitability. While on the other hand other 10 respondents out of 50 said that
organisation by making significant improvement in KPIs around consumer service can retain
customers for long time period. Furthermore it has been underlined that remaining 15
respondents out of 50 said that the most effective strategy to retain customer is liberating
consumer feedback survey. According to their viewpoint organisation if undertakes feedback
from customers through surveys can identify their actual needs and demand. It help organisation
to further implement strategies to fulfil actual needs of customers in effective manner. This will
help company to retain customers for long period of time. At last other 10 respondents out of 50
said that organisation by setting consumer expectation can retain customers for long time period
34

Theme 7: Consumer retention benefit for Barclays
Q7) As per your view point, in what manner consumer retention
benefit Barclays?
Frequency
a) Positive brand image 13
b) Reduces marketing cost 15
c) Increase in overall revenue 22
a) Positive brand
image b) Reduces marketing
cost c) Increase in overall
revenue
0
5
10
15
20
25
13
15
22
Chart Title
Series1
Interpretation:
By evaluating above-mentioned graph it has been identified that 13 out of 50 respondents
said that consumer retention benefits Barclays in terms of positive brand image. According to
their viewpoint if consumer retain within an organisation for longer period of time then it
automatically enhance brand image of organisation in respective industrial sector. It also allow
organisation to attract more number of consumers towards their services and facilities. In
addition it has been underlined that remaining 15 respondents out of 50 said that consumer
retention benefits Barclays while reducing its marketing cost. According to their viewpoint if
company is having high number of loyal customers who are stick with the organisation for
34

longer period of time, then it automatically reduces organisational marketing cost, as loyal
customers conduct marketing of company through word of mouth that help company to attract
more consumers. At last remaining 22 respondents out of 50 said that increase in the overall
revenue is the manner of consumer retention that benefits Barclays. As per their view point
consumer retention allow organisation to maximize its overall revenue in a well defined and
effective manner.
Theme 8: Strategies to improve consumer service to retain consumer for longer period of
time
Q8) According to your perception, state some strategies to improve
consumer service to retain consumer for longer period of time?
Frequency
a) Improve internal satisfaction 22
b) Benchmarking 10
c) Training to employees 9
d) All the above 9
34

a) Improve
internal
satisfaction
b)
Benchmarking c) Training to
employees d) All the above
0
5
10
15
20
25 22
10 9 9
Chart Title
Series1
Interpretation:
As per the above-mentioned graph analysis it has been identified that 22 out of 50
respondents said that making improvement in internal satisfaction is one of the most effective
strategy to improve consumer service in order to retain them for long period of time. According
to their viewpoint it is essential for organisation to emphasize on internal transaction level within
organisation to retain customers with company for long time period. In addition to this other 10
respondents out of 50 said that benchmarking play as an essential strategy through which
organisation can retain consumers for longer time period.
In addition to this, remaining 9 respondents out of 50 said that by offering training to
employees proves to be an effective strategy for consumer attention. According to their
viewpoint organisation by providing training to employees can effectively train them to greet
customers in more effective manner. This significantly helps company to increase overall level
of satisfaction level of consumers that allow company to stick customers for longer time period.
At last remaining 9 respondents out of 50 said that all the above mentioned strategies play
essential role for company through which they can retain consumers for longer period of time.
34

Conclusion & Recommendation
Conclusion
As per the above mentioned report it has been concluded that consumer retention is
defined as an ability of an organisation to turn consumers in a repetitive buyer and prevent them
from switching to other competitive rival in the industry. It is essential for an organisation to
make sure that consumers are effectively satisfied with the organisation product, quality and
services as it is one of the most effective measure through which organisation can retain them for
longer time period. Consumer attention play most important role for organisation as it enhances
competitiveness of organisation and enhances overall profitability. There are different types of
strategies of consumer retention that allow company to enhance satisfaction level of customers.
In this company is required to offer personalized services to customers. It is one of the most
effective measure through which company can offer customised and personalized message or
assistance to customers. Furthermore, organisation with the help of turning to social media can
allow consumers to share their experiences with company. Along with this social media can also
be used as a tool through which business organisation can keep regular track on customers. In
addition to this by offering additional benefits to customer’s organisation can enhance its
competitiveness as it is an unexpected gesture that enhance loyalty and interest of customers.
Along with this it has been underlined that by offering instant response with live chat response
24/7 is an effective strategy or measure that allow organisation to reduce consumers waiting
time. Furthermore, with the help of acting on negative reviews and consumer complaints and
engaging with customers 24/7 with chat box allow organisation to offer excellent consumer
service. Company is required to take use of consumer survey in order to undertake feedback
from customers on their experiences with company services and products. With the help of this
organisation can effectively enhance satisfaction level of customers in more effective manner. It
is essential for an organisation to effectively emphasize up on consumer retention along with
satisfaction level with company products and services. It is a significant measure that allow
organisation to maintain relationship with customers. Consumer retention play most important
role for organisation as it not only enhances overall profitability of company but also allow
organisation to maximize their brand image and respective industry. Consumer is king of the
market thus with the help of taking use of different type of consumer satisfaction strategy
34

organisation can a sure higher level of consumer satisfaction. It effectively allows company to
retain loyal customers for a longer time period. This will significantly enhance company
competitiveness and profitability in effective manner consumer retention also aid organisation to
enhance overall profitability of company, as if customers are retained with organisation for
longer period of time it effectively allow organisation to attract more number of customers and
goodwill of organisation in respective industrial segment.
Recommendation
Consumer retention play most important role for each and every organisation engages in
any industrial sector. Customers are known as king of the market thus it is essential for
organisation to emphasize upon satisfaction level of consumers in order to retain them for a
longer period of time. It has been identified that hospitality industry is facing aggressive
competition that it is essential for TUI to undertake advantage of certain strategies in order to
effectively retain consumers for long term period. These strategies will not only allow company
to enhanced consumer attention level but also facilitate organisation to enhance satisfaction level
of customers. Company is required to implement different type of consumer retention strategy to
their practice in order to enhance overall competitiveness of company in market segment. It
allows organisation to enhance the productivity as well as profitability at great extent. To
improve client satisfaction in the world of business, TUI must concentrate on building a
formidable customer experience for consumer’s satisfaction. Here are some certain form of
strategies and a game-changing customer service management ideas by which TUI can improve
client satisfaction.
Measure customer effort score
TUI can motivate their clients to learn how to solve the issues of customers efficiently
and quickly and exceed the expectations. The main focus should be on that how to improve their
results by building a reliable customer experience. The organization let their team know that the
clients are what keeps the company is running. The real bosses are clients only.
34

Demonstrate excellent product knowledge
It has been determined that, an essential part of customer’s services is comprehensive
product knowledge. In today's world this fact has become even more important. With the help of
offering effective product knowledge clients can self-serve, figuring out basic facts on their own.
TUI must keep in mind that the customer’s services team can only gives 100% services to their
clients. For this company is recommended to keep their customer service stuff must be skilled.
Manage clients’ complaints and compliments
Organizations owners should see opportunities in every customer’s complaints. Each
time client reached out, agent have the chance to strong their relationship with clients and
enhance the business reputation. If the respective company can't resolve the problem of clients,
should update the customers on each and every step of progress until the issue is resolved
completely.
Motivate customer service team
The respective company must always know that when their employees are happy great
things happen to their clients as well. It has been evaluated that when their employees are
satisfied with their jobs and happy to be part of company, they will work hard to achieve for your
organization. Thus, it is recommended to TUI to build an inspiring strategy that will create
enthusiasm to your employees. Provide them right tools to connect easily and quickly with their
customers.
Be available via social media
Social media has enormous benefits, as it provides an easy or one of the best way for
customer to connect with business and as well as let them know immediately if something is
going badly or bad. TUI is recommended to always maintain a blog in addition also to answer
the customers Questions. By blogging TUI can keep for customers glued to their services or
products.
Remember that the customer is always at the center
It is essential for an organization to make their client centre of everything or whatever
they do. TUI must ensure that the passion for great customer service run all through the
organization. It has been determined that client deserve an excellent and respect from team. It is
34

recommended to respective company to always ensure that their team is capable of handling
issues.
Thus, according to the above mentioned analysis it is essential for company to make sure
that they emphasize upon satisfaction level of customers in order to retain them for longer period
of time. Respective company is recommended keep their customers satisfied by updating them
through a friendly email newsletter or phone call. With the help of this, TUI can keep their
customers up to date. In addition to this, company is recommended to offer personalize services
to customers, in this TUI can send an emails and letters personally so the customer knows that
company is genuinely interested in their affairs. Along with this, company is recommended to
engage with customers through various social media platforms engage their clients. Furthermore,
TUI is required to be genuine, reliable, and honest and build trust with their clients. Thus
according to the above mentioned discussion it has been determined that with the help of
emphasizing upon the above-mentioned strategy organisation can enhance overall level of
consumer satisfaction through which company can retain consumers for long term period. It will
allow company to develop strong relationship with customers through which organisation can
enhance the overall profitability in hospitality industry segment. Thus, this strategy will provide
benefit to organisation through which company can assure long-term sustainability as well as
productivity. These strategies will also facilitate organisation to create stronger consumer base
for higher profitability.
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Appendix
Questionnaire
Q1) Are you aware with the concept of consumer satisfaction?
a) Yes
b) No
c) Neutral
Q2) According to you, it is necessary to predict change in behaviour of consumers?
a) Strongly Agreed
b) Agreed
c) Disagreed
d) Strongly disagreed
e) N/A
Q3) Do you this, company handle customers complaints in effective manner?
a) Yes
b) No
c) Neutral
Q4) Does you organisation have effective strategies for consumer retention?
a) Yes
b) No
c) Neutral
34