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Customer Relationship Management Report

   

Added on  2020-10-04

9 Pages2708 Words42 Views
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Retention Strategy
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Table of ContentsIntroduction...........................................................................................................................................3Q.1 Retention rate, Life time value, return on investment....................................................................3Q.2 Appropriate segmentation techniques ...........................................................................................4Q.3 Effective retention strategies .........................................................................................................6Conclusion ............................................................................................................................................8References ............................................................................................................................................9
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IntroductionIt is essential for a business organization is to create brand awareness and tries tomake product popular in the market. the sales representative responsible to interact withcustomer and make their product and services in fulfil its needs. The customer relationshipmanagement is one of the most critical task which required to developing various strategiesand tactics and make an appropriate plan (Heller Baird and Parasnis, 2011). The presentreport based on Tesco PLC which is one of the leading retail corporation and operate theirbusiness in the United Kingdom. The main purpose of this report to understand the customerretention ratio, life time value for customer and return on investment. These all data help toexamine and analysing the actual performance of the company and design new strategies forthe future. So that they can meet its long term goals and targets in an effective manner. Q.1 Retention rate, Life time value, return on investmentRetention rate: This ratio is defined how effectively an organisation can sustain its customerfor long time. For this purpose, a company can use various methods such as identify desiredand profitable customer behaviour, create advocates so that products can be passionate infront of various customer. By the use of customer retention ratio an organisation is identifiedtheir core customer. It is identified in as in percentage. This rate is defined a company'squality of retention of their customers.There are following retention rate of the cited frim as given below:Particulars 201720182019Retention rate=((E-N) S) *10075%80%85%Life time value: This is the one way to analyse marketing cost to calculate life timevalue of the customers. It is the revenue which a customer will earn in his life time. It is alsoused in market budget. It is the tools by which an organisation can understand needs andbehaviour of your customers. Goals and objectives of the organisation is depending upon thelife time value. It includes expectation of customer from the organisation. When a company iscalculating its life time value they have to considers various factors. Life time value is mostpowerful way to understand what a customer is worth to you and how their value is changed.
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