Premium Essay

Customer Retention

In: Business and Management

Submitted By mikailonfr
Words 5465
Pages 22
24/04/2016
24/04/2016

Elodie Ruetsch, Namita Goel, Mikail Onder, Astha Bhatia, Arjundev Singh Wadalia
Institute of Management TEchnology Dubai
Elodie Ruetsch, Namita Goel, Mikail Onder, Astha Bhatia, Arjundev Singh Wadalia
Institute of Management TEchnology Dubai
Customer Retention
Customer Relationship Management
Customer Retention
Customer Relationship Management

Table of Contents

I. Introduction 2 II. New Trends in Customer Retention Strategies 2 III. Technology: Resolving customer retention issues 6 IV. Segmented service and support strategies 6 V. Traditional CRM service and support products 6 VI. Conclusion 6 VII. Bibliography 6 VIII. Appendices 6

I. Introduction

Customer retention can be defined by all the activities and actions companies take to reduce the number of customer defections. In other words, it refers to the percentage of customer relationships a business is able to maintain on a long-term basis once they are established. The concept of customer retention is quick simple as satisfied customers represent a major contributing factors in the net growth rate of any businesses, as they will keep coming back if they feel important and that companies regularly communicate with them in the right way. Customer retention begins with the first contact a customer has with a specific company and continues throughout the entire relationship lifetime. The main role of customer retention programs is to support companies in retaining their customers often through customer and brand loyalty initiatives.
Customer retention can offer lots of benefits to a company such as: * Net growth rate * Benefits for the organization * Increasing purchases * Lower costs (especially the initial cost of acquisition can be spread if customers are kept years after years) * Free advertising through word of mouth

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