...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...
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...ISSN 2277-8616 Impact of Customers Satisfaction And Customers Retention on Customer Loyalty Inamullah khan Abstract-The purpose of this study is to examine the importance of future customer’s relationship using customer satisfaction, and customer retention on customer loyalty in telecom industry of Pakistan. Questionnaires were distributed through electronic mail and self administered for data collection and linear regression analysis was used. The results show that customer satisfaction has significant while customer retention has insignificant impact on customer loyalty. The implications of the study are that a company should better manage their relationships with the customers as a competitive policy in mobile telephone marketplace. The weak side of the study is that it is limited to a single industry of mobile telecom industry. Key words: Customer satisfaction, Customer retention, Customer loyalty Jel code: M30 ———————————————————— 1. Introduction Customer loyalty is the focus in the research and It turn into an important concern for management only due to concentrated competition especially in service industry (Bodet, 2008). In emerging business, competition customer loyalty plays very crucial role for achieving the competitive advantages (Lin & Wang, 2006). It is significant important to analyze it in the context of customer retention and customer satisfaction, these two variables are of immense important to analyze the customer loyalty. Firms can maximize level...
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...Make Customers Come Back - Winning Customer Retention Strategies Customer Retention marketing is a tactically-driven strategy to keep relationships with customers going and increase customer interest. This strategy relies on the study of customer behavior. Here are the basic tenets of a marketer that seeks to increase customer retention: 1. Past and Current customer behavior This is the best predictor of how customers will behave in the future. They are the characteristics marketers should most often look at. Analyzing customer tendencies and trends allows the marketer to anticipate, if not predict, the customers reaction to different situations. The marketer must take note that behavior is action oriented, not a description. For example, being a 35-yearold woman is not a behavior; it’s a demographic characteristic. For example if you know from history that customer A is likely to make a purchase if presented with a discount promotion, then you might want to change your marketing tactics to include promotional selling when approaching this customer. A great deal of observation is needed if you desire to predict your customers’ behavior. This involves a great deal of notetaking as well as watching what reaction the customer has to different situations. 2. Active customers are happy customers Happy customers are retained customers. If your keep your customers involved, they develop a sense of contentment from the fact that they are in control. Marketers will take advantage of this...
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...depends on the availability of customers. No customers no business at all. Both internal and external customers if well satisfied with the product offered including quality and the extent to which their needs are met they will always wish to consume that product, from the same supplier .Banks as it is in any other business enterprises focuses much on retention of its customers and making them royal to their Bank The rapid growing Banking industry and other financial institutions in Tanzania has lead to increased competition in wining customers and hence banks are struggling to retain their customers them .there is increasing evidence of the benefits of service management in service organizations. For example the benefits of maintaining long term relation ship with customers through quality performance and customer satisfaction has lead to marketing strategies to focus on defensive strategies that are based on retaining customers.For these reasons they have focused on relationship marketing to improve retention and customer relationship with service organizations. 1.2 STATEMENT OF THE PROBLEM Customer retention the activity that a selling organization undertakes in order to reduce customer defections. various studies has been done to explore the factor tha influence of customer retention . 1.3. Objectives of the study The following will be the objectives of the study: i. To find out the factors that may hinder customer retention in an organization. ii...
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...Customer retention is an important element of banking strategy in today’s increasingly competitive environment. Bank management must identify and improve upon factors that can limit customer defection. These include employee performance and professionalism, willingness to solve problems, friendliness, and level of knowledge, communication skills, and selling skills, among others. The banking industry is highly competitive, with banks not only competing among each other; but also with non-banks and other financial institutions. In Kotak Mahindra Bank, customers are treated with due respect and in a very effective manner. Customer’s needs are kept in mind and the manager does every possible effort to satisfy and fulfill the needs of his customers. With a high rate of inflation and increasing rates by RBI it becomes difficult for a banking manager to enhance the sale of loans due to increase in lending rates. Customers require certain extra benefits in order to pay for the extra interest. If the customer’s requirements are not met it leads to customer fallout. Thus a bank manager always tries to retain its old customers rather because if these old customers are satisfied they spread a positive word of mouth thereby helping the bank to acquire new customers. In Kotak Mahindra Bank, the manager has resorted to additional benefits in order to retain its customers so that it can acquire new ones. The benefits taken up by the bank and the manager are as follows:- * For Corporate...
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...Discussion Paper No. 109 CUSTOMER SATISFACTION: A STUDY OF BANK CUSTOMER RETENTION IN NEW ZEALAND David Cohen1 Christopher Gan2 Hua Hwa Au Yong3 and Esther Choong4 March 2006 1 Commerce Division, PO Box 84, Lincoln University, Canterbury, New Zealand, Tel: 64-3-3252811, Fax: 64-3-325-3847, cohend@lincoln.ac.nz Corresponding Author, Commerce Division, PO Box 84, Lincoln University, Canterbury, New Zealand, Tel: 64-3-325-2811, Fax: 64-3-325-3847, ganc1@lincoln.ac.nz Department of Accounting and Finance, Faculty of Business and Economics, Monash University, Victoria 3800, Australia, Tel: 61-3-9905-5178, Fax: 61-3-9905-5475, Email: HueHwa.AuYong@BusEco.monash.edu.au Standard and Chartered Bank, Kuala Lumpur, Malaysia, Email: mcc9999@gmail.com 2 3 4 Commerce Division Discussion Paper No. 109 CUSTOMER SATISFACTION: A STUDY OF BANK CUSTOMER RETENTION IN NEW ZEALAND David Cohen Christopher Gan Hua Hwa Au Yong and Esther Choong March 2006 Commerce Division PO Box 84 Lincoln University CANTERBURY Telephone No: (64) (3) 325 2811 extn 8155 Fax No: (64) (3) 325 3847 E-mail: ganc1@lincoln.ac.nz ISSN 1174-5045 ISBN 1-877176-86-9 Abstract Customer retention is an important element of banking strategy in today’s increasingly competitive environment. Bank management must identify and improve upon factors that can limit customer defection. These include employee performance and professionalism, willingness to solve problems, friendliness, level of knowledge...
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...Abstract The purpose of this paper is to analysis the case study “Dollar General Uses Integrated Software” The paper will seek to understand various issues concerning the implementation of the system as presented in the case study. It shall discuss the various facts concerning the implementation including the reasons for the needing the system,explaining why the old system created problems for Dollar general.The paper shall consider any alternatives to the software in order to reduce costs. It shall also make suggestion on what other software Dollar general my acquire for Lawson Software giving reasons as to why the software acquisition is necessary. Dollar General Uses Integrated Software Introduction Information systems are a must have for any organizations once int has grown past a certain size. This is not to mean that small organizations don’t need information systems.This is systems are often implemented with a promise to garner profits or reduce costs,either why it earns the organization money.Dollar General company which deals with the sale of food, apparel, home-¬ cleaning products, health and beauty aids, and more,competing fiercely with other stores.It is quite a big organization operating more than 8000 stores in 35 states and generated an excess of $9.5b in 2007. The company doubled its size between 1998 and 2000. This rapid expansion caused the store a lot of problems including taxes,increased number of employees,increased number of purchase orders causing...
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...Rolls-Royce maintains its super high-end luxury brand and insures a flawless service to its customers. The brand perfectly fits needs and wants of its customer by offering a more than positive experience/satisfaction and by fitting exactly consumer needs. This way, Rolls-Royce facilitates and increase brand loyalty. Rolls-Royce motorcar offers a perfect product on every aspects (aesthetics, technology and quality), it offers an irreproachable experience to each customer. Rolls-Royce is doing right because it fulfills most of Murray’s psychogenic needs (need for affiliation, achievement, power and uniqueness) when consumers purchase a Rolls-Royce. Buying such an expensive luxury car is a sign of success and accomplishment in life, it means you reached a very high standard of living, it is like a mandatory step to become a “posh” (need for achievement). It also provide power to its owner, indeed it is one of these cars people will look in the street. Plus, the most powerful men on earth possess a Rolls-Royce (need for power). As it refers to the biggest fortune of the world, it also links you to this segment and affiliate the owner to a very private and elitist club, many Rolls-Royce customers look for this feeling of belonging. It is even a requirement to be recognize as one of the top businessman in the world to own a Rolls-Royce (need for affiliation). Last but not least, many Rolls-Royce customers are loyal to the brand because it allows them to customize each aspect and feature of...
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...To truly reach employees and make your messages stick, you need to approach them as any company would approach their potential customers. Sound crazy? We will attempt to de-crazy it for you. Check it out: Employees are consumers of your messages, just as your customers are consumers of your product. Like your customers, your employees are busy. Their attention is being pulled in a dozen different directions at any given moment. Therefore, it takes strong, authentic and cleverly presented messages in order to cut through the day to day clutter and really reach an employee. And we’ve found that when employees are treated not as assembly line producers, but rather as humans whose allegiance an organization is fortunate to have, something very beneficial happens—employees will work harder and better because they feel an emotional attachment to their employer. This is something theCEO of Southwest Airlines learned long ago – and to great benefit. Over the years, whenever reporters would ask CEO Herb Kelleher the secret to Southwest’s success, he had a consistent response. “You have to treat your employees like customers,” he told Fortune in 2001. Friends and peers of Kelleher’s would often see his philosophy in action. “There isn’t any customer satisfaction without employee satisfaction,” said Gordon Bethune, the former chief executive of Continental Airlines, and an old friend of Mr. Kelleher’s. “He recognized that good employee relations would affect the bottom line....
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...the impact of customer retention on company profitability (Case Study of Leasing Industry in Sri Lanka –ABC Company) 1 Introduction 1.1 Introduction to the industry ABC is classified as one of the strongest players among the Non Banking Financial Institutions (NBFI’s) in Sri Lanka. The NBFI’s can once again be categorized into two main sectors and they are the Licensed Finance Companies (LFC’s) and the Specialized Leasing Companies (SLC’s) such as ABC. The NBFI sector in Sri Lanka consists of 48 LFC’s and 8 SLC’s as at2014. The total market of the Non Banking Financial institutions in Sri Lanka, it can be interpreted that the portfolio is divided into three major markets and mainly classified as Finance Leasing, Hire Purchase, Secured Loans and Advances. 1.2 Introduction to the Company “ABC Finance Company PLC is one of the most stable and reputed financial institutions in Sri Lanka”. The life time of the company spans over a period of nearly six decades and has served to add value and positively impact the lives of all its stakeholders. ABC Finance Company PLC (herein after referred to as ABC) started operations as a private limited liability company in the hill capital, Kandy in the year 1967. ABC is among the top 35 corporate entities in Sri Lanka consecutively for the last 12 years. As per the annual report of the company for the year 2014/2015, currently ABC employs 1244 employees, has a distribution reach of 87 branches and serves 124,917 customers. The core business...
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...can be used. A useful way is through customer attrition, which includes companies. Companies should have a complete retention strategy, due to gathering new customers is costly. Being able to retain customers during a downfall, when that is happening people are looking for a lower cost alternative. Knowing why a customer is leaving is important. There are customer churn analysis and apprehending methods, and trend analysis. Along with the customer churn profiling. Developing Customer Retention Strategies. Customer Retention is important because getting a new customer is expensive rather than keeping the existing one. Retention is meaningful to most companies because the cost of having new customers is much more than the cost of keeping good relationships with their current customers. How to contain customers during a downfall? During a downfall is the time when people look for a lower cost alternative. In these circumstances, down-selling can be key to retaining customers. When economy overcomes, the customers are likely to move up to the original services they had subscribed too. Down falling is better than losing customers. However that can have negative effects on sales, this should be carried out carefully on customers who are at risk of churning to lower cost alternatives, methods can be used to identify customers at risk of churning. Knowing why a customer leaves. The most important thing in customer retention is to know the customer well enough, know there expectations...
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...http://www.studymode.com/essays/Drainflow-Repairing-Jobs-That-Fail-To-1346002.html Drainflow Repairing Jobs That Fail to Satisfy Potential effectiveness of a Cash Reward System and Structured Interview Program for DrainFlow Report for the Manager William Assemiah, 12021643 Irene Aidoo, 12021610 Sroda Adzo Apam, 12021626 Asare Ohenedwira Thomas, 12021639 Dorothy Dede Aklerh Asamoah, 12021634 Sampson Abbey Armah, 12021630 Arthur Sherifa, 12021631 Amadu Waliu, 12021617 Report Summary 1. Executive Summary DrainFlow, a plumbing maintenance firm in the USA, has been losing its customers to competitors due to poor services. Job motivation and satisfaction among employees is declining across various job categories within the firm. This dissatisfaction has been attributed to the overspecialization of some job functions in the company. The report attempts to assist DrainFlow improve in three key areas: job structure and design, incentive policies, and recruitment practices. It will go further to analyze the causes of the woes being faced by DrainFlow and provide a constructive recommendation on how to overcome them The main contents include an introduction to the problems DrainFlow is encountering, analyses of the current business, and recommendations on how DrainFlow can overcome these issues to foster a long-term competitive advantage. 2. Introduction Research shows that a happy worker is a productive employee. Satisfied employees tend to be better at their workplaces...
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...course of business. Records are information in any media created or received in the course of business, regardless of location or physical form. They include not only paper and electronic files (including databases and e-mail) but also information stored in CDs, audio, video and data tapes, sound recordings, films, photographs, books, maps and many other media. Why is records management important? Records contain information that is a valuable resource and an important business asset. They are required as evidence of policies and activities of companies (to fulfil legal, tax and audit obligations) and for the day-to-day management of businesses. Effective records management enables efficient and systematic capture and retention of information contained within records, and therefore maximises their use as a business resource, while minimising the time, money and effort spent on their retrieval and storage. Records enable business organisations to: conduct their business in an orderly, efficient and accountable manner; deliver services in a consistent and fair manner; support and document policy formation and managerial decision making; provide consistency, continuity, and productivity in management and administration, for example in the event of personnel movements and departures; conduct their business in an orderly, efficient and accountable manner; deliver services in a consistent and fair manner; support and document policy formation...
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...PREMIER COLLEGE DOCUMENT RETENTION POLICY January 20, 2016 POLICY STATEMENT POLICY STATEMENT Premier College has developed a document Retention Policy to protect and preserve all critical documents as required by state and federal laws. The College is responsible for retaining paper and electronic documents in a safe and secure environment to ensure the basic values of accuracy, confidentiality, security, and proper archiving as well as proper document destruction once documents have served their purpose. This Policy is also for the purpose of aiding employees of the organization understanding their obligations in retaining electronic documents including e-mail, Web files, sound and movie files, PDF, TIFF, TXT files and documents, Calendars, Computer usage logs, Internet usage logs, Databases, and all Microsoft Office or other formatted file. This policy is written with considerations for compliance with federal mandates and acts including The Sarbanes-Oxley Act, Health Insurance Portability and Accountability Act (HIPPA), The Fair Credit and Accurate Transaction Act (FACTA), Gramm-Leach-Bliley (GLB) and other federal, state and local mandates. EFFECTIVE DATE This Policy is effective as of January 20, 2016, (the “Effective Date”) and applies to all documents created after the Effective Date. However, to the extent possible, the Policy will be applied to all documents regardless of creation date. LEGAL HOLD A legal hold suspends all document destruction...
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...but both were very difficult to control since H.C. Starck, Inc. held such a significant amount of tantalum inventory. Lastly, Lee felt that managing data was crucial to success, and he was concerned that many of the operational decisions of the company were based on myths or “hear say” and that, “rigorous data collection and analysis could help to break out of this mode of operation.” Another explanation as to why lead time may have been so long for H.C. Starck, Inc. stem from the fact that the company had Ta reduction and powder manufacturing operations in Japan, Thailand and Germany. However, the Newton, MA location in the United States was the only plant that possessed the melting and mill capabilities needed in order to fulfill customer orders. This meant that any orders that...
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