Customer retention is integral to corporate success because it increases profits, explains Entrepreneur magazine. Satisfied customers become loyal customers who repeatedly patronize the company, increasing its earnings. Companies with effective customer retention strategies also benefit from positive publicity via customers' blogs and social media sites.Know More
There are many approaches to customer retention, and the best choice for a given company depends on its industry, corporate goals, size, products or services, customer base and local cultural norms. Successful international companies use a combination of company-wide retention strategies and retention techniques customized for each city, state or region in which the firm operates.
Popular and effective customer retention strategies include personal customer interaction, involvement in or sponsorship of community activities and loyalty reward programs. The most important element in a customer retention plan is providing high-quality goods and services, even when quality upgrades slow production and delivery. All other retention techniques depend on quality and are ineffective without it. This relationship was confirmed by a Gallup poll that revealed customers who received quality goods and courteous services were much more likely to develop loyalty for a company than those who received speedy service but mediocre products.
Personalization is another factor that influences customer retention. For example, personalized deals and Internet promotions increase the average amount of time a customer stays on a company's website. Personalized content also makes customers feel important, further increasing their probability of developing company or brand loyalty.Learn more about Marketing & Sales
An example of an external customer would be a shopper in a supermarket or a diner in a restaurant. These are people who are external to a business as the source of its revenue. They are often the end-user.Full Answer >
Some websites that offer free templates and examples of customer surveys include SurveyMonkey and Qualtrics. SurveyMonkey has two customer satisfaction survey templates that show example questions and response options. Qualtrics offers a downloadable file with customer satisfaction survey templates, and it also shows five detailed samples, including some for assessing a customer's satisfaction with a customer service representative, the company's products or the company's technical documentation for a product.Full Answer >
Marketing informs the desires and cultural predilections of its consumers, thereby helping to shape the face of society through the messages and products it chooses to promote to the public at large. This makes it a value-neutral system the impact of which is determined by the content fed through it, allowing marketing to exert a positive or negative influence on its subjects.Full Answer >
Customer care, or customer service, is important because customers will want to return to the company for more goods or services if they have a positive experience and get the help they need, states Advanced Team Concepts. If a company doesn't meet its customers' needs, it can lose business from existing customers, who might also discourage other potential customers from dealing with the company.Full Answer >