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
Companies may sponsor events as one element of a broad marketing plan intended to build brand recognition and favorability. Event sponsorship offers the ability to reach a large, targeted marketplace, build personal connections and extend the company's message after the event.Full Answer >
The four eras in the history of marketing are known as the production era, sales era, marketing era and marketing control, or relationship, era. Some analyses only include the first three of these.Full Answer >
Starbucks' target market is urban professional men and women between the ages of 25 and 40. This market segment is characterized by fairly high incomes, professional careers and a concern for social welfare. This demographic accounts for approximately 49 percent of Starbucks' total business as of 2015.Full Answer >
Telesales is essentially the act of sales representatives contacting people via the telephone to directly promote and sell products. Telesales involves making initial contact with potential clients for the purpose of making direct sales. Telesales is sometimes used as a synonymous term with telemarketing, although telemarketing involves making initial contact then following up with clients through repeat contact.Full Answer >