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 in Marketing & Sales
The value of mercantilism in Western Europe from the 16th through 18th centuries includes advancing a monetary system based on gold and silver currency and engaging in trade with nations further away. The rise of mercantilism in Europe marked a shift from an agricultural economy, to an economy based on trade and production of consumer goods. Nations engaging in mercantilism sought reduction of imports and instead promoted production of goods and services internally, stimulating national economies.Full Answer >
Open tendering is a bidding process that is open to all qualified bidders. Often called competitive bidding, open tendering promotes competitive bids from all interested bidders. The bid process is advertised with specific criteria and qualifications noted, and the lowest bidder is accepted without the need for negotiations.Full Answer >
To stop telemarketing calls, use the website that the Federal Communications Commission has set up to protect consumers from unwanted intrusions. Adding your number to the Do Not Call list means that telemarketers face financial penalties if they keep trying to reach you after the deadline has expired.Full Answer >
A distribution strategy is a plan created by the manufacturing department of a company that outlines how the company aims to make its products available to retailers, intermediaries and consumers. The strategy focuses on the location of the target market, transportation and the storage of the stock.Full Answer >