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
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 >
There are benefits to both the distributor or retailer and the manufacturer when exclusive distribution rights are granted. Manufacturers have greater control of how the products are sold, and they can control costs more effectively. The benefit for the supplier is that there is no competition.Full Answer >
In indirect marketing, the customer does not receive any direct communication from the company. Indirect marketing is used when a customer is aware of a product and only needs to be reminded about the product in order to check out the company and possibly purchase the product.Full Answer >
A marketing manager oversees the marketing department. She plans and coordinates marketing activities, such as identifying potential customers, developing marketing campaigns and organizing focus groups. She is responsible for developing marketing plans that align with the business’ strategy.Full Answer >