| Topic : Understanding customer retention. |
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Marketing & Branding |
BattleGround for Sales Professionals |
Retail & Supply Chain Professionals
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Activity:
27 views;
last activity : 07 06 2010 20:18:09 +0000
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Satisfaction of the customer
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Consumer spending
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Continuously understanding his needs and exceeding his expectations.
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Clearly, satisfaction is important; indeed essential. The situation is stacked against the business: if customer satisfaction levels are low, there will be very little loyalty from the customer. However, customer satisfaction levels can be quite high without a corresponding level of loyalty. Customers have come to expect satisfaction as part and parcel of the general deal, and the fact that they are satisfied doesn't prevent them from defecting in droves to a competitor who offers something extra. High levels of customer satisfaction are needed in order to develop loyal customers. |
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In my view, as markets become saturated and customers have so much more to choose from, share of wallet becomes increasingly important. It is cheaper and more profitable to increase your share of what the customer spends in your sector, than to acquire new customers. After all, that's what loyalty is really about. Totally loyal customers would give you a 100% share of their spend in your sector. |
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Its a continuous ongoing business process, track his needs regularly, and strive to exceed his needs and expectations.This tracking will also bring complaints / dissatisfied feedback,which will be great opportunity to rectify and strengthen the relationship with the customer. In fact companies should have target for collecting complaints.
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Customer Retention is the activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire... |
We should not forget that poor infrastructure in our country is shaving an estimated one or two percentage points off because of which India's annual economic growth, has slowed down to to 6.7% in 2008/09 after three years of 9% growth. Thus, it will... |
Thanks for sharing Mr.Mathew |