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Understanding customer retention.
Tags :
customers, strategies, retention, advertising, selling, marketing, branding, product.
Industry :
Consumer Durables, IT Products
Functional Area : Product Development, Branding, Consumer Sales, Strategy Execution |
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Everyone wants to retain their existing customers. Few companies, however, are implementing positive strategies aimed at retention. Most companies are organized for acquisition. Their advertising and sales programs are designed to find and promote their products and services to new customers. The companies are organized on a product or brand basis, not on a customer segment basis. While they all have customer service departments, and most have a customer service toll free number, they lack an integrated marketing strategy that is directed at retention, and that defines retention as the measurement of success.
So lets discuss about How to build a customer retention strategy & how to implement customer retention which can ensure success.
So lets discuss about How to build a customer retention strategy & how to implement customer retention which can ensure success.
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Customer retention
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87
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21
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New customers
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Srinivas suravajhala
| Argues in support of
"Customer retention"
| 5 months ago
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I strongly believe they are not mutually exclusive. Retaining the customers does not mean that there need not be a strategy for luring the new customers. Luring the new customers also required to stay ahead in the race and to spread your base in...
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amit jain
| Argues in support of
"New customers"
| 1 year ago
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I am in markting from last 10 years. As per my obervation new customer is must to increase your business and brand.It help to increase your business and market reach.No one can row without new customer. Existing customers help u in repeated...
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Purvi Ghosh
| Argues in support of
"Customer retention"
| 2 years ago
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Before you spend your time and money going after new customers and clients you do not currently have a relationship with consider the following statistics: * Repeat customers spend 33% more than new customers. * Referrals among repeat...
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Omkar Nandi
| Added idea
"Keep the sparks flying"
| 1 year ago
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Finding new ways everytime to delight your existing customer, may be small or large but must bring a sense of belonging and pride to the customer
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vineet
| Added idea
"Screw your competition before, that screw you."
| 1 year ago
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A human nature is that most of us are Greedy (not just only in terms of money). Customer never satisfy with what they get. They always expect for more the next time they shop. There could be a strategy to extend the possitive gap between the...
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Abhijit Mudya
| Supported idea
"BY CUSTOMER COMPLAINTS"
| 1 year ago
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I corelate this with the the service industry, Anyways, now a days even products are sold as service..how many of us have bought a Car or a Cell Phone, without going through service or warranty cards? Once the cometition increases and the market...
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Hemanth kumar
| Supported idea
"Touch base frequently"
| 2 years ago
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i would agree on the same.It depends on the type of product usage and frequency of usage.Products which are in non-consumer durable category will have the answer in the product itself.Whereas in the consumer durable category,the feedback and...
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Gary L. Spencer
| Added idea
"Infusionsoft"
| 2 years ago
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I believe Infusionsoft works well to retain customers, a recent report suggested that email marketing will become a major part in creating new and existing business for small business owners. Infusionsoft combines CRM + email marketing + ecommerce...
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SATHISH PONNUSAMY
| Added idea
"Continuously understanding his needs and exceeding his expectations."
| 2 years ago
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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...
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Kavitha Shankar
| Added idea
"Consumer spending"
| 2 years ago
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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...
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Ajay Ziz
| Added idea
"for any mnc "
| 2 years ago
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market / s :: fight till the last person/any kingdom available in the universe
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Dharmena Prajapati
| Added idea
"It can be a two-way targeted communication channel"
| 2 years ago
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The high cost of personalized customer communication has also been an obstacle to effective real-time marketing. In my experience, telemarketing has traditionally been the outbound marketing channel of choice for the mobile network operators, but...
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aniketskale
| Supported idea
"Good after sale service"
| 2 years ago
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yes shalabh m agreed with u ..major point is proper selling. if proper selling done then customer retained and provide more customers as well
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harshika sarbajna
| Supported idea
"Both are required"
| 2 years ago
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I agree with Balaji here. Retaining old customers is required for sustaining the business;and acquiring new customers isssential to grow it vertically. You cant choose between the two or it will either lead to stagnation or ultimate demise. Take...
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NITIN DEOLE
| Supported idea
"Satisfied vs retained customers costs"
| 2 years ago
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yeasss!! True!! infact the companies become great by retaining customers rather than finding new customers. If a customer is retained he relies on product/service a business offers, it means that business is customer focused is truly engaged in...
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(rate this)
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Petrol
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3
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1
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Diesel
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Michael Daniel
| Argues in support of
"Diesel"
| 1 year ago
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Mileage generally relates with the Diesel Variants..and moreover now a days Diesel Engines Are More Refined and Zippy.
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Arvind Shastry
| Argues in support of
"Petrol"
| 1 year ago
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Somnath I agree that petrol diesel prices are hiking. But this debates makes no sense. Customer wants mileage but can't tell whether it can be a petrol or diesel. It depends on the vehicle the customer uses. So give some sides that can be debated.
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Market research help understanding expectations
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6
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0
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No need to research for customer expectations
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Anoop Dhopte
| Argues in support of
"Market research help understanding expectations"
| 1 year ago
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Small but funny story: A disappointed salesman of Coca Cola returns from his Middle East assignment. A friend asked, "Why weren't you successful with the Arabs?" The salesman explained, "When I got posted in the Middle East , I was very...
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Activity:
245 referals
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17 comments,
262 views
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If we analyse the nature of students' demand, what they want as customers are: Expert Teaching Quality Learning Resources Well-structured Courses Either Marketable Skills or a Strong Brand or even both Flexibility Fair Assessment The concept that that all learning can be made fun and easy is flawed. Although it should be interesting, the task is to teach skills. It is difficult to get away with poor quality teaching any longer. However, in the area of assessment, there is insufficient objectivity and discipline at present. There is a strong case that all assessment should be anonymous and conducted at arm’s length. WINNERS AND LOSERS There are however a number of areas of new demand which fundamentally represent good news for those in the education sector who can ride the wave in a clever way: the knowledge worker; business advice; the law; health; "edutainment"; financial planning. Not everyone can win. Among the winners in these changing conditions are likely to be: those who...
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Activity:
282 referals
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1 comments,
75 views
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Marketing Capsuls - Aflac How a "duck" transformed Aflac's brad recognition and improved Market Share? Background The American Family Life Assurance Company (later Aflac), founded in 1955, became the first company in the world to offer insurance against cancer, it best selling product till year 2000. It expanded its offerings significantly in 1980 and by the late 1990 it sold a verity of policies from Dental Care to short term disability and adopted an acronym "AFLAC" as its official name. The company excelled at providing policies that helped pay out-of-pocket expenses not covered by someone's primary insurer which was also known as supplemental insurance. Aflac was well respected in the industry and also got listed in Fortune's 100 best companies to work for in the US in 1999. By year 2000, the company was insuring 40 million people. Regardless of multiple insurance plans under its portfolio, the company's revenues were majorly dependent upon the sale of Cancer Insurance since...
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Activity:
0 referals
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0 comments,
15 views
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Marketing Capsuls - Aflac How a "duck" transformed Aflac's brad recognition and improved Market Share? Background The American Family Life Assurance Company (later Aflac), founded in 1955, became the first company in the world to offer insurance against cancer, it best selling product till year 2000. It expanded its offerings significantly in 1980 and by the late 1990 it sold a verity of policies from Dental Care to short term disability and adopted an acronym "AFLAC" as its official name. The company excelled at providing policies that helped pay out-of-pocket expenses not covered by someone's primary insurer which was also known as supplemental insurance. Aflac was well respected in the industry and also got listed in Fortune's 100 best companies to work for in the US in 1999. By year 2000, the company was insuring 40 million people. Regardless of multiple insurance plans under its portfolio, the company's revenues were majorly dependent upon the sale of Cancer Insurance since...
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Activity:
30 referals
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26 comments,
1842 views
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Hi All, Came across a nice artical, thought beneficial for all HR professionals : What else does it take to K.E.E.P your employees satisfied? "People work for much more than a paycheck." Most employees are looking for common elements from the people they work for . People, regardless of position, seek a good " Relationship with their manager ", " A positive work environment ", and " Praise and recognition ". Successfully combine these three elements and implement them effectively and you have created the foundation for a great retention strategy. It is obvious that these crucial elements have little or nothing to do with compensation. Instead they remind us an important fact: People work for much more than a paycheck. People not only want their jobs to be a source of income but a source of attaining pride, professional development, enjoyment, and acknowledgment of their skills and efforts as well. With this in mind, I would like to introduce to you a retention-boosting method,...
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