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Our CEO is a big believer in advisory councils and uses these both for market research and customer retention.
The company excels at execution yet relies on anecdotal and a very imprecise methodology for actually quantifying the impact of customer retention strategies. There is also a strong bias to see only the bright side of retention strategies and ignore the reasons why customers leave. Sales reverts to claiming price as being the only reason customers are lost to competitors, yet there is no formal win/loss analysis because Sales sees it as a threat. Customer Service relies on the most positive of figures to show performance gains in customer satisfaction and retention, yet only interviews the most loyal of customers that come to all events. Clearly there is self-selection going on in these methodologies, and with everyone on a different set of assumptions and data sets, it's clear that much needs to be done to get a single version of the truth when...
It is the intent of this analysis to evaluate the advantages and liabilities of the customer retention strategy the company I work for relies on.
Background
The company I work for manufactures high technology products including parts for computer equipment used in personal computers and network routing equipment used for creating local area networks. Customer retention is critical for the continued profitability of the business, as our product lifecycles change rapidly, and customers need to make the transition from one product to the next rapidly if new revenue is going to be earned. Customer retention programs overall have been effective in keeping our largest Original Equipment Manufacturer (OEM) accounts purchasing subsequent generation products from our company, yet the mid-tier and smaller companies are much more transitory between product generations. The result is that it is often very
Customer Retention Strategies Creating Exceptional Customer Service at Southwest Airlines Southwest Airlines continues to lead the airline industry in customer satisfaction because their business model puts customer satisfaction and maximizing customer experiences at its center. Their leadership of the industry on customer satisfaction measures has also been seen in the result of Consumer Reports studies as well (Consumer Reports, 2007). What sets this airline apart from others is the belief that customer
difficulty with customer retention for Storz & Bickel is that their chief high-end product, the Volcano Vaporizer, lacks "planned obsolescence." I am using the term that was devised by Alfred P. Sloan for the Ford Motor Company, but this is now basically a strategy implemented by all major manufacturing corporations -- in some sense, the point of an iPhone 5 is that it will eventually be made obsolete by an
Lastly differentiating on the extent of experience our customers have had with Internet-based software is useful in defining how much extra time is necessary for software application training. Discuss your efforts to create customer intimacy. As our company relies intensively on long-term relationships with customers, taking a very active approach to creating customer intimacy is critical to our business. Our approach is to first concentrate on total accountability for our software
This action is expected to produce more reliable information. Sprint Nextel keeps in close and strong connection with its customers, through advertising campaigns that are designed to being the newest and the most complete information to its customers, and through call center that are designed to assist customers, on the other hand. Regarding convenience, the company has implemented a series of actions designed in order to facilitate purchasing for customers.
Marriott Retention Employee Retention Strategies at Marriott Hotel Marriott International, Inc. is one of the world's most recognizable brand names, both in the hospitality sector and on the corporate landscape at large. Its enormous success is a produce of a number of factors, not the least of which is its unparalleled track record in employee relations. Today, according to Waddell (2006), "the Marriott family has more than 3,000 hotels in 67 countries
Relationship Marketing Effective Strategies for Customer Retention in the Digital Age: A Comparison of Relationship Marketing Models Few aspects of modern society have been left untouched by the Digital Revolution and the advances that have been made in mobile technologies. Phone books, which were still incredibly useful resources for many just a decade ago, are now almost laughably archaic wastes of paper; our phones themselves can make restaurant recommendations, find a doctor's