Retaining Customers: Customer Value, Satisfaction, and Service Quality
Retaining Customers: Customer Value, Satisfaction, and Service Quality
This chapter focuses on programmes to increase the likelihood that a customer will continue to buy the organization's products and services, to develop customer loyalty, or reduce customer churn. The motivations for developing loyalty/ reducing churn are threefold. One is the notion of amortizing the costs of acquiring customers. A second motivation is to reduce the volatility of cash flows. A third motivation is to provide a solid foundation for growth. Part A of the chapter looks at which types of customers to retain. The key issue here is that some customers are likely to be unprofitable. For non-profitable customers to be retained, they must make a contribution to the organization's business performance in another way. Part B then examines how to retain the chosen customers. It outlines three strategies: customer value, customer satisfaction, and service quality.
Keywords: customer churn, customer lifetime value, customer value, customer satisfaction, service quality, service model
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