Customer retention includes the activity or the action that organization takes to reduce client’s problems for a long term relationship. The purpose behind customer retention strategy is to support business in maintaining and retaining clients. It includes the initiatives to enhance brand and customer loyalty to build a lifetime relationship. Once an effective relationship is built with the customer it supports in business revenue growth by attracting new clients. If existing customers are entertaining properly it will attract the new ones and improve the product engagement.
Usually, this customer retention strategy is ignored by the organization. But if they shifted focus from client acquisition to their retention it will effectively support business growth. Implementation of customer retention strategy is beneficial for:
Identification of new clients and offer infinite new sales opportunities.
Customer retention strategy is important sales and marketing tactic especially during business down time. It is significantly a cost effective approach for clients while attaining new customers is quite an expensive approach.
If the business is ignoring this important approach to marketing it will affect their reputation. Here the efforts of customer front line representative are required to ensure quality services. Successful marketers always pay attention to this aspect and ensure that clients are served with best services. If customers are displeased and difficult to handle, customer retention strategy defines a roadmap to entertain and satisfy them.