Customer Retention Management Task
A Customer Retention Management Task is a marketing task that is responsible for improving customer retention measures (such as to reduce customer defections).
- Context:
- It can affect Customer Retention Programs.
- It can be supported by a Customer Defection Prediction Model/Customer Retention Model.
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- Example(s):
- Counter-Example(s):
- See: Loyalty Program, Customer Relationship Management, Customer Profile.
References
2020
- (Wikipedia, 2020) ⇒ https://en.wikipedia.org/wiki/customer_retention Retrieved:2020-4-2.
- Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. A company's ability to attract and retain new customers is related not only to its product or services, but also to the way it services its existing customers, the value the customers actually perceive as a result of utilizing the solutions, and the reputation it creates within and across the marketplace.
Successful customer retention involves more than giving the customer what they expect. Generating loyal advocates of the brand might mean exceeding customer expectations. Creating customer loyalty puts 'customer value rather than maximizing profits and shareholder value at the center of business strategy'. The key differentiation in a competitive environment is often the delivery of a consistently high standard of customer service. Furthermore, in the emerging world of Customer Success, retention is a major objective.
Customer retention has a direct impact on profitability. Research by John Fleming and Jim Asplund indicates that engaged customers generate 1.7 times more revenue than normal customers, while having engaged employees and engaged customers return a revenue gain of 3.4 times the norm.
- Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. A company's ability to attract and retain new customers is related not only to its product or services, but also to the way it services its existing customers, the value the customers actually perceive as a result of utilizing the solutions, and the reputation it creates within and across the marketplace.
2016
- http://ngdata.com/what-is-customer-retention/
- QUOTE: Customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections. The goal of customer retention programs is to help companies retain as many customers as possible, often through customer loyalty and brand loyalty initiatives. It is important to remember that customer retention begins with the first contact a customer has with a company and continues throughout the entire lifetime of the relationship.
2015
- http://predictionimpact.com/retention-with-predictive-analytics.html
- QUOTE: How much higher would your revenue climb if you could predict which customers are likely to churn? Predictive analytics targets customer retention campaigns to ensure bottom-line ROI. By predicting which customers are at risk for defection, campaign dollars are applied effectively -- without predictive targeting, a retention campaign may cost more than it gains.