The Impact Of Customer Relationship Management On Customer Retention

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Therefore, it can be concluded that the earlier research that has been done has limitations that qualify our findings and present opportunities for further research. Not much research has been done about the need of CRM in improving the performance of banks and creating a better relationship with customers. For this reason, this research has been done so that more insights into the topic could be identified. Moreover, the earlier research done on this topic could be used as an important tool for further research.

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Make Customers Come Back - Winning Customer Retention Strategies Customer Retention marketing is a tactically-driven strategy to keep relationships with customers going and increase customer interest. This strategy relies on the study of customer behavior. Here are the basic tenets of a marketer that seeks to increase customer retention: 1. Past and Current customer behavior This is the best predictor of how customers will behave in the future. They are the characteristics marketers should most often look at. Analyzing customer tendencies and trends allows the marketer to anticipate, if not predict, the customers reaction to different situations. The marketer must take note that behavior is action oriented, not a description. For example,

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vi Finally, I would like to thank my family for their love and support: my parents Abdo Naji Moqbel and Badriah Saleh, and my sisters, brothers, and in-laws, who have given me a good foundation with which to go through life and meet all challenges. And last but not least, I thank my wife, Shohud Ismail, who has been an indispensable source of love and strength for me. Through her patience, support, and unwavering belief in me, I have been able to complete this dissertation. I hope my work makes you proud.

An analysis of the factors of successful implementation of customer relationship management in chain of supermarkets in the United Kingdom

Customer service is the process of interacting with the customers and the companies to understand the customers’ demands and queries. The customer service is there for each top restaurant who wants to provide a better dining experience to their customers and to get feedbacks from them (Huemer and Setzer, 2011). The customer service helps the company or the restaurants to understand the needs and demands of its customers. By doing that, the company can retain their customers who become loyal to the restaurant after certain period of being served and thus, the restaurant wins the heart of its customers. The main objective in carrying out this research is to determine the importance of customer service process in the acquisition of customer loyalty and their retention to the restaurants in UK by taking the special reference of top two restaurants where one is Berners Tavern and another is New London Café.

CRM is Customer Relationship Management: A strategy of managing customer relationships based on the integration of customer information throughout a company in order to achieve maximum customer satisfaction and retention. CRM process is to collect, store, and analyze customer interaction information (customer knowledge), transforming the practice of marketing research. Marketing intelligence: The use of real-time customer information (customer knowledge) to achieve a competitive advantage. In short, Market Intelligence seeks completive advantage based on real-time customer information. MI begins with the nation of customer knowledge, a company cannot meet its customer needs and wants and thereby offer value, unless it understands the evolution of the customer. Customer Knowledge –What kind of relationships will add value will add value to customers-loyalty programs, Value perception of the customer segment and how can the value be enhanced. To create customer profiles includes customer profiles customer demographics, psychographic data, and direct and indirect communications with the company in order to develop product, service offerings, marketing campaigns, growth and retention. Granular data-Highly detailed, highly personalized data specifically structured around an individual customer. Big companies embrace the vision and long –term goal of capturing and retaining customers. With granular customer information, market intelligence helps them and other companies

The Importance of Customer Satisfaction in Relation to Customer Loyalty and Retention by Harkiranpal Singh

In the customer centred business, survival remains to the degree that customer satisfaction is met. Previous research studies have shows that the repurchase intent was the main benefit of customer retention. However, some had identified multiple benefits like repurchase intent, price tolerance, willingness to recommend etc. In reaching retention, vendors should manage satisfaction and consequences of Customer Loyalty (Naranyandas, 1998). Loyalty too has a pyramid effect that suggests of having hierarchy in loyalty levels between customer and vendor. Change in loyalty level will manifest itself in the presence of specific attitude and behaviour (Aaker, 1991).

In the modern economy a priority of business activities becomes a two-way communication between the company and its customers. This communication is based on the interests of both sides: companies that seek to profit, survive and grow, and customers who want to achieve added value. The most successful companies today are those that create their business processes in line with customer expectations (Habul & Velic, 2010). Customers are the most important asset of an organization. There cannot be any business prospects without satisfied customers who remain loyal and develop their relationship with the organization. That is why an organization should plan and employ a clear strategy for managing treating customers. CRM (Customer Relationship Management) is the strategy for building, , and strengthening loyal and longlasting customer relationships. CRM has two main objectives: Customer retention through customer satisfaction and Customer development through customer insight (Tsiptsis and Chorianopoulos, 2009).