Customer Retention Strategies and Customer Loyalty

2015 ◽  
pp. 244-267
Keyword(s):  
Customer Loyalty ◽  
Customer Retention ◽  
Marketing Strategies ◽  
Loyalty Programs ◽  
Competitive Markets ◽  
Retention Strategies ◽  
Defection Rate ◽  
A Company ◽  
Loyal Customers

Since loyal customers are the most important assets of a company, companies have been giving attention to developing customer retention and loyalty programs. The fundamental purpose of customer retention efforts is to ensure maintaining relationships with value-adding customers by reducing their defection rate. Creating customer loyalty is essential for the survival of the company in highly competitive markets. Thus, this chapter starts with indicating the significance of customer retention marketing strategies for the company by revealing the economics of retention marketing programs. Requirements for developing effective customer retention strategies are explained. Finally, after discussing types of commitment, this chapter ends by explaining loyalty programs and win-back strategies.

Customer Retention Strategies and Customer Loyalty

2017 ◽  
pp. 1178-1201
Author(s):  
Süphan Nasır
Keyword(s):  
Customer Loyalty ◽  
Customer Retention ◽  
Marketing Strategies ◽  
Loyalty Programs ◽  
Competitive Markets ◽  
Retention Strategies ◽  
Defection Rate ◽  
A Company ◽  
Loyal Customers

Since loyal customers are the most important assets of a company, companies have been giving attention to developing customer retention and loyalty programs. The fundamental purpose of customer retention efforts is to ensure maintaining relationships with value-adding customers by reducing their defection rate. Creating customer loyalty is essential for the survival of the company in highly competitive markets. Thus, this chapter starts with indicating the significance of customer retention marketing strategies for the company by revealing the economics of retention marketing programs. Requirements for developing effective customer retention strategies are explained. Finally, after discussing types of commitment, this chapter ends by explaining loyalty programs and win-back strategies.

Building an Effective Customer Loyalty Program

2018 ◽  
pp. 195-212 ◽  
Author(s):  
Kumari Smriti
Keyword(s):  
Customer Loyalty ◽  
Loyalty Programs ◽  
Loyalty Program ◽  
Targeted Marketing ◽  
The Right ◽  
Customer Loyalty Programs ◽  
A Company ◽  
Loyal Customers

Customer loyalty schemes is a practice, employed by retailers, to reward their loyal customers. It entails giving incentives such as loyalty cards, reward points, etc. These also serve as a repository of information about a customer which helps in targeted marketing. This chapter analyses some of the successful customer loyalty programs by companies, discusses some of the reasons of failures of such program and looks at what industry experts have to say in this regard. We then collate all this information to suggests a process to identify and choose the right customer loyalty programs for a company.

scholarly journals CUSTOMER LOYALTY PROGRAM AS A TOOL OF CUSTOMER RETENTION: LITERATURE REVIEW

2016 ◽  
Vol 4 ◽  
pp. 199-203 ◽  
Author(s):  
Magdalena Hofman-Kohlmeyer
Keyword(s):  
Literature Review ◽  
Customer Loyalty ◽  
Financial Incentives ◽  
Marketing Strategies ◽  
Loyalty Programs ◽  
Loyalty Program ◽  
Customer Information ◽  
Affective Components ◽  
A Company

Customer loyalty is a highly valuable asset. To gain loyalty of current customers and create attachments, the growing ranks of entrepreneurs decide on implementation of loyalty programs. This article aims at providing a theoretical outlook on various approaches on loyalty programs derived from literature review and identifing the factors which lead to success of a company. The literature review offers some directives for managers which are useful in the preparation of rewarding programs and are also a source of valuable customer information that helps in building future marketing strategies. We concluded that loyalty programs impact customers using financial and psychological factors to maintain long-term loyalty. Furthermore, loyalty programs should include financial as well as affective components as only financial incentives don’t guarantee a long-term relationship.

scholarly journals Customer Retention Strategies Effectiveness in the Zimbabwean Medical Industry: Perspectives from Cellmed Health Fund

2019 ◽  
Vol 4 (6) ◽  
Author(s):  
Vingirayi Ishumael ◽  
Brighton Nyagadza ◽  
Mavhunga Charles ◽  
Nyasha Munjeri
Keyword(s):  
Market Share ◽  
Quantitative Methods ◽  
Customer Retention ◽  
Secondary Data ◽  
Customer Relationships ◽  
Retention Rates ◽  
Loyalty Programs ◽  
Annual Reports ◽  
Primary Data ◽  
Retention Strategies

The main objective of the study was to examine customer retention strategies at Cellmed Health, from the period 2012 to 2018. The focused was mainly on impact of customer retention strategies on market share, profit and sales turnover. A descriptive survey design was used with both qualitative and quantitative methods. Sixty participants from Cellmed Health were involved in the research. The study used both primary and secondary data where the primary data was collected using questionnaires and interviews while the secondary data was obtained from annual reports and magazines of the company. Descriptive statistics of mean, frequency and percentages were used to analyse demographic characteristics of the respondents. Regression analysis was used to measure and predict the relationship between the customer retention strategies and market share, profitability and sales turnover. Findings were that Cellmed used monitoring customer relationships strategies, market intelligence, loyalty programs and promotions to maintain its competitiveness. Furthermore, it also concludes that there was a significant relationship between customer retention strategies and profit as well as sales turnover that the company (Cellmed) was posting annually. In this light, the study recommendation was that customer retention strategies should be embrace in the decision making processes of the organisation covering products, price, services, responsiveness, tangibility and reliability of the brand name. The study also recommends that Cellmed Health should strengthen its customer bonds and moreover, in order to increase customer retention rates, Cellmed Health should provide extraordinary customer services.

Attrition Risk Management

2018 ◽  
pp. 91-112 ◽  
Author(s):  
Anugamini Priya Srivastava
Keyword(s):  
Risk Management ◽  
Human Resources ◽  
Customer Loyalty ◽  
Attrition Rate ◽  
Retention Strategies ◽  
Employee Attrition ◽  
A Company

A company cannot be successful if it fails to retain talent in the organization. They have to manage effectively their resources, comprising financial, psychical, and human resources. This is important because higher attrition rate can have various consequences that an attrition incident can cause. It can affect profitability, customer loyalty, revenue, and market image. This chapter aims to identify the antecedents and precedents of attrition in different sectors and evaluates the data received to understand the actual scenarios and its implication on future. This aspect is very important as employee attrition and retention strategies influence the trajectory of the organization.

scholarly journals Effect of customer loyalty program on customer satisfaction and its impact on customer loyalty

2019 ◽  
Vol 9 (1) ◽  
pp. 15-23
Author(s):  
Salihah Khairawati
Keyword(s):  
Customer Satisfaction ◽  
Customer Loyalty ◽  
Sampling Technique ◽  
Loyalty Programs ◽  
Survey Method ◽  
Business Managers ◽  
Loyalty Program ◽  
Retail Business ◽  
Customer Loyalty Programs ◽  
A Company

The aim of this research is to examine the effect of the customer loyalty program on customer satisfaction and its impact on customer loyalty. This program is developed by the company in order to increase customer satisfaction. Optimal customer satisfaction will be able to create customer loyalty. For a company, customer loyalty will guarantee the company’s income to be constantly optimal. The research is conducted using the survey method involving 110 customers and 100 feasible data used. The sampling technique used is judgment sampling and data collected through the questionnaire. It uses SEM in examining hypotheses assisted by software AMOS version 20.0. Member card significantly affects customer satisfaction, while discount promo has no significant effect on customer satisfaction and it also doesn’t affect customer loyalty. Member cards and discount promo have a direct effect on customer loyalty. In general, it can be understood that the customer loyalty program applied by Alfamart either member card or discount promo affects customer satisfaction and has an impact on customer loyalty. This research gives input to retail business managers in managing customer satisfaction through the proper development of customer loyalty programs.

scholarly journals CUSTOMER RETENTION STRATEGIES AT HYPERMARKETS IN JAKARTA

2016 ◽  
Vol 9 (2) ◽  
pp. 127
Author(s):  
Willy Arafah
Keyword(s):  
Perceived Value ◽  
Customer Retention ◽  
Customer Experience ◽  
Marketing Strategies ◽  
Theory And Practice ◽  
Continuance Intention ◽  
Retention Strategies ◽  
Important Indicator ◽  
Intention To Continue

Today many Hypermarket growing in Jakarta, although Jakarta market is very large and seems very promising, Hypermarkets are finding it tough to be profitable in Jakarta. One of the marketing strategies is to focus on retaining the existing customer as they are three time more profitable than looking for the new one. In this research we examine the factor that influence customer intention to continue purcjhasing from Hypermarkets in Jakarta. The results show that customer’s perceived value is an important indicator of customer continuance intention, as are the loyalty incentives provided by the Supermarkets. Moreover, convenience is more important for customer in these markets than enjoyments. Hypermarkets can increase customer retention by focusing their strategies in making customer experience more valuable and convenient. Implication for theory and practice are also discusses in this research

scholarly journals CUSTOMER RETENTION STRATEGIES AT HYPERMARKETS IN JAKARTA

2016 ◽  
Vol 10 (2) ◽  
pp. 121
Author(s):  
Willy Arafah
Keyword(s):  
Perceived Value ◽  
Customer Retention ◽  
Customer Experience ◽  
Marketing Strategies ◽  
Theory And Practice ◽  
Continuance Intention ◽  
Retention Strategies ◽  
Important Indicator ◽  
Intention To Continue

Today many Hypermarket growing in Jakarta, although Jakarta market is very large and seems very promising, Hypermarkets are finding it tough to be profitable in Jakarta. One of the marketing strategies is to focus on retaining the existing customer as they are three time more profitable than looking for the new one. In this research we examine the factor that influence customer intention to continue purcjhasing from Hypermarkets in Jakarta. The results show that customer’s<br />perceived value is an important indicator of customer continuance intention, as are the loyalty incentives provided by the Supermarkets. Moreover, convenience is more important for customer in these markets than enjoyments. Hypermarkets can increase customer retention by focusing their strategies in making customer experience more valuable and convenient. Implication for theory and practice are also discusses in this research.

scholarly journals Contribution of storytelling for the creation of emotional marketing in a company of purified water of bahía de Caráquez, Ecuador 2019

2019 ◽  
Vol 10 (2) ◽  
pp. 140-150
Author(s):  
César Arturo Carbache Mora ◽  
Sara Margarita Ureta Ureta ◽  
Joel Antonio Nevarez Vera
Keyword(s):  
Customer Loyalty ◽  
Marketing Strategies ◽  
Brand Preference ◽  
Commercial Activity ◽  
Target Groups ◽  
The Creation ◽  
Water Companies ◽  
The City ◽  
A Company ◽  
Powerful Strategy

Currently, brands have realized that creating an emotional bond in their target groups opening advantages over competition and have found in the old art of storytelling the perfect ally for that purpose. Storytelling is a powerful strategy that allows you to create that emotional link between producer and consumer. The objective of this research is to analyze the contribution of storytelling to generate emotional marketing strategies in purified water companies in the city of Bahía de Caráquez. The methodology implemented was the observation and application of surveys to customers of said product. The results were that consumers by brand preference are at 26.7 percent. However, 21.7 percent have little knowledge of the advertising of the companies under study. It is proposed that companies engaged in this commercial activity lack emotional marketing strategies based on the creation of stories that expand their field of service, attraction and customer loyalty.

scholarly journals Loyalty Marketing Strategies and Tools of their Implementation

2020 ◽  
Author(s):  
Iryna Budnikevich ◽  
Iryna Havrich ◽  
Anasnasia Melnik
Keyword(s):  
Brand Loyalty ◽  
Quantitative Measurement ◽  
Management Strategies ◽  
Marketing Strategies ◽  
Informed Decision ◽  
Loyalty Programs ◽  
Consumer Loyalty ◽  
Roasted Coffee ◽  
Loyalty Marketing ◽  
A Company

The article considers the factors of formation of consumer loyalty to the company and brand, loyalty strategies and tools for their implementation. The authors substantiate the importance of forming consumer loyalty. The list of strategies that lead to the formation of general consumer loyalty to the company and brand is defined on the example of a company-manufacturer of freshly roasted coffee. The combination of marketing tools that ensure the success of the loyalty strategy is considered. There are groups of consumers by level of loyalty, which must be taken into account when selecting strategies and measures for the formation of loyalty. The complexity of evaluating the effectiveness of loyalty programs is investigated and the main metrics for quantitative measurement of the level of loyalty are proposed. It is concluded that the result of assessing the level of consumer loyalty is to make an informed decision to develop new loyalty programs or adjust existing ones to create maximum consumer loyalty. Recommendations for improving consumer loyalty management strategies and relevant marketing tools are provided.

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