Customer Relationship Management Benefits
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Questions and Answers

What is the primary focus of organizations when it comes to customer retention?

  • Maximizing transactional value from each customer
  • Increasing the lifetime value of customers
  • Improving customer satisfaction through customer centricity (correct)
  • Providing average quality service to customers

    • How does retaining a customer for a longer period impact the value of that customer?

  • The customer's transactional value decreases
  • The customer's lifetime value substantially increases (correct)
  • The organization's profitability decreases
  • The organization's customer base decreases

    • What approach helps organizations in retaining customers successfully?

  • Understanding and addressing customer needs genuinely (correct)
  • Providing subpar quality service to customers
  • Focusing solely on maximizing profits from transactions
  • Ignoring customer feedback and complaints

    • How do organizations benefit when they focus on customer lifetime value instead of transactional value?

    <p>Customer retention increases</p> Signup and view all the answers

    What role does customer centricity play in helping organizations retain customers?

    <p>It aids in understanding and satisfying customer needs effectively</p> Signup and view all the answers

    Why do organizations need to provide genuine good quality service to customers for retention?

    <p>To enhance customer satisfaction and loyalty</p> Signup and view all the answers

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