OFAD80: Customer Retention Strategies

The process of keeping existing customers engaged and loyal to a business.

The activities undertaken by a company to reduce the number of customers who stop doing business with them.

The process of attracting new customers to a business.

What customers believe a company should provide based on their needs and experiences.

Customers are the lifeblood of a business, just as blood is essential for life.

The approach to marketing that focuses on meeting the needs and exceeding the expectations of existing customers.

A company's reputation and how it treats its customers are equally important to attracting and retaining new customers.

Tailoring marketing programs to specific groups of customers with unique needs.

Customers who return for more business and are loyal to a company.

The process of analyzing customer data to identify patterns and opportunities to improve customer experiences.

Offering personalized customer service and creating a tailored experience for each customer.

Creating a strong sense of community among customers by encouraging them to connect with each other.

Encouraging customers to provide feedback, suggestions, and reviews to continually improve the business.

Rewards programs that offer incentives for continued engagement, loyalty, and referrals.

When a company successfully exceeds a customer's expectations, leaving them feeling delighted and more likely to return.

A strategy that prioritizes building long-term relationships with key customers to generate consistent revenue and growth. This often involves customized solutions and tailored interactions.

The process of managing all aspects of a company's supply chain, from sourcing raw materials to delivering finished goods to customers. This involves optimizing logistics, inventory, and relationships with suppliers.

A tailored approach to customer interaction for large, international companies. It involves adapting CRM programs to meet the unique needs of global markets and customers.

The process of collecting, organizing, and distributing information about customers throughout a company. This helps build a deep understanding of customer needs, preferences, and behavior.

The subjective perception of a customer about how well a product or service meets their expectations. It results from comparing pre-purchase expectations with actual performance.

The desire of a customer to repeatedly purchase products or services from a specific company. It's built through positive experiences, loyalty programs, and strong relationships.

The ability of a company to persuade a customer to buy additional products or services related to their initial purchase. It relies on understanding customer needs and offering relevant upgrades or complements.

The strategy of encouraging customers to purchase higher-priced versions of existing products or services. It often involves highlighting the benefits of upgraded features or exclusive options.

Meeting or exceeding customer expectations. It's about creating positive experiences that lead to satisfaction.

This happens when customer expectations are not met. It can lead to dissatisfaction and even negative outcomes.

This involves establishing a strong emotional connection with customers. It goes beyond mere satisfaction and creates a feeling of affinity or liking for the brand or company.

Trust is based on confidence in a company's reliability and integrity. Customers believe that the company will do what it promises.

Customers naturally simplify their choices, often settling on a handful of familiar options. This comfort with known and rewarding brands contributes to loyalty.

This refers to the cumulative history of interactions and experiences a customer has with a company. It influences their habits and perceptions.

A positive image can create a favorable impression of the company as a whole, leading to habitual responses and boosting customer loyalty.

A list of potential customers who may be interested in a company's products or services.

A trial run of a marketing campaign to gather data and understand how potential customers react.

Analyzing the responses to a marketing campaign to understand which strategies work best.

The process of using data analysis to predict customer behavior and understand how to best reach them.

These are the customers who have strong needs that will become common in the future, often developing their own solutions.

This method focuses on identifying the needs and solutions of customers on the cutting edge of the market.

These customers may have unique needs that are different from the general market, which can sometimes mislead companies about the general customer demand.

A company's past image and reputation, built over time, can influence how customers view them and whether they will buy from them.

This approach involves gathering information about customers, particularly their needs, and then using that information to create new products.

Focusing on financially attractive customers, lead users, and existing, close customers has been shown to be beneficial for new product success.