CUSTOMER RETENTION THROUGH CRM

Author (s) : Dr.A.KANIMOZHI & S.MAYURI

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Abstract :
“In the past, many companies took their customers for granted. Customers often did not have any alternative suppliers, or the other supplies were just as poor in a quality and services, or the market was growing so fast that the company did not worry about fully satisfying its customers. A company could loses 100 customers a week, but gain another 1000 customers and consider its sales to be satisfactory. Such a company, operating on a ‘leaky bucket’ theory of business, believes that there will always be enough customers to replace the defecting ones. “Changing customers from being a one or two item purchaser to purchasing several products can increase your bottom line tremendously. With a bit of vision and creativity, one basic service can open several opportunities. Most businesses can take their basic product or service and expand into other offerings. What are your current offerings? Are there other products and services you could develop that are consistent with your market and your company vision? Customer retention programs can be a powerful tool in the arsenal of CRM. Customer retention is important to most companies because the cost of acquiring a new customer is far greater than the cost of maintaining a relationship with a current customer.   In addition to saving profitable customers, retention programs allow companies to collect data about their customers. This data can be used to better understand, target, market to, and communicate with customers or to customize future interactions with customers. Retention programs can be a relatively inexpensive means of making customers feel special, increase their purchases and recommend prospects.

Keywords : Customers retention, CRM

Conference Date : 30/08/2019

Pages : 189

Paper ID : 19181