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Journal articles on the topic 'Retention of customers'
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1
Coyles, Stephanie, and Timothy C. Gokey. "Customer retention is not enough." Journal of Consumer Marketing 22, no. 2 (March 1, 2005): 101–5. http://dx.doi.org/10.1108/07363760510700041.
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PurposeEvery company knows that it costs far less to hold on to a customer than to acquire a new one. That is why customer retention has become the Holy Grail in industries from airlines to wireless. Yet defecting customers are far less of a problem than customers who change their buying patterns. Today's typical metrics of customer satisfaction and defection do not tell a company how susceptible its customers are to changing their spending patterns. This article seeks to investigate this problem.Design/methodology/approachThe investigation was carried out through a two‐year study of the attitudes of 1,200 households toward companies in 16 industries.FindingsMcKinsey found that focusing on smaller changes in customer spending can have as much as ten times more value than concentrating on defections alone.Originality/valueThis is important for those companies that wish to retain their customers.
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Nehari-Talet, Amine, Samer Alhawari, and Haroun Alryalat. "The Outcome of Knowledge Process for Customer of Jordanian Companies on the Achievement of Customer Knowledge Retention." International Journal of Knowledge Management 6, no. 1 (January 2010): 44–61. http://dx.doi.org/10.4018/jkm.2010103003.
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Organizations have increasingly recognized the importance of managing customer relationships, and Knowledge Management (KM) from the perspective of a process approaches assure positive impact on customer retention. Many organizations are turning to Customer Relationship Management (CRM) to better serve customers and facilitate closer relationships. This paper investigates how Knowledge Process for customers is used in practice by Jordanian companies to achieve Customer Knowledge Retention. The current practice is based on the data collected from 156, randomly drawn and reported from a survey of CRM applications and evaluation of CRM analytical functions provided by three software business solution companies working in the CRM area, and four companies that used the CRM system. Based on data collected from the companies, results from the analysis indicated that the knowledge process for customers had a positive effect on customer knowledge retention. The paper also verified the hypotheses of the effect of knowledge processes for customers on customer retention. The findings shed light on the potential relationship between the knowledge processes for customers and customer retention. It also provides guidance for the Information Technology (IT) industry as to how an analytical knowledge process for customers should be taken into account in developing countries to support to achieve customer knowledge retention due to cultural, social and educational differences.
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Mahapatra, S. N., and Parveen Kumar. "CUSTOMER RETENTION: A STUDY ON INDIAN BANKS." International Journal of Research -GRANTHAALAYAH 5, no. 7 (July 31, 2017): 485–92. http://dx.doi.org/10.29121/granthaalayah.v5.i7.2017.2157.
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The main purpose of this study is to examine how customer retention is affected by the factors of customer retention. A structured questionnaire was distributed to banking customers based on demographics (gender, age, marital status, education, occupation and, income level) in National Capital Territory. Data was successfully collected from 500 respondents who have either saving account or current account or both. Respondents’ opinion on 20 items related to customer retention was obtained. Factors of customer retention were categorised into four main groups i.e. tangible, reliability, responsiveness and assurance & empathy Factors. Further multiple-regression analysis was used to measure the factors of customer retention and their impact on customers’ retention decision. After multiple-regression it was found that ‘Within Timeframe Service Delivery’, ‘Sincere Efforts in Solving Customer Problems’ and ‘Accepting & Resolving Faults’ are the most important factors which affect customers’ retention intention.
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Gengeswari, K., and P. Padmashantini. "Impact of Customer Retention Practices on Firm Performance in the Retailing Sector: A comparison between a foreign and home grown retailer in Malaysia." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 6, no. 1 (September 30, 2013): 672–88. http://dx.doi.org/10.24297/ijmit.v6i1.749.
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As customers are the backbone of any business, firms without customers would not be able to sustain their performance. This is because such firms are believed to have no revenues, no profits and therefore no market value. Accordingly, managing customers is deemed to be very crucial business agenda in which the key focus has been switched in recent years from attracting new customers to preserving existing ones. Both practitioners and scholars have discovered that it is much easier and cheaper to retain the exiting customers than investing on the potential customers. A decent customer retention level is believed to be a significant contributor towards improvement in the overall firm performance. A glimpse on the existing researches on customer retention highlights that financial sector has been thoroughly investigated which leave a room for a detailed investigation on customer retention within retailing sector. Accordingly, this study intends to explore the customer retention practices adopted by service-oriented firms in general and retailers in particular. As a comparison study on a foreign and home grown retailer, this study examines factors that retain customers and the subsequent impact of retention practices on firms performance. This study had carried out mall-intercept surveys among 400 shoppers at two major retailers within Klang Valley, Malaysia. Findings show that influencing factors of retention practices and type of retailer (namely foreign and home grown) significantly influences the retailers customer retention practices. It was also discovered that the inclusion of retailers type had enhanced the relationship between influencing factors and retailers retention practices. In addition, it was also found that customer retention practices significantly affect retailers performance at a moderate level. This study has uncovered that customers are in deed price sensitive despite being loyal and retained by firms. Hence, it is advisable for retailers to pursue a genuine pricing strategy to appeal to price conscious customers. The pricing strategy ideally should be transparent (i.e. no-bogus sales), clarity (i.e. provide accurate details of merchandises), simplicity (i.e. avoid psychological pricing) and trustable (i.e. provide accurate balances).
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Ahmed, Ibrahim, Usman Yerima Abdullahi, and Ibrahim Abba. "Customer Retention Strategies: Benefits on Small Businesses in Nigeria." Global Journal of Business and Social Science Review (GJBSSR) Volume 4 (2016: Issue-3) 4, no. 3 (August 21, 2016): 63–67. http://dx.doi.org/10.35609/gjbssr.2016.4.3(9).
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Objective - This study endeavor to discover the benefits of customer retention strategies on customer retention and business performance in Nigeria. Methodology/Technique - Secondary data was used and a conceptual model developed to establish the relationship between customer retention and the retention strategies. Findings - The study observed that small businesses that practices customer retention strategies retains and satisfy their customers than those that do not. Novelty - It is recommended, however, that business managers should embrace the use of electronic mails, professionalism, welcoming complaints etc. as ingredients that lead to customer retention among small businesses. Type of Paper - Conceptual Keywords: Customers; Retention; Satisfaction and Strategy
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Tauriana, Dian, and Ni Made Dini Arisani. "Analisis Implementasi Customer Relationship Management dan Kualitas Pelayanan Jasa terhadap Kepuasan Pelanggan dan Dampaknya pada Retensi Pelanggan Hotel Bidakara Jakarta." Binus Business Review 3, no. 1 (May 31, 2012): 449. http://dx.doi.org/10.21512/bbr.v3i1.1333.
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As the development of the business industry, it is now seen some companies that have a lot of customers so that it is required a good Customer Relationship Management to maintain long-term relationships with customers. Bidakara Hotel Jakarta is one of the services in the hospitality industry which implements Customer Relationship Management. Intense competition in the hospitality industry, Hotel Bidakara Jakarta must also consider the quality of care services to keep their customers satisfied and not switch to competitors through Customer Retention Strategy. In this study the author examines the influence and relationship between Customer Relationship Management and Service Quality on Customer Satisfaction and services impact on Customer Retention using Path Analysis. The results of this study show that the Customer Relationship Management Bidakara Hotel Jakarta is not contributing to the customers satisfaction. Quality services have positive and significant contribution to customers satisfaction; 'strong' influence. Customer Relationship Management has positive and significant contribution to the Customer Retention Bidakara Hotel Jakarta; 'weak' influence. Quality service has positive and significant contribution to the Customer Retention Bidakara Hotel Jakarta; 'strong' influence.
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Awad, Nancy Awadallah. "Examining the Impact of E- Shopping on Customer Loyalty." International Journal of Online Marketing 9, no. 3 (July 2019): 82–94. http://dx.doi.org/10.4018/ijom.2019070105.
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The majority decisions of online customers make are by tracing the electronic word of mouth and online comments which belong to previous customers and is affected by some fears. This study applied a decision tree method to customer data of those who visit a popular group on Facebook (SouqEgypt). Findings in this study indicated that social media marketing for increasing customer's retention and loyalty are influenced by customer's income, education level and occupation. This study helps marketing managers to enhance customer loyalty and in the long run maximize returns on marketing.
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FELIX, DR EGBORO. "CHALLENGES OF ACQUISITION AND RETENTION OF CUSTOMERS IN A COMPETITIVE MARKET." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 10, no. 8 (October 30, 2015): 2372–80. http://dx.doi.org/10.24297/ijmit.v10i8.585.
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In a world of ever changing customer expectation, and competitive business environment, building corporative and collaborative relationship with customers seems to be the most prudent way to keep track of their changing expectation and appropriately influencing them. One way in which that some companies are developing an improved focus on Customer Relationship Management (CRM), is through the establishment or consideration of splitting the marketing manager’s job into two parts: one for acquisition and one for retention. Offensive marketing emphasize on customer acquisition while defensive marketing emphasizes customer retention. The kinds of skills that are needed for people, in acquisition are in the factual aspect of marketing such as advertising, sales while that of retention is on satisfaction, loyalty, customers service, customization, community building and reward program.
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Thomas, Jacquelyn S. "Econometric Analysis of Customer Retention in an Aviation Trade Organization." Transportation Research Record: Journal of the Transportation Research Board 1567, no. 1 (January 1997): 33–40. http://dx.doi.org/10.3141/1567-05.
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The proliferation of customer data bases is a direct consequence of firms’ drive toward efficient customer-firm interactions. With regard to customer-firm interactions, firms have focused on customer retention rates. Using a customer data base, firms try to identify the most valuable customers within that data base. After identifying these customers, firms attempt to develop strategies and tactics that increase the retention of the most valued customers and maximize the profitability of the entire base of customers. With this goal in mind, common firm practices that have arisen are the offering of rewards, free additional services, and add-on selling. The impact of rewards, additional services, and add-on selling on the customer equity of a trade association in the aviation industry is examined. In particular a model that examines the impact that these factors have on customer retention and firm profitability is developed. This model is tested on a membership data base from a service organization that offers membership rewards, additional free services, and fee-based products to aircraft owners and pilots. The findings from this research have implications for how trade associations should develop marketing programs and strategically manage and target their most valuable customers.
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Komalasari, Fiona Poetri, and Surya Fajar Budiman. "Customer Retention Strategy Through Customer Satisfaction and Customer Loyalty: The Study on Traveloka Loyalty Program." TRJ Tourism Research Journal 2, no. 1 (October 26, 2018): 69. http://dx.doi.org/10.30647/trj.v2i1.32.
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Customer loyalty and customer retention is very closely related, customer loyalty stopped customer churn and strengthen the customer retention. The primary aim of retention strategy is to build a strong customer base and to prevent them from drifting towards other competitor. Traveloka as a travel supplier company, is the leading online travel agent in Indonesia. The customers satisfaction has an average score of 3,91. The result signify that Traveloka is successful in obtaining its customers’ satisfaction The customer loyalty has an average score of 4,04. Traveloka has managed to reach customer loyalty Traveloka customer satisfaction and loyalty are obtained as presented through chapter IV that the average is 3,97. In this research, Traveloka customer retention strategy using loyalty program is proven to be effective.
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Staudt, Yves, and Joël Wagner. "What policyholder and contract features determine the evolution of non-life insurance customer relationships?" International Journal of Bank Marketing 36, no. 6 (September 3, 2018): 1098–124. http://dx.doi.org/10.1108/ijbm-11-2016-0175.
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Purpose Over the last decade, technological and social trends have significantly influenced the relationship between customers and insurers. New buying patterns, price comparison platforms and the usage of different interaction channels driving single-product purchases and impacting lapses have influenced insurers’ customer portfolios and development. The purpose of this paper is to study the features driving the customer relationship along three areas, namely, customer acquisition, development and retention. Design/methodology/approach After defining 14 related hypotheses, the authors use econometric analyses to quantitatively support these hypotheses in the three areas of interest. The authors build on a large-scale longitudinal data set from a Swiss insurance company covering the period from 2005 to 2014 and including 2,757,000 customer-years. The data comprise information on private customers, their contract history, including coverage and losses and the channels used for buying insurance. This analysis focuses on the two most common non-life insurance products, namely, household/liability and car insurance. Findings The authors provide descriptive statistics and results from econometric analyses to determine the significant features and patterns affecting customer development and retention. Among the main results, the authors underline the significant influence on cross-selling given by the customer’s age and the interaction channel. Customers from rural regions are more loyal and likely to conduct cross-buying when compared to their peers from urban regions. Car insurance holders are more likely to lapse than household/liability insurance clients. Finally, while newly acquired customers tend to buy only a single product, the authors show the importance of cross-selling for retaining customers. In fact, customer retention is positively influenced by the number of products hold. Research limitations/implications This work is relevant for academics and practitioners alike, adding a quantitative basis to the understanding of managing customer relationships and for the development of further prospective models. Further work could investigate or add products, extend the study to other companies and focus on customer development with time. Originality/value This study explores a large-scale longitudinal data set. The analyses of customer acquisition, development and retention can support insurers to construct their own models for customer relationship management.
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Kabue, Hellen W. "Creating Customer Value for Enhanced Customer Satisfaction and Retention." Research in Economics and Management 5, no. 3 (June 11, 2020): p7. http://dx.doi.org/10.22158/rem.v5n3p7.
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Customers are increasingly becoming sophisticated due to forces such as advancement in technology, changing social roles and globalization. As a result, customer churning is today a common reality that most companies have to deal with in order to satisfy and retain their customers. Creating customer value has emerged as one of the winning strategic tools that firms could use to gain competitive advantage in the contemporary marketing environment. This paper is an empirical study that presents a comprehensive analysis of the relationship between customer value, customer satisfaction and customer retention. Data was obtained through a survey involving clients of Commercial Banks in Kenya; the survey yielded a total of 385 responses. A self administered questionnaire was used for the customers’ survey while interviews were conducted for Management. Descriptive statistics and regression data analysis methods were employed utilizing SPSS software. The findings of the study revealed that customer value has a positive statistically significant relationship with both customer satisfaction and customer retention.
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Kyei, Daniel Asante, and Augustine Thomas Mambu Bayoh. "Innovation and Customer Retention in the Ghanaian telecommunication industry." International Journal of Innovation 5, no. 2 (August 30, 2017): 171–83. http://dx.doi.org/10.5585/iji.v5i2.154.
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The competition within the telecommunication sector is increasing day by day in Ghana and therefore requires the telecom operators to be more adept in their strategic approach to meet the growing demands of customers. Effective innovation is believed to be key in the approach of wining and maintaining customers. This paper examines the effect of innovation on customer retention in the telecommunication industry in Ghana. Data were collected using self-administered questionnaires to 365 customers of 6 telecommunication companies in Accra, Ghana. Descriptive statistics and multiple regression were employed to examine the relationship between the independent and dependent variables. The result shows that there is positive and significant relationship between innovation and customer retention. The study also discloses that service innovation, process innovation, and marketing innovation were the key determinants of customer retention. The study found service innovation to be a significant chief driver of customer retention. The study recommends that telecommunication companies who desire to improve upon the level of customer retention should invest much in service innovation, process innovation, and marketing innovation.
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Somjani, Avinash. "ENHANCING CUSTOMER RETENTION IN RETAIL INDUSTRY." INFORMATION TECHNOLOGY IN INDUSTRY 9, no. 1 (March 10, 2021): 729–35. http://dx.doi.org/10.17762/itii.v9i1.193.
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With the pandemic grabbing up places all over the world, the decline in businesses, macro and micro, is inevitable. Among these businesses is the retail sector which plays an important role for any economy. Retail sector covers all the basic necessities that a human being needs.
Retail sector is dependent on many factors that drive the sales of a company and the most vital one is the customer retention. With eruption of technology it is highly important to underscore the importance of social media and advanced technology. The main reason for that is the number of options the customers have. Due to this the switching cost is low. From the porter’s analysis, we can clearly conclude that the bargaining power of the buyer is high for most retail commodities.
Many customers are loyal towards a brand because of the brand image, so it is highly important that a company fulfills its CSR programs in a way that can grab the attention of the customers and glue them to the brand. This brand image can also be connected to the store ambience.
This study is based on various factors that are perceived by the customers as of value and how these factors can enhance the customer retention.
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Mostafa, Rasha H. A., and Mohamed Mahmoud Ibrahim. "The effects of customer equity and religious motivation on customer retention and switching intention." Journal of Islamic Marketing 11, no. 6 (April 20, 2020): 1873–91. http://dx.doi.org/10.1108/jima-06-2019-0136.
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Purpose This paper aims to investigate the effects of intrinsic and extrinsic motivations represented in religious motivation and customer equity (CE) drivers, respectively, and switching costs (SCs), on customer’s retention to conventional banks and their switching intention (SI) to Islamic ones in the context of the Egyptian banking sector. Design/methodology/approach Based on the literature, a theoretical model is proposed and examined using structural equation modeling (AMOS) 24. Data were obtained using an intercept sample of 273 conventional bank customers in two major cities in Egypt, namely, Cairo and Giza. Findings The results supported the positive effect of CE and SCs on customer retention (CR) to conventional banks. Value equity has direct positive effect on CR. In addition, SC significantly mediated the relationship between relationship equity (RE) and service encounter employee’s equity (SEEE) and CR. Finally, religious motivations positively and significantly influence customers SI to Islamic banks. Practical implications CE, including all its drivers, namely, value, brand, relationship and SEEE, are the best force of CR in the Egyptian banking sector. The mediating role of SC in the relation between RE and SEEE and CR is perceived as a barrier to switch, instead of reflecting real desire from customers to stay tuned to their conventional banks. In addition, religious motivation should be considered while planning banking services because of its significant direct effect on customers SI from conventional banks to Islamic ones. Finally, both utilitarian extrinsic motivation and hedonic intrinsic ones are influencing customer’s retention and SI, respectively. Originality/value This paper develops and adds a fourth driver to previously examined and validated CE drivers, namely, SEEE. Further, it provides empirical analysis to the effect of religious motivation and CE drivers on SCs, CR and SI in a developing and Islamic dominating context, namely, Egypt. Moreover, it introduces a framework that could be examined and validated in other Islamic contexts to further comprehend bank customers' switching behavior. Yet, the current research focused on the Egyptian banking sector only, where the individual customers represent the sampling unit.
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Hasan, Ameer, Muhammad Irfan Arif ., and Nimra Khan . "ATM Service Quality and its Effect on Customer Retention: A Case from Pakistani Banks." Information Management and Business Review 5, no. 6 (June 30, 2013): 300–305. http://dx.doi.org/10.22610/imbr.v5i6.1055.
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The concept customer retention has received a considerable attention from a few decades in both areas as academic and industry. In the dynamic market environment, customer retention is seen as much important factor to compete in the market. Banks deals very closely to their customers, find, and fulfill their needs. Due to the technological advancement, banks are offering technology based services to the customers, the aim is to have a competitive advantage in satisfying their customer needs and hence to retain their customers. This research attempts to find the technology based ATM service quality, that how the customer are satisfied with it and hence being retained with the bank. The study will find the factor of ATM service quality that are helpful in retaining the customers. Data was collected from different banks of Pakistan and result depicts that the satisfaction of the bank customers with ATM service quality leads to retain the customer with the bank. Hence, the manger should need to focus on the quality ATM service to their customers, to retain their customers with the Banks.
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Christou, Evangelos. "Relationship marketing practices for retention of corporate customers in hospitality contract catering." Tourism and hospitality management 16, no. 1 (May 2010): 1–10. http://dx.doi.org/10.20867/thm.16.1.1.
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Customer retention is specific to the context of each firm, and this is rarely recognized in models for customer retention. This paper studies how customer retention in hospitality business-to-business contract catering depends on the relationship substance built up due to interaction between the parties. Relationship substance may be of a more or less embedded ind, which is explored here in the form of relationship satisfaction and organizational change in the buying firm. A conceptual model is developed and tested on a sample of business relationships in business-to-business contract catering. The results support the fundamental effect that relationship satisfaction improves customer retention. The research also finds that the purchase development of contract catering customers increases retention, in particular if the customer who purchases more is also satisfied. However, when the contract caterer has achieved change in the customer firm, customer is reduced. Evidently, these customers consider that they are done with the seller and move to other sellers, or reduce their purchases altogether.
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Alshurideh, Muhammad Turki. "Is Customer Retention Beneficial for Customers: A Conceptual Background." Journal of Research in Marketing 5, no. 3 (April 20, 2016): 382. http://dx.doi.org/10.17722/jorm.v5i3.126.
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Noor ritawaty. "THE EFFECT OF SERVICE QUALITY AND RELATIONAL EFFORTS ON TRANSACTION SATISFACTION, RELATIONAL OUTCOME AND CUSTOMER RETENTION IN RETAIL BUSINESS IN THE CITY OF BANJARMASIN." Archives of Business Research 7, no. 10 (October 29, 2019): 113–20. http://dx.doi.org/10.14738/abr.710.7252.
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ABSTRACT
The study aims to analyze the influence of the services quality and relational efforts relational satisfaction, relational outcomes and retention of customers in the retail business in the city of Banjarmasin. The population in this study is the consumer supermarket in the city of Banjarmasin, such as Hypermart, Giant. Lottemart, and Ramayana Robinson. Given the respondents in this study is homogeneous, so that the sample collection technique is systematic random sampling with selected respondents must meet predetermined criteria standards. because the population is not limited to, the proportional method used to determine the number of samples as many as 200. Data analysis using SPSS and AMOS 20.0 software.
From the test results that, only 7 hypothesis have a significant effect, namely: services Quality has significantly influence to customer satisfaction of retail transactions in Banjarmasin. Quality of service is a significant effect on the retention of retail customers in the city of Banjarmasin. Relational Efforts significant effect on satisfaction of customer transactions in Banjarmasin. Relational efforts has significant influence to outcome relational. Satisfaction transaction has significant influence to outcome relational retail customers in the city of Banjarmasin. Transactions Satisfaction has significant effect to the customer retention of retail customers in the city of Banjarmasin. Outcome relational has significant effect on the customersretention in the city of Banjarmasin.While two other hypothesis has not significant are: Quality of service not significant effect on relational outcomes retail customers in the city of Banjarmasin. Efforts relational no significant effect on the retention of retail customers in the city of Banjarmasin.
Keywords: Service Quality, Relational Effort, Transaction Satisfaction, Relational Outcomes, Customer Retention
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Darzi, Mushtaq Ahmad, and Suhail Ahmad Bhat. "Personnel capability and customer satisfaction as predictors of customer retention in the banking sector." International Journal of Bank Marketing 36, no. 4 (May 21, 2018): 663–79. http://dx.doi.org/10.1108/ijbm-04-2017-0074.
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Purpose The purpose of this paper is to report the findings of a study undertaken to understand customer satisfaction and customer retention in business-to-consumer markets. The study investigates the effect of personnel capability and customer satisfaction on customer retention in the banking sector. The influence of the control variable (gender) on customer retention and mediating role of customer satisfaction has also been examined. Design/methodology/approach The study has used structural equation modeling (SEM) for data analysis across a sample of 409 bank customers of a private bank operating in Jammu and Kashmir state of India. Questionnaires were distributed and respondents were selected through a cluster sampling technique. Findings The empirical analysis through SEM has confirmed that personnel capability and customer satisfaction have a significant positive impact on customer retention. Customer satisfaction partially mediates the effect of personnel capability on customer retention. Moderation analysis was performed and established that gender moderates the effect of personnel capability on customer satisfaction. It was also found that gender has no effect on other relations. Furthermore, the study shows that personnel capability has a stronger impact on customer retention as compared to customer satisfaction. However, the relationship between personnel capability and customer satisfaction is significant. Research limitations/implications The study has been conducted on the customers of a private bank in India. Therefore, generalizations may be limited. As personnel capability is the predictor of satisfaction and retention, individuals with proper social and technical skills – in addition to other skills – should be hired for managing relationships with customers. Originality/value The study has added to the understanding of the relationship which exists among the following variables: gender, personnel capability, customer satisfaction and customer retention. These variables have not been studied together previously.
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et al., Eltahir. "Comparative study of customer relationship management (CRM) and electronic customer relationship management (E-CRM)." International Journal of ADVANCED AND APPLIED SCIENCES 8, no. 7 (July 2021): 1–6. http://dx.doi.org/10.21833/ijaas.2021.07.001.
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Customer Relationship Management can have great help to different companies of different sizes as it offers direct relation with the efficient in organizing, disseminating, and establishing values. The current study is the investigation into and comparison of Customer Relationship Management (CRM) and Electronic Customer Relationship Management (E-CRM). The study also aims to compare CRM and ECRM. The study also aims at showing to what extent building good relationships with the customer is of great role to companies. The study reviewed the recent articles published in the international databases. No exclusion criteria were made according to the country or location of the study. It views profit from another perspective as it focuses on establishing good relationships with the customers and clients as it is a better window to create customer retention and loyalty and thus lead to profits is seen and treated from the customers and client's retention and loyalty point of view to assure customers and clients loyalty and retention, the study follows customer orientation approach.
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Ascarza, Eva. "Retention Futility: Targeting High-Risk Customers Might be Ineffective." Journal of Marketing Research 55, no. 1 (February 2018): 80–98. http://dx.doi.org/10.1509/jmr.16.0163.
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Companies in a variety of sectors are increasingly managing customer churn proactively, generally by detecting customers at the highest risk of churning and targeting retention efforts towards them. While there is a vast literature on developing churn prediction models that identify customers at the highest risk of churning, no research has investigated whether it is indeed optimal to target those individuals. Combining two field experiments with machine learning techniques, the author demonstrates that customers identified as having the highest risk of churning are not necessarily the best targets for proactive churn programs. This finding is not only contrary to common wisdom but also suggests that retention programs are sometimes futile not because firms offer the wrong incentives but because they do not apply the right targeting rules. Accordingly, firms should focus their modeling efforts on identifying the observed heterogeneity in response to the intervention and to target customers on the basis of their sensitivity to the intervention, regardless of their risk of churning. This approach is empirically demonstrated to be significantly more effective than the standard practice of targeting customers with the highest risk of churning. More broadly, the author encourages firms and researchers using randomized trials (or A/B tests) to look beyond the average effect of interventions and leverage the observed heterogeneity in customers' response to select customer targets.
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Nugroho, Samuel, Sesilya Kempa, and Togar Wiliater Soaloon Panjaitan. "Logistic Service Quality and Customer Satisfaction to Customer Retention on Rice Producer Industry." SHS Web of Conferences 76 (2020): 01048. http://dx.doi.org/10.1051/shsconf/20207601048.
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Good quality logistic services from the company can make customers feel satisfied and make purchases back to the company. in the form of rice shops will This study aims to look at the effect of logistic service quality on customer retention through customer satisfaction. This study investigates the service quality of logistic providers that are hired by the rice producers in distributing rice to rice retailers. The samples in this study are 36 rice retailers who have used logistic services at least two times. Data obtained from the questionnaire are processed using partial least square (PLS). The results of this study provide evidence that logistic service quality affects customer retention and customer satisfaction. Further results show that dissatisfied customers will significantly reduce customer retention with a statistical value of 2.754. Intervening results in this study indicate that there is an influence between logistic service quality on customer retention through customer satisfaction.
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Qasem, Mohammad Fayez, Mohammed Abdallah Abukhadijeh, and Mohammad "Abd Alaffo" Aladham. "Customer Relationship Management and Customer Retention in Jordanian Bank." International Business Research 9, no. 9 (July 18, 2016): 41. http://dx.doi.org/10.5539/ibr.v9n9p41.
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<p>This study examined the impact of CRM Activities on bank’s customer retention in Jordan. In order to collect the data of study the researchers designed a survey, the sample was collected from (405) customers of Jordanian banks' as respondents for the research questionnaire in 2016, by using a random sampling method, using Google form and survey monkey. 388 questionnaires were usable, incomplete returned questionnaires had been eliminated. The statistical results provide evidence on the significant positive relationship between CRM Activities and Attitudes of bank’s customers. the significant analysis revealed that there is a significant positive relationship between the independent variables ( i,e CRM Activities represented Solving customers, Quality of service, Behavior of the employees, CRM technology; and Activities to retain) and Attitudes of Banks Customer as a dependent variable (trust, affective commitment, and customer retention), also the statistical analysis revealed that there is a no significant relationship between behavior of the employees and affective commitment, and activities to retain and customer retention.</p>
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USMANI, SANIA, Faraz Ahmed, and Syed Hamza Sajjad. "Website Attributes, Customer Engagement and Retention: Empirical Evidence from Local Pakistani Companies." Sukkur IBA Journal of Management and Business 6, no. 2 (January 22, 2020): 58. http://dx.doi.org/10.30537/sijmb.v6i2.312.
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Abstract: Website attributes of an e-commerce website enhance its visual and responsive appeal for the website. To have a closer view and insight of the website attributes, we investigated that how different website attributes such as aesthetic, affective, functional and symbolic affects the customer engagement and retention. We compared furniture and airline sector specifically; Interwood and Habitt, and PIA and Serene Air websites and its effect of customers engagement and retention. Data was collected from respondents after showing them the websites of each company and they were asked to evaluate them in terms of their aesthetic, affective, functional and symbolic appeal. All the relationship in this research were significant except few. Affective attributes of Habitt, PIA, Serene Website does not engage customers while aesthetic properties of Habitt and Serene Airlines do not retain customers. Also, affective properties have the most significant relationship with customer retention for all the customers of each company. Overall, results added useful insight into the literature on E-commerce and Marketing.
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OTHMAN, BESTOON, HE WEIJUN, ZHENGWEI HUANG, WIRYA NAJM RASHID, JING XI, and FANG YUAN. "The effect of service marketing mix elements and customer retentiontowards clothing store brands in ChIna." Industria Textila 72, no. 04 (September 1, 2021): 388–97. http://dx.doi.org/10.35530/it.072.04.1777.
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The aim of this paper was to analyse the impact of service marketing mix (promotion, price, place, product, people,process, physical evidence and after sale service) on customer retention towards clothing store brands in China. Basedon the analysis of past literature, it appeared that there were only few studies examining the empirical relation betweenthe two constructs, particularly in the clothing sector in China. A comprehensive survey approach was used to collectdata from a total of 385 customers visiting clothing stores in the middle part of China (Hubei). SPSS and PLS were usedto analyse the obtained data. The findings showed that there were significant positive effects on customer retention inall dimensions of the service marketing mix. Finally, the findings suggested that after-sales service plays an importantrole in impacting the retention of customers. The contribution of this research was supporting the significancerelationship of the marketing mix elements in influencing the retention of customers in the clothing industry with empiricaldata from China.
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Min, Sungwook, Xubing Zhang, Namwoon Kim, and Rajendra K. Srivastava. "Customer Acquisition and Retention Spending: An Analytical Model and Empirical Investigation in Wireless Telecommunications Markets." Journal of Marketing Research 53, no. 5 (October 2016): 728–44. http://dx.doi.org/10.1509/jmr.14.0170.
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Strategic resource allocation in growth markets is always a challenging task. This is especially true when it comes to determining the level of investments and expenditures for customer acquisition and retention in competitive and dynamic market environments. This study develops an analytical model to examine firms’ investments in customer acquisition and retention for a new service; it develops hypotheses drawing on analytical findings and tests them with firm-level operating data of wireless telecommunications markets from 41 countries during 1999–2007. The empirical investigation shows that a firm's acquisition cost per customer is more sensitive to market position and competition than retention cost per customer. Furthermore, whereas firms leading in market share, on average, do not have a cost advantage over other firms in retaining customers, they have a substantial cost advantage in acquiring customers, and this advantage tends to increase with market penetration. The study results provide guidelines for firms’ strategic resource allocation for customer acquisition and retention in competitive service markets.
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Sashi, C. M., Gina Brynildsen, and Anil Bilgihan. "Social media, customer engagement and advocacy." International Journal of Contemporary Hospitality Management 31, no. 3 (March 18, 2019): 1247–72. http://dx.doi.org/10.1108/ijchm-02-2018-0108.
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PurposeThe purpose of this study is to examine how social media facilitates the process of customer engagement in quick service restaurants (QSRs). Customers characterized as transactional customers, loyal customers, delighted customers or fans, based on the degree of relational exchange and emotional bonds, are expected to vary in their propensity to engage in advocacy and co-create value.Design/methodology/approachHypotheses linking the antecedents of customer engagement to advocacy are empirically investigated with data from the Twitter social media network for the top 50 US QSRs. Multiple regression analysis is carried out with proxies for advocacy as the dependent variable and connection effort, interaction effort, satisfaction, retention effort, calculative commitment and affective commitment as independent variables.FindingsThe results indicate that retention effort and calculative commitment of customers are the most important factors influencing advocacy. Efforts to retain customers using social media communication increase advocacy. Greater calculative commitment also increases advocacy. Affective commitment mediates the relationship between calculative commitment and advocacy.Practical implicationsFostering retention and calculative commitment by using social media communication engenders loyalty and customers become advocates. Calculative commitment fosters affective commitment, turning customers into fans who are delighted as well as loyal, enhancing advocacy.Originality/valueThis study uniquely investigates the relationship between the antecedents of customer engagement and advocacy. It develops the theory and conducts an empirical analysis with actual social media network data for a specific industry where usage of the network is widely prevalent. It confirms that calculative commitment influences advocacy. Calculative commitment not only has a direct effect but also has an indirect effect through affective commitment on advocacy in the QSR context. Further, social media efforts by QSRs to retain customers encourage advocacy. Other customer engagement antecedents do not directly influence advocacy.
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Bhattacharya, C. B. "When Customers Are Members: Customer Retention in Paid Membership Contexts." Journal of the Academy of Marketing Science 26, no. 1 (January 1, 1998): 31–44. http://dx.doi.org/10.1177/0092070398261004.
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White, Lesley, and Venkata Yanamandram. "A model of customer retention of dissatisfied business services customers." Managing Service Quality: An International Journal 17, no. 3 (May 22, 2007): 298–316. http://dx.doi.org/10.1108/09604520710744317.
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Margret N., Dr Kabuoh, Smith Olufolake M., Dr Okwu Andy T., and Erigbe Patience A. "Sales Promotion and Customer’s Retention in Selected Foods and Beverages Companies in Lagos State Nigeria." Journal of Social Sciences Research, no. 63 (March 15, 2020): 276–85. http://dx.doi.org/10.32861/jssr.63.276.285.
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Organisations’ customers are the greatest asset they have to remain sustained and to retain these customers, effective sales promotion is required to push company’s products and services to various customers at satisfaction with view of making profit. However, some organisations especially those in consumable goods pay little attention to customers’ satisfaction by not imbibing effective sales promotion leading to poor sales performance and customers’ turnover. This study examines the effect of sales promotion on customer retention of selected food and beverages companies in Lagos, Nigeria. Survey research design was adopted for this study. The population of the study comprised of customers of Foods and Beverages (FandB) Companies estimated at 4,209,483 from the selected five local governments in Lagos State, Nigeria. Sample size of 1019 was derived via Krejcie and Morgan method and through simple random sampling technique. Data were elucidated from the respondents via research instrument. The Cronbach’s Alpha reliability co-efficient as well as the Kaiser-Meyer-Oklin (KMO) was established for both reliability and validity of the research instrument. Both descriptive and inferential statistics were adopted for analysis and the hypothesis was tested with simple linear regression. Result indicated that sales promotion had positive effect on customer retention of selected Foods and Beverages Companies in Lagos State Nigeria (R2=.367; t = 22.595; P<0.05). The study concludes that sales promotion has significant effect on customer retention and recommended that adequate promotional budget incentives should be considered by the F&B companies’ management to encourage effective sales promotion especially at special periods to boost sales and enhance customer retention. Quality food processing and safety measures should be enforced by the government through regulating agencies like National Foods and Drug Administration Council (NAFDAC), the Standards Organization of Nigeria (SON), and the Ministry of Health.
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Tripathy, Arun Kumar, and Anshul Jain. "FinTech adoption: strategy for customer retention." Strategic Direction 36, no. 12 (November 2, 2020): 47–49. http://dx.doi.org/10.1108/sd-10-2019-0188.
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Purpose Purpose of this paper is highlight the importance of adopting FinTech innovations to improve Customer Retention Design/methodology/approach Authors viewpoint and give a macro perspective of FinTech-Customer Retention linkages. Findings Adoption of FinTech innovations is essential for customer retention. Practical implications Many large B2C players are moving strongly ahead with adopting FinTech driven payment solutions. Competitors which ignore this trend, stand to lose customers in the long run. Originality/value FinTech is a new and developing industry. There has been limited research into its usage by non-financial corporates and impact on customer retention.
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Beukes, Jacques, Hein Prinsloo, and Theuns G. Pelser. "Customer Service Expectations from South African Alcoholic Beverage Suppliers in Urban and Rural Areas." Journal of Economics and Behavioral Studies 9, no. 3(J) (July 20, 2017): 28–45. http://dx.doi.org/10.22610/jebs.v9i3(j).1744.
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South African alcoholic beverage suppliers (SAABS) have to focus their efforts on quality customer service as a means of differentiation. Quality of service is a competitive advantage and serves as a marketing tool for many companies; it also contributes to customer loyalty and retention. Offering quality service is considered an essential strategy for success and survival in today’s competitive business market. A commitment to quality must start from the top of any organisation, be it a service delivery company or a manufacturing or merchandising business, and spiral down to the bottom. SAABS need to understand their customers’ perceptions of the service offering, their existing relationship with the company and their levels of satisfaction. The study set out to measure the service delivery expectations and realisations of customers that receive delivery from SAABS based on their geographical location. It required the implementation of a descriptive research method. The target population comprised customers of SAABS situated in the Gauteng, Western Cape and North West Provinces of South Africa. A sample size of 926 was realised. The results from the study indicate that customers expect the SAABS to deliver on all five service quality dimensions but fail to do so to their satisfaction. If the SAABS used the proposed customer relationship management (CRM) framework, it can improve on their service delivery and customer service. This, in the long run, will improve customer satisfaction, loyalty and retention.
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Terblanche, N. S., and C. Boshoff. "The in-store shopping experience: A comparative study of supermarket and clothing store customers." South African Journal of Business Management 35, no. 4 (December 31, 2004): 1–10. http://dx.doi.org/10.4102/sajbm.v35i4.663.
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Various developments continually pressurise retailers to find new and innovative ways to differentiate themselves from competitors and adapt to ever-changing and accelerating environmental circumstances. Positioning based on customers’ in-store shopping experience (ISE) offers retailers an alternative means of differentiation and is achieved by providing a superior in-store shopping experience. The ISE instrument that has been developed to measure customers’ in store shopping experience is used in this study to compare the in-store shopping experiences of customers of two diverse retailing environments (supermarkets versus clothing retailers) by assessing its impact on customer retention. A proposition is formulated and the findings reported. The implications of ISE and customer retention for retail managers are also dealt with.
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Chimote, Niraj Kishore, and Ankita Srivastava. "Analyzing the Effectiveness of Customer Retention Strategies with Existing Customers in Banking Industry." International Journal of Customer Relationship Marketing and Management 3, no. 3 (July 2012): 1–14. http://dx.doi.org/10.4018/jcrmm.2012070101.
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The rationale of this study is to find out the effectiveness of customer retention strategies from the perspective of the existing customers of a bank in Dehradun (India). The literature suggests that the retention is influenced by four levels namely financial bonds, social bonds, structural bonds and customization bonds along with some additional variables. The questionnaire survey was responded by 108 existing customers of a leading private sector bank. Chi-square test revealed that the effectiveness of retention strategies is independent of demographic variables except education. The factor analysis indicated the grouping of the seventeen variables into three factors namely: Value added services, convenience and business development. Finally, a multiple regression analysis revealed that the factors extracted in factor analysis are significant in determining the effectiveness of customer retention strategies.
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Chim Weng Kong and Maria Abdul Rahman. "Service Quality and Customer Retention in Malaysian Commercial Banks." Journal of Business and Social Review in Emerging Economies 6, no. 4 (December 4, 2020): 1287–95. http://dx.doi.org/10.26710/jbsee.v6i4.1425.
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This conceptual paper explores the contribution of service quality on banks’ customer retention. Customer is the core factors to any business industry and there is no exception for the banking industry. Customers will only retain with the same bank provided there is a quality service. Service comes in the form of how the bank’s employee treats the customers and from physical facilities and other tangibles used in banking transactions. Contribution of service quality is indefinite and without it, firm’s business will lose out to other banks. Banks not only compete with other banks but banks’ branches as well. The importance of the banking business cannot be neglected as it has contributed to Malaysia Gross Domestic Products in term of service industry. Service is not similar with goods or physical products as it is intangible and only can be experienced during the process of selling or buying. Good quality service must be prioritized in helping retaining customers even with the Industrial Revolution 4.0 where it is “a mechanism that is controlled or monitored by computer-based”. Contribution of human capital which is cannot be separated in term of knowledge, friendly approach and ethical help in delivering quality service. One of the methods can be applied by the bank is the commitment of monitoring and servicing customer requirements to deliver high levels of service quality for total customer satisfaction.
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Mishachandar, B., and Kakelli Anil Kumar. "Predicting customer churn using targeted proactive retention." International Journal of Engineering & Technology 7, no. 2.27 (August 2, 2018): 69. http://dx.doi.org/10.14419/ijet.v7i2.27.10180.
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With the advent of innovative technologies and fierce competition, the choices for customers to choose from have increased tremendously in number. Especially in the case of a telecommunication industry, where deregulation is at its peak. Every year a new company springs up offering fitter options for its customers. This has turned the concentration of the business doers on churn prediction and business management models to sustain their places. Businesses approach churn in two ways, one is through targeted customer retention and through cause identification strategy. The literature of this paper provides a comprehensible understanding of the so far employed techniques in predicting customer churn. From that, it is quite evident that less attention has been given to the accuracy and the intuitiveness of churn models developed. Therefore, a novel approach of combining the models of Machine Learning and Big Data Analytics tools was proposed to deal churn prediction effectively. The purpose of this proposed work is to apply a novel retention technique called the targeted proactive retention to predict customer churning behavior in advance and help in their retention. This proposed work will help telecom companies to comprehend the risk associated with customer churn by predicting the possibility and the time of occurrence.
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MUHAMMAD, ALI, and AIZA HUSSAIN RANA. "Impact of Online Customer Relationship Management (OCRM) Upon Customers Satisfaction in Post Covid-19 Scenario. A Case Analysis of Standard Chartered Bank Pakistan." International Review of Management and Business Research 9, no. 4 (December 7, 2020): 180–95. http://dx.doi.org/10.30543/9-4(2020)-16.
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This study investigates the impacts of online Customer Relationship Management (OCRM) on the level of customer satisfaction and retention in the Pakistani Banking industry. Recent past has witnessed workplace shift toward workspace especially in post-Covid scenario. Covid-19 pandemic have pushed banks in developed countries to move its day-to-day operations to purely online, following which Pakistani banks are also going global yet customer satisfaction and retention still remains a dilemma. A case analysis of Standard Chartered Bank has been chosen in the relatively troubled state of Khyber Pakhtunkhwa. This research is an attempt to empirically highlight the importance of OCRM for the banks’ overall growth and performance. A causal relation between customers’ satisfaction and retention with that of OCRM is examined through various pathways. Primary data from 100 staff members from 18 branches of the bank were collected using convenience sampling and questionnaire-based survey in summer 2020. Six hypotheses were developed and testing using regression analysis. The results suggest that OCRM bears direct positive relation with customer satisfaction and retention with moderating effects of perceived value, price and switching cost. Through customized services, banks should rigorously pursue online services and treat this pandemic an opportunity. Online services can be viable platform for positioning the banks’ new offerings to customers. Important lessons and recommendations for banking industry are put forward. The paper concludes with limitations and contributions. Keywords: Standard Chartered, Online CRM, customers, satisfaction, retention, banks, Covid-19.
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Salem, Suha Fouad. "Do Relationship Marketing Constructs Enhance Consumer Retention? An Empirical Study Within the Hotel Industry." SAGE Open 11, no. 2 (April 2021): 215824402110092. http://dx.doi.org/10.1177/21582440211009224.
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The increasing growth of new hotels in the Malaysian domestic market indicates that the hospitality and tourism industry is growing rapidly. As a result, there will be high competition as customers can easily switch from one hotel to the other. Therefore, to maintain competition in the market, it is crucial for hotels to recognize the importance of conflict handling, trust, and customer commitment in maintaining good relationships with their customers. Hence, the objective of this study is to study, relationship marketing constructs such as conflict handling, trust, and commitment are evaluated based on their direct and indirect relationships with customer retention. Overall, 188 questionnaires were collected from hotel guests in Malaysia to evaluate the structural relationships between these constructs and the performance of the measurement model using SmartPLS 3.2.3. Moreover, the importance-performance map analysis (IPMA) was used to identify measures that could be utilized to enhance management activities. The research outcomes of this study indicated that customer retention is directly influenced by conflict handling, whereas customer engagement is directly affected by trust, conflict handling, and commitment. However, conflict handling, commitment, and trust indirectly affected customer retention via customer engagement. The IPMA also revealed several aspects to help decision-makers and managers prioritize their actions efficiently. The results of this study revealed that customer engagement and conflict handling had the highest effect, whereas commitment and customer engagement had the highest performance on customer retention in the hotel industry. Therefore, to maintain customer loyalty, it is recommended that hotel managers prioritize their customers’ complaints and resolve them effectively.
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Haque, Umama Nasrin, and Rabin Mazumder. "A Study on the Relationship Between Customer Loyalty and Customer Trust in Online Shopping." International Journal of Online Marketing 10, no. 2 (April 2020): 1–16. http://dx.doi.org/10.4018/ijom.2020040101.
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Recently, the online market environment is quite competitive, and the organizations have to make sure to focus on continuously meeting the current and potential needs of the customers. Customer loyalty is primarily achieved by satisfying customer's expectations. In online shopping, since the products are intangible, it is important to build trust among the customers. Organizations need to thoroughly understand the consumer behavior and consumer needs in order to create and implement effective customer retention strategies. This study attempts to study the relationship between customer loyalty and customer trust in online shopping since trust is the glue that holds the customer relationship together in the current competitive market. Data is collected through the structured questionnaire. The results of this study legitimate the idea that trust of the customer acts as a mediating factor which enhances the loyalty of the customer in regard to the further purchase and consumption of the particular product or service in the online environment.
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Tu, Yu-Te, and Hsiao-Chien Chang . "Corporate Brand Image and Customer Satisfaction on Loyalty: An Empirical Study of Starbucks Coffee in Taiwan." Journal of Social and Development Sciences 3, no. 1 (January 15, 2012): 24–32. http://dx.doi.org/10.22610/jsds.v3i1.682.
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Corporate image has been assessed as an important antecedent of customer satisfaction and loyalty. Corporate brand is vital because positive corporate brands help companies achieving higher performance, such as sales. Marketing exists to deliver more value to satisfy customers as well as build a long-term and mutually profitability relationship with customers. If a firm’s products or services do not satisfy or meet the customer’s needs and wants, all the strategies are insufficient. With loyal customers, companies can have higher market share and reduce the operating cost. An improvement of 5 percent in customer retention leads to an increase of 25 percent to 75 percent in profit. It costs more than five times as much to obtain a new customer than to keep an existing one. This initial study was from relevant literature, then set up research structure and hypotheses. Survey was employed, and respondents were from the customers of Starbucks Coffee in Taipei area. There were 199 usable questionnaires to analyze descriptive statistics, reliability, validity, and SEM model. The research found that corporate brand image significantly affects customer satisfaction and customer loyalty, and customer satisfaction has strong impact on customer loyalty for the sample. Therefore, firms have to specifically focus on these factors in order to build a long-term and mutually profitability relationship with a customer and create loyalty as competitive advantages in the market.
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Kumar, Rakesh, and Kumar Sharma. "A single-server Markovian queuing system with discouraged arrivals and retention of reneged customers." Yugoslav Journal of Operations Research 24, no. 1 (2014): 119–26. http://dx.doi.org/10.2298/yjor120911019k.
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Customer impatience has a very negative impact on the queuing system under investigation. If we talk from business point of view, the firms lose their potential customers due to customer impatience, which affects their business as a whole. If the firms employ certain customer retention strategies, then there are chances that a certain fraction of impatient customers can be retained in the queuing system. A reneged customer may be convinced to stay in the queuing system for his further service with some probability, say q and he may abandon the queue without receiving the service with a probability p(=1? q). A finite waiting space Markovian single-server queuing model with discouraged arrivals, reneging and retention of reneged customers is studied. The steady state solution of the model is derived iteratively. The measures of effectiveness of the queuing model are also obtained. Some important queuing models are derived as special cases of this model.
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Adl, Ammar, and Abdelsadeq Khamis Elfergany. "Tracking How a Change in a Telecom Service Affects Its Customers Using Sentiment Analysis and Personality Insight." International Journal of Service Science, Management, Engineering, and Technology 11, no. 3 (July 2020): 33–46. http://dx.doi.org/10.4018/ijssmet.2020070103.
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Tracking the effect of change a telecom service on customer feeling is an important process for telecom companies. As a result of tangible growth and large competition among telecom companies, customer retention and satisfaction are the most important challenges faced by telecom companies nowadays. Customer retention can be achieved by identifying the feeling of the telecom customers after changing service and take care of the customers by modifying the services that aren't accepted by its customers. Hence, this article was done by using a combination of four stages of: text pre-processing, personality analysis, sentiment analysis, and a chatbot system. This article shows the effect of using the personality traits, agreeableness and emotional range, with sentiment analysis to help reaching a full description of customer feel. Combining the sentiment analysis Naïve Bayes technique in the natural language processing and personality insights pre-learning stage and adding feedback using the obtained results achieves higher accuracy than using the traditional sentiment analysis techniques.
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Tsao, Hsiu-Yuan, Lucy M. Matthews, and Victoria L. Crittenden. "Balancing Market Share Growth and Customer Profitability: Budget Allocation for Customer Acquisition and Retention." Organizations and Markets in Emerging Economies 3, no. 2 (December 31, 2012): 45–55. http://dx.doi.org/10.15388/omee.2012.3.2.14267.
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This study adds to the knowledge of budget allocation for customer acquisition and retention spending in an inertia segment. The results indicate that when retention spending surpassed the optimal budget allocation, increased spending did not grow the expected value of customer equity. Since the inertia segment is comprised of loyal customers, an examination of brand equity and its role in customer loyalty and its influence on customer equity are discussed.
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Som, Bhupender, and Sunny Seth. "M/M/c/N queuing systems with encouraged arrivals, reneging, retention and feedback customers." Yugoslav Journal of Operations Research 28, no. 3 (2018): 333–44. http://dx.doi.org/10.2298/yjor170620006s.
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Customers often get attracted by lucrative deals and discounts offered by firms. These, attracted customers are termed as encouraged arrivals. In this paper, we developed a multi-server Feedback Markovian queuing model with encouraged arrivals, customer impatience, and retention of impatient customers. The stationary system size probabilities are obtained recursively. Also, we presented the necessary measures of performance and gave numerical illustrations. Some particular, and special cases of the model are discussed.
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Han, Heesup, Wansoo Kim, Sanghyeop Lee, and Hye-Ran Kim. "How Image Congruity and Satisfaction Impact Customer Retention at Luxury Restaurants: A Moderated Mediation Framework." Social Behavior and Personality: an international journal 46, no. 6 (June 5, 2018): 891–904. http://dx.doi.org/10.2224/sbp.6767.
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We investigated the impact of customers' image congruity and their satisfaction on customer retention at luxury restaurants. We examined the conspicuousness of product consumption as the moderator in the relationship of image congruity and customer satisfaction. Our assessment of the measurement model revealed acceptable levels of reliability and construct validity. Our findings from the structural model assessment indicated that both image congruity and customer satisfaction exerted an influence on customer retention that was sufficiently significant to explain the total variance in retention. In addition, results showed that customer satisfaction was prominent in determining retention, acting as a significant mediator. Conspicuousness of product consumption was a significant moderator of the relationship between image congruity and customer satisfaction. Overall, our findings offer researchers and practitioners in the luxury restaurant industry valuable information regarding customer retention.
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Rfieda, Ali. "Investigating Factors that affecting the Continued use of Internet Banking: Case Study of Libya." Information Management and Business Review 5, no. 7 (July 30, 2013): 313–23. http://dx.doi.org/10.22610/imbr.v5i7.1057.
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After technological progress and in particular the development of internet, internet banking service has intensified the competition between banks as well as allowed customers to easily compare the services that provided by different banks. While the goal of any business entity in the long term is to increase its productivity and maximisation of the profits, customer retention becomes an important component of banking strategy in today’s increasingly competitive environment to foster customer relationship management. In order to achieve this, it is important to concentrate on the consumer’s continued use of a service rather than solely on their acceptance of the service (Adapa, 2011). Therefore, understanding the importance of consumers’ continued use is the key element to maximise customers’ retention in internet banking services.
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Viljoen, Kim, Mornay Roberts-Lombard, and Chris Jooste. "Reintermediation Strategies For Disintermediated Travel Agencies: A Strategic Marketing Perspective." International Business & Economics Research Journal (IBER) 14, no. 3 (April 30, 2015): 561. http://dx.doi.org/10.19030/iber.v14i3.9216.
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The evolution and advancement of the Internet has disintermediated many 20th century businesses, in particular traditional travel agencies. Reintermediation strategies for travel agents that result in additional value being delivered to customers need to be sought with the ultimate objective of retaining customers. The research on which this article is based was concerned with the apparent gap in existing research on this topic. Focus group discussions were held and an online survey was conducted with South African travel agents. Eight proposed reintermediation factors were tested for relationship significance to reintermediation and ultimately customer retention. The eight factors consisted of personal interaction, differentiated product, low service fees, product knowledge, high-quality service, coexisting with technology, targeting the leisure segment, and lastly targeting the corporate segment. Five factors proved to be valid reintermediation and customer retention indicators, with personal interaction being the most important and low service fees the least important. Marketing strategies for the purposes of reintermediation and customer retention related to these findings were recommended.
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Baber, Hasnan. "FinTech, Crowdfunding and Customer Retention in Islamic Banks." Vision: The Journal of Business Perspective 24, no. 3 (October 21, 2019): 260–68. http://dx.doi.org/10.1177/0972262919869765.
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Financial technology (FinTech) has gained a lot of attention and popularity in recent past years. Some researchers blame it for disrupting financial ecosystem and while others admire it for redefining traditional business models. According to the Statista Report 2018, transaction value in the crowdfunding segment amounts to US$ 5,250 mn in 2018. The aim of this study is to investigate the influence of FinTech applications and crowdfunding on customer retention in Islamic banks of Malaysia and the United Arab Emirates. A structured questionnaire consisting of 31 items was designed to gather data from 535 customers of selected banks from both countries through strata sampling. Various statistical tests were done to check the association between FinTech applications including crowdfunding and customer retention using SPSS 25.0. The results indicated that financing application of FinTech has no relevance to customer retention while as other variables such as payments, advisory services, compliance and crowdfunding has an impact on retaining customers in Islamic banks of these two countries. The conclusion of this study emphasis on expanding the range of applications of FinTech services by Islamic banks so that the customer will stay longer with the bank. Also, crowdfunding should be integrated into the Islamic banking system so that it can help in social entrepreneurship, micro-finance and establishing global Zakah and Sadaqa system.
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Paul, Rik, and Debapratim Purkayastha. "Customer retention at Hyundai Motor India Ltd." Emerald Emerging Markets Case Studies 3, no. 3 (June 28, 2013): 1–12. http://dx.doi.org/10.1108/eemcs-06-2013-0078.
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Title – Customer retention at Hyundai Motor India Ltd. Subject area – Marketing management, services marketing, customer relationship management and strategic marketing management. Study level/applicability – This case can be taught effectively to MBA/MS students. Case overview – Hyundai Motor India Ltd (HMIL) commenced operations in India in 1996 and launched its first car in India – the Hyundai Santro – in 1998. Since then, there has been no looking back for the company. Its domestic and export sales figures have risen manifold each year and the car maker has gone on to become the second largest manufacturer in the Indian car market with a market share of 18.10 percent as of 2010-2011. By 2009-2010, most of the major international car makers were setting up production facilities in India. The market was set to become highly competitive and it became imperative for manufacturers like Maruti Suzuki India Ltd (MSIL) and HMIL to retain their customers in order to maintain their market share. Nalin Kapoor, General Manager (Sales & Marketing) was contemplating the marketing strategies he could use to counter the stiff competition. Customer retention was one of the major problems in the automobile industry as the purchase time span varied between three and five years and the cost of brand switching was nil. HMIL had been pursuing customer relationship management activities but its customer retention ratio was declining. Kapoor and his team decided to study the loyalty programs of some companies in the automobile industry to ascertain whether launching a loyalty card could solve their problem of retention. The marketing strategy department with the help of a management intern extensively studied the existing loyalty program of Hero Honda, MSIL, and Ford to identify how those programs were designed and promoted to the customer. The reports also indicated the shortcomings of each program and the features which were highly accepted by the customer. The loyalty program also had cost implications as there was a need for a strong technical support team to run it successfully. With the reports in hand, Kapoor was in a dilemma on whether launching a loyalty card would be feasible or not. If yes, then how should it be structured to motivate the customers to stay loyal to the company? Also, how could the cost in terms of promotion, training, and technical support be justified? If not a loyalty program, then what marketing strategies should the company pursue to retain customers effectively? The problem demanded immediate attention and action and Kapoor was well aware of the implications that a delay in decision making would have for the market share of the company in the growing and dynamic automobile industry in India. Expected learning outcomes – These include: the concept of customer relationship management; relationship marketing; customer retention; customer loyalty; customer profitability segments; relationship bonds; and designing loyalty programs. Supplementary materials – Teaching notes are available for educators only. Please contact your library to gain login details or email: support@emeraldinsight.com to request teaching notes.