Optimizing Business Growth via Customer Retention Strategies

Optimizing Business Growth via Customer Retention Strategies

Introduction

With increased completion businesses are quickly realizing that loyal customers and adopting new strategies for customer retention is primary for their profitability. The main aim of customer retention strategies is to increase the purchasing power of a customer and to also to maintain good relation with the customer to keep them loyal to the firm. Customer retention strategies are related to customer relationship management due to the underlying fact that long-term customers are profitable. Reichheld conducted an empirical study that indicated that increased profits are directly related to customer retention rates. Further he…