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Retention Good customer retention is vital to any organization because a slight reduction in the customer defection rate has a disproportionately positive effect on profitability. Its' a well known fact that Companies with high retention also grow faster. However, customers can only be retained if they are loyal and motivated to resist competition. How
companies react to their customers’ complaints and feedback is what
makes the difference between mediocre organisations and market leaders. As
global competition increases, maintaining customer loyalty is more
important than ever. Dissatisfied customers now have many options, with
dozens of companies from around the world competing for their business.
It is crucial for every organization to retain loyal customers by
maintaining a high level of customer satisfaction. |
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