Customer retention
Customer Retention
Literature Review
Customer satisfaction holds considerable significance in corporate sector as with no satisfy and dedicated customers, you don't have a trade. A review conducted on college students in Bahrain indicated that adolescent consumers places more stress on factors like a bank’s repute, openness of bank personnel, suitable locality, 24/7 ATM, and accessibility of parking, in selecting their banks (Almossawi,2001). There is an mounting gratitude that the final purpose of customer satisfaction measurement must exist customer loyalty. Sivadas and Baker-Prewitt (2000). In the existent humanity, displeased customers lean to convey their negative impression to further customers or generate a negative word of mouth. As a result, customer frustration leads to low loyalty (Lewis, 1991; Newman, 2001; Caruana, 2002).
The phrase customer loyalty is use to illustrate the behavior of replicate customers, plus those that recommend good quality ratings, review, or testimonials. Baker(2004). Customer loyalty can be achieved in few cases by offering a quality product with a firm guarantee. Customer loyalty is also achieve in the course of free offers, coupons, low interest rates on finance, high worth trade-ins, extended warranties, rebates, and other rewards and incentive programs. Kotler(2006). Self-confidence and consistency are the essential factors to uphold the customer loyalty in the service framework (Dick & Basu, 2004). The expenditure of serving a loyal customer is five or six times less than a new customer. This report shows the value of customer loyalty. Ndubisi & Pfeifer (2005).
The businesses that have collection of brand loyalists have larger marketplace share and far above the ground rates of return on investments, in turn. (Jensen and Hansen, 2006). “Based on a 20-80 rule, the crown 20% of the customers may generate 80% of profit for a company”. Kotler and Keller (2005). Some drivers of brand loyalty are apparent risk, inertia,
Literature Review
Customer satisfaction holds considerable significance in corporate sector as with no satisfy and dedicated customers, you don't have a trade. A review conducted on college students in Bahrain indicated that adolescent consumers places more stress on factors like a bank’s repute, openness of bank personnel, suitable locality, 24/7 ATM, and accessibility of parking, in selecting their banks (Almossawi,2001). There is an mounting gratitude that the final purpose of customer satisfaction measurement must exist customer loyalty. Sivadas and Baker-Prewitt (2000). In the existent humanity, displeased customers lean to convey their negative impression to further customers or generate a negative word of mouth. As a result, customer frustration leads to low loyalty (Lewis, 1991; Newman, 2001; Caruana, 2002).
The phrase customer loyalty is use to illustrate the behavior of replicate customers, plus those that recommend good quality ratings, review, or testimonials. Baker(2004). Customer loyalty can be achieved in few cases by offering a quality product with a firm guarantee. Customer loyalty is also achieve in the course of free offers, coupons, low interest rates on finance, high worth trade-ins, extended warranties, rebates, and other rewards and incentive programs. Kotler(2006). Self-confidence and consistency are the essential factors to uphold the customer loyalty in the service framework (Dick & Basu, 2004). The expenditure of serving a loyal customer is five or six times less than a new customer. This report shows the value of customer loyalty. Ndubisi & Pfeifer (2005).
The businesses that have collection of brand loyalists have larger marketplace share and far above the ground rates of return on investments, in turn. (Jensen and Hansen, 2006). “Based on a 20-80 rule, the crown 20% of the customers may generate 80% of profit for a company”. Kotler and Keller (2005). Some drivers of brand loyalty are apparent risk, inertia,