8.3 Customer Retention

• Economie & Ondernemen
• Middelbare school
• havo
• Leerjaar 3

Recap: What form of market research is a Survey

1. Primary
2. Secondary

Recap: What form of market research is online research

1. Primary
2. Secondary

Recap: Quantitive or Qualitative data

1. Quantitive
2. Qualitative

Recap: Quantitive or Qualitative data

1. Quantitive
2. Qualitative

8.4. Customer Retention

• The reason for retaining customers 
• The methods of measuring customer satisfaction and retention 
• Retaining existing customers
• Complaints

The reason for retaining customers

Establishing and maintaining brand loyalty

  

Increasing or defending sales, market share or profit

The methods of measuring customer satisfaction and retention 

• The number of sales & complaints
  
• Mystery shopper feedback questionnaires
  
• Focus groups
  

Sound interesting?

Retaining existing customers

An enterprise could:

• Demonstrate that it knows its customers and can satisfy their needs
  
• Try to make its customers feel special and valued
  
• Resolving complaints (see last slide)
  
• Establish a reward or loyalty scheme
  
• New products/ promotions
  
• Surveys
  

Complaints

How to deal with a complaint effectively:

• Pay attention to the complaint – listen and take it seriously
  
• Apologise (if necessary) and be genuine
  
• Don’t blame anyone in the enterprise
  
• Try to resolve the issue – satisfy the customer where possible – compensation
  
• The resolution should enhance the customers perception of the enterprise!
  

Knowledge check:
True or false
The probability of selling a new product to an existing customer is 60 - 70 %

1. True
2. False

Knowledge check:
True or false
New customers are more likely to try new products

1. True
2. False

Name one method of how an enterprise can measure customer satisfaction and retention

Why is it important to make a customer feel valued in an enterprise?

Give a tip on how to manage a complaint effectively

Independent work

Complete the workbook tasks for 8.4

Homework check next lesson for unit 8

15th April unit 8 SO