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Customer Retention Strategies and Customer Loyalty
Abstract
Since loyal customers are the most important assets of a company, companies have been giving attention to developing customer retention and loyalty programs. The fundamental purpose of customer retention efforts is to ensure maintaining relationships with value-adding customers by reducing their defection rate. Creating customer loyalty is essential for the survival of the company in highly competitive markets. Thus, this chapter starts with indicating the significance of customer retention marketing strategies for the company by revealing the economics of retention marketing programs. Requirements for developing effective customer retention strategies are explained. Finally, after discussing types of commitment, this chapter ends by explaining loyalty programs and win-back strategies.
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