Questions

Scenario:

Successful business owners understand the value of repeat customers and how it affects their bottom lines. Studies reveal that returning customers spend close to twice as much money as new customers.

A committed, small business owner with the goal to further the success of business also know that personal customers are the bread and butter of business.

why the need to incorporate customer retention strategies using effective marketing strategies and good customer loyalty programs to attract new and keep existing customers.

identify any product or service you would like to market.

Expand on some customer retention strategies to attract new and retain existing customers for your product or service.

• find current marketing strategies for product
• find customer retention strategies
• find strategies on gaining customer loyalty
• make recommendations on how to implement these methods

learn a resource on Customer Relationship Management; Attracting and Retaining Customers; Building Loyalty; Win-Backs, Creating Long-term Loyalty Relationships; Customer Perceived Value; or Building Customer Value, Satisfaction, and Loyalty.

put the concepts listed below into your presentation.

• Provide an analysis of the current marketing and implementation strategy for your product or service with recommendations for improvement (unless you think it is perfect already, which is highly unlikely)
• why customer retention is important to your business and provide five customer retention strategies that may benefit your business.
• what factors that you would take into consideration to determine the prices of your products or services.
• Determine important strategic benefits of brand loyalty that seem most appropriate to your small firm.
• Determine the key factors that influence customer loyalty after their initial purchase