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Published by:
Harvard Business Publishing (2006)
Chapter from:
"Marketer's Toolkit: The 10 Strategies You Need to Succeed"
Length:
19 pages

Abstract

The nemesis of customer retention is customer defection, although these customers offer the most market information by signaling ineffective strategies in acquisition and retention. Learning these inefficiencies forces a firm to shift retention expenditures from low to high-value customers and to evaluate future customer development. This chapter provides the steps required to move misaligned retention resources toward better product development and customer service, giving customers no reason to look elsewhere. This chapter is excerpted from ‘Marketer's Toolkit: The 10 Strategies You Need to Succeed'.

Topics

Customer retention; Customer service; Market research; Marketing mixes; Marketing strategy; Product development

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