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Management article
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Reference no. U9607A
Authors: Jim Billington
Published by: Harvard Business Publishing
Published in: "Harvard Management Update", 1996

Abstract

Recognizing the importance of retaining loyal customers, this article offers five major recommendations for mastering customer retention: 1) identify core customers; 2) measure key satisfaction indicators; 3) rigorously analyze defections; 4) mass customize to your core market; and 5) learn to address the unspoken needs of your customers. Presents specific examples of how successful firms are able to leverage this important skill to the benefit of the business.

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Abstract

Recognizing the importance of retaining loyal customers, this article offers five major recommendations for mastering customer retention: 1) identify core customers; 2) measure key satisfaction indicators; 3) rigorously analyze defections; 4) mass customize to your core market; and 5) learn to address the unspoken needs of your customers. Presents specific examples of how successful firms are able to leverage this important skill to the benefit of the business.

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