How to Retain Current Customer Base While Attracting New Ones GM 588
January 23, 2011
Measuring Customer Satisfaction: How to Retain Current Customer Base While Attracting New Ones
In the wake of current economic decline, organizations clearly understand the need for good customer relations. Consumers are paying strict attention to the quality, cost and availability of the products they desire. Moreover, consumers are watching the business practices of the organizations that provide them with goods and services. Organizations understand that in order to be profitable they need to create and maintain a wholesome customer base and in order to do this the customer has to be satisfied. When measuring the quality of an organization’s goods and services, customer satisfaction predicts whether they retain their current customer base. At the very least organizations want to maintain current customers because adding new ones can be costly. Organizations need to know what expectations their customers have of their services and products, the effectiveness of their marketing strategies, the strength of their company's image, as well as the key elements that most heavily influence customer retention for their business (Importance of Customer Feedback, 2011). This paper will explore what best practices such as customer feedback and evaluations, customer satisfaction, market analysis, service analysis and marketing strategic planning organizations are using to measure customer satisfaction in order to keep their loyal customers while adding new ones. Customer Feedback and Evaluations
Organizations are listening to and acting on what their customers are saying by using customer feedback and evaluations tools to improve their company’s success. They using this to stay in sync with their customers’ wants and demands of the goods and services they provide. Companies understand by tailoring their goods and services to meet the...