Journal articles on the topic 'Customer retention'
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Aityassine, Fatima Lahcen Yachou. "Customer satisfaction, customer delight, customer retention and customer loyalty: Borderlines and insights." Uncertain Supply Chain Management 10, no. 3 (2022): 895–904. http://dx.doi.org/10.5267/j.uscm.2022.3.005.
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The aim of this study is to investigate the effects of customer satisfaction and customer delight on customer loyalty through customer retention. Data were collected using a questionnaire developed based on the literature and administered to a sample of restaurant customers consisting of 376 customers. Using IBM SPSS and AMOS software for data analyses, the results indicate that customer retention had a perfect mediating role in the effect of customer satisfaction on customer loyalty and a partial mediating role in the effect of customer delight on customer loyalty. The study provided several contributions. A key contribution to researchers is that the effect of customer satisfaction on other variables, particularly customer loyalty should be assessed in terms of its direct and indirect effects. A basic contribution to managers is that both satisfied and delighted customers have potential intentions to defect, hence, retaining customers is a crucial step to ensure loyalty. Delighted customers are more likely to be retained and retained customers are ready to be loyal customers.
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Coyles, Stephanie, and Timothy C. Gokey. "Customer retention is not enough." Journal of Consumer Marketing 22, no. 2 (March 1, 2005): 101–5. http://dx.doi.org/10.1108/07363760510700041.
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PurposeEvery company knows that it costs far less to hold on to a customer than to acquire a new one. That is why customer retention has become the Holy Grail in industries from airlines to wireless. Yet defecting customers are far less of a problem than customers who change their buying patterns. Today's typical metrics of customer satisfaction and defection do not tell a company how susceptible its customers are to changing their spending patterns. This article seeks to investigate this problem.Design/methodology/approachThe investigation was carried out through a two‐year study of the attitudes of 1,200 households toward companies in 16 industries.FindingsMcKinsey found that focusing on smaller changes in customer spending can have as much as ten times more value than concentrating on defections alone.Originality/valueThis is important for those companies that wish to retain their customers.
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Komalasari, Fiona Poetri, and Surya Fajar Budiman. "Customer Retention Strategy Through Customer Satisfaction and Customer Loyalty: The Study on Traveloka Loyalty Program." TRJ Tourism Research Journal 2, no. 1 (October 26, 2018): 69. http://dx.doi.org/10.30647/trj.v2i1.32.
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Customer loyalty and customer retention is very closely related, customer loyalty stopped customer churn and strengthen the customer retention. The primary aim of retention strategy is to build a strong customer base and to prevent them from drifting towards other competitor. Traveloka as a travel supplier company, is the leading online travel agent in Indonesia. The customers satisfaction has an average score of 3,91. The result signify that Traveloka is successful in obtaining its customers’ satisfaction The customer loyalty has an average score of 4,04. Traveloka has managed to reach customer loyalty Traveloka customer satisfaction and loyalty are obtained as presented through chapter IV that the average is 3,97. In this research, Traveloka customer retention strategy using loyalty program is proven to be effective.
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Ahmed, Ibrahim, Usman Yerima Abdullahi, and Ibrahim Abba. "Customer Retention Strategies: Benefits on Small Businesses in Nigeria." Global Journal of Business and Social Science Review (GJBSSR) Volume 4 (2016: Issue-3) 4, no. 3 (August 21, 2016): 63–67. http://dx.doi.org/10.35609/gjbssr.2016.4.3(9).
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Objective - This study endeavor to discover the benefits of customer retention strategies on customer retention and business performance in Nigeria. Methodology/Technique - Secondary data was used and a conceptual model developed to establish the relationship between customer retention and the retention strategies. Findings - The study observed that small businesses that practices customer retention strategies retains and satisfy their customers than those that do not. Novelty - It is recommended, however, that business managers should embrace the use of electronic mails, professionalism, welcoming complaints etc. as ingredients that lead to customer retention among small businesses. Type of Paper - Conceptual Keywords: Customers; Retention; Satisfaction and Strategy
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Mahapatra, S. N., and Parveen Kumar. "CUSTOMER RETENTION: A STUDY ON INDIAN BANKS." International Journal of Research -GRANTHAALAYAH 5, no. 7 (July 31, 2017): 485–92. http://dx.doi.org/10.29121/granthaalayah.v5.i7.2017.2157.
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The main purpose of this study is to examine how customer retention is affected by the factors of customer retention. A structured questionnaire was distributed to banking customers based on demographics (gender, age, marital status, education, occupation and, income level) in National Capital Territory. Data was successfully collected from 500 respondents who have either saving account or current account or both. Respondents’ opinion on 20 items related to customer retention was obtained. Factors of customer retention were categorised into four main groups i.e. tangible, reliability, responsiveness and assurance & empathy Factors. Further multiple-regression analysis was used to measure the factors of customer retention and their impact on customers’ retention decision. After multiple-regression it was found that ‘Within Timeframe Service Delivery’, ‘Sincere Efforts in Solving Customer Problems’ and ‘Accepting & Resolving Faults’ are the most important factors which affect customers’ retention intention.
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Tifliyah, Siti Zainut, Fatchur Rohman, and Noermijati Noermijati. "EFFECT OF CUSTOMER RELATIONSHIP MANAGEMENT TO CUSTOMER RETENTION MEDIATED BY CUSTOMER SATISFACTION AND CUSTOMER LOYALTY." JURNAL APLIKASI MANAJEMEN 19, no. 4 (December 1, 2021): 896–904. http://dx.doi.org/10.21776/ub.jam.2021.019.04.17.
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The purpose of this study was to analyze the effect of Customer Relationship Management (CRM) on customer retention mediated by customer satisfaction and customer loyalty on Priority BTN in Malang City. The population of this study is Priority BTN customers in Malang City, and the number of samples obtained is in accordance with the research criteria as many as 100 samples. The approach used in this study is a quantitative approach. The type of research based on the formulation of the problem and the purpose of the study is explanatory. The technique used in this study is probability sampling with a simple random sampling method. The research instrument used was a questionnaire analyzed using SmartPLS 3.0 software. The results showed that CRM has a direct influence on customer retention. In addition, CRM indirectly affects customer retention through mediating variable customer satisfaction and customer loyalty. The next researcher can conduct further research with broader research objects, namely at the BTN Priority bank customers nationally, and can use web-based surveys to shorten the time in researching priority customers because priority customers have high mobility.
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Nehari-Talet, Amine, Samer Alhawari, and Haroun Alryalat. "The Outcome of Knowledge Process for Customer of Jordanian Companies on the Achievement of Customer Knowledge Retention." International Journal of Knowledge Management 6, no. 1 (January 2010): 44–61. http://dx.doi.org/10.4018/jkm.2010103003.
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Organizations have increasingly recognized the importance of managing customer relationships, and Knowledge Management (KM) from the perspective of a process approaches assure positive impact on customer retention. Many organizations are turning to Customer Relationship Management (CRM) to better serve customers and facilitate closer relationships. This paper investigates how Knowledge Process for customers is used in practice by Jordanian companies to achieve Customer Knowledge Retention. The current practice is based on the data collected from 156, randomly drawn and reported from a survey of CRM applications and evaluation of CRM analytical functions provided by three software business solution companies working in the CRM area, and four companies that used the CRM system. Based on data collected from the companies, results from the analysis indicated that the knowledge process for customers had a positive effect on customer knowledge retention. The paper also verified the hypotheses of the effect of knowledge processes for customers on customer retention. The findings shed light on the potential relationship between the knowledge processes for customers and customer retention. It also provides guidance for the Information Technology (IT) industry as to how an analytical knowledge process for customers should be taken into account in developing countries to support to achieve customer knowledge retention due to cultural, social and educational differences.
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Suhanda, Yogasetya, Lela Nurlaela, Ike Kurniati, Andy Dharmalau, and Ita Rosita. "Predictive Analysis of Customer Retention Using the Random Forest Algorithm." TIERS Information Technology Journal 3, no. 1 (June 25, 2022): 35–47. http://dx.doi.org/10.38043/tiers.v3i1.3616.
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Retaining customers is becoming a measurement focus in an industry with increasing competition. The concept of customer retention has become a research study in the sales industry, because it is difficult to retain customers and easily switch to other brands. Customer repurchase decisions in the business world of sales are very competitive. Customer satisfaction is directly proportional to the retention rate, if the customer is not satisfied then the automatic retention rate will be low. If the company is not able to meet customer expectations, it will have a serious impact on the company, namely moving customers to other services. Service factors, price, profit value, satisfaction and trust affect customer retention. One of the factors that influence consumers to become customer retention is service quality. A predictive customer retention plan is needed with data mining using the random forest algorithm. The random forest algorithm is a method that generates a number of trees from sample data, where the creation of one tree during training does not depend on the previous tree, the decision is based on the most voting. The voting results from several decision trees that are formed are the boundaries that are used as class determination in the classification process and the most votes are the winners and determine the classification class. This study aims to determine and analyze customer loyalty, customer trust and customer satisfaction. So that it can make it easier to monitor customers at the company. The results can be seen with the percentage of about 81.12% customer retention and about 18.87% customer churn. The result of feature evaluation shows that customer_activity has the highest influence on customer retention, followed by subtotal and qty.
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Tauriana, Dian, and Ni Made Dini Arisani. "Analisis Implementasi Customer Relationship Management dan Kualitas Pelayanan Jasa terhadap Kepuasan Pelanggan dan Dampaknya pada Retensi Pelanggan Hotel Bidakara Jakarta." Binus Business Review 3, no. 1 (May 31, 2012): 449. http://dx.doi.org/10.21512/bbr.v3i1.1333.
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As the development of the business industry, it is now seen some companies that have a lot of customers so that it is required a good Customer Relationship Management to maintain long-term relationships with customers. Bidakara Hotel Jakarta is one of the services in the hospitality industry which implements Customer Relationship Management. Intense competition in the hospitality industry, Hotel Bidakara Jakarta must also consider the quality of care services to keep their customers satisfied and not switch to competitors through Customer Retention Strategy. In this study the author examines the influence and relationship between Customer Relationship Management and Service Quality on Customer Satisfaction and services impact on Customer Retention using Path Analysis. The results of this study show that the Customer Relationship Management Bidakara Hotel Jakarta is not contributing to the customers satisfaction. Quality services have positive and significant contribution to customers satisfaction; 'strong' influence. Customer Relationship Management has positive and significant contribution to the Customer Retention Bidakara Hotel Jakarta; 'weak' influence. Quality service has positive and significant contribution to the Customer Retention Bidakara Hotel Jakarta; 'strong' influence.
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Kabue, Hellen W. "Creating Customer Value for Enhanced Customer Satisfaction and Retention." Research in Economics and Management 5, no. 3 (June 11, 2020): p7. http://dx.doi.org/10.22158/rem.v5n3p7.
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Customers are increasingly becoming sophisticated due to forces such as advancement in technology, changing social roles and globalization. As a result, customer churning is today a common reality that most companies have to deal with in order to satisfy and retain their customers. Creating customer value has emerged as one of the winning strategic tools that firms could use to gain competitive advantage in the contemporary marketing environment. This paper is an empirical study that presents a comprehensive analysis of the relationship between customer value, customer satisfaction and customer retention. Data was obtained through a survey involving clients of Commercial Banks in Kenya; the survey yielded a total of 385 responses. A self administered questionnaire was used for the customers’ survey while interviews were conducted for Management. Descriptive statistics and regression data analysis methods were employed utilizing SPSS software. The findings of the study revealed that customer value has a positive statistically significant relationship with both customer satisfaction and customer retention.
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Saputro, Febriani Galih, Agus Dwi Sasono, Joko Suyono, Damarsari Ratnasahara Elisabeth, and Abdul Thalib Bin Bonn. "The Effect of Customer Relationship Marketing and Service Quality on Customer Retention with Customer Satisfaction as A Mediating Variable In Forwarding Companies In Surabaya." IJEBD (International Journal of Entrepreneurship and Business Development) 3, no. 4 (November 30, 2020): 470–78. http://dx.doi.org/10.29138/ijebd.v3i4.1217.
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Purpose: The aim of this study is to analyze the effect of customer relationship marketing and service quality on customer retention with customer satisfaction as a mediating variable in forwarding companies in Surabaya.
Design/methodology/approach: The populations in this study are customers of forwarding companies in Surabaya and the sample in this study is 100 customers. The data analysis technique used was part analysis of linear regression.
Findings: The research results are: 1) There is an effect of customer relationship marketing on customer retention at Forwarding Company in Surabaya, 2) There is an effect of service quality on customer retention at Forwarding Company in Surabaya, 3) There is an effect of customer relationship marketing on customer retention with customer satisfaction as a mediating variable at Forwarding Company in Surabaya, 4) There is an effect of service quality on customer retention with customer satisfaction as mediating variables at Forwarding Company in Surabaya, 5) There is an effect of customer relationship marketing on customer satisfaction at Forwarding Company in Surabaya, 6) There is an influence of service quality on customer satisfaction at Forwarding Company in Surabaya.
Practical implications: The result of this research can be used as a reference in increasing customer retention with customer satisfaction.
Paper type: Research paper
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Darzi, Mushtaq Ahmad, and Suhail Ahmad Bhat. "Personnel capability and customer satisfaction as predictors of customer retention in the banking sector." International Journal of Bank Marketing 36, no. 4 (May 21, 2018): 663–79. http://dx.doi.org/10.1108/ijbm-04-2017-0074.
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Purpose The purpose of this paper is to report the findings of a study undertaken to understand customer satisfaction and customer retention in business-to-consumer markets. The study investigates the effect of personnel capability and customer satisfaction on customer retention in the banking sector. The influence of the control variable (gender) on customer retention and mediating role of customer satisfaction has also been examined. Design/methodology/approach The study has used structural equation modeling (SEM) for data analysis across a sample of 409 bank customers of a private bank operating in Jammu and Kashmir state of India. Questionnaires were distributed and respondents were selected through a cluster sampling technique. Findings The empirical analysis through SEM has confirmed that personnel capability and customer satisfaction have a significant positive impact on customer retention. Customer satisfaction partially mediates the effect of personnel capability on customer retention. Moderation analysis was performed and established that gender moderates the effect of personnel capability on customer satisfaction. It was also found that gender has no effect on other relations. Furthermore, the study shows that personnel capability has a stronger impact on customer retention as compared to customer satisfaction. However, the relationship between personnel capability and customer satisfaction is significant. Research limitations/implications The study has been conducted on the customers of a private bank in India. Therefore, generalizations may be limited. As personnel capability is the predictor of satisfaction and retention, individuals with proper social and technical skills – in addition to other skills – should be hired for managing relationships with customers. Originality/value The study has added to the understanding of the relationship which exists among the following variables: gender, personnel capability, customer satisfaction and customer retention. These variables have not been studied together previously.
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Rabbani, M. Azzam. "The Effect of Customer Relationship Management on Customer Retention at KMU Gresik Eye Clinic." International Journal of Review Management Business and Entrepreneurship (RMBE) 2, no. 2 (December 17, 2022): 152–59. http://dx.doi.org/10.37715/rmbe.v2i2.3409.
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Knowing and analyzing customer engagement, customer bonding and customer satisfaction on customer retention at the KMU eye clinic. This research was conducted using a quantitative research method approach. The population in this study was the KMU Mata Utama Clinic Customers as many as 350 people, this number was obtained from the five research indicators multiplied by five. The sample in this study were 93 respondents. By using Multiple Linear Regression Analysis. The results showed that Customer Engagement has no significant effect on Customer Retention, Bonding Customer has no significant on Customer Retention and Customer Satisfaction has an effect on Customer Retention.
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Khan*, Mr T. H. Feiroz, Shrushti Mhaske, Sonal Yeshwantrao, and Ayush Kumar. "Retention Rate of Customers in Banks using Neural Networks." International Journal of Engineering and Advanced Technology 9, no. 1 (October 30, 2019): 4883–85. http://dx.doi.org/10.35940/ijeat.a1932.109119.
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Customer retention is the process of retaining the customers after a particular period of time. Profitability of a product depends upon the retention of the customer. In the earlier systems a lot of money, time and resources were spent on advertising by banks. Banks approached call centres to try convince the customers in buying new policies. This didn’t really work since most of it was directed towards untargeted customers. This same problem of customer retention is studied and a competent solution is found. This system consists of analysed data of a number of customers in numerous fields and checks the retaining rate of every customer. Use of a neural network is advocated to check past conditions of services provided to a customer by the banks and a common retainability index is produced which predicts the retention rate of the new customers.
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Nnko, Eliakira, and Elia John. "Customer Retention Practices in Micro and Small Food Agro-Processing Enterprises in Tanzania." International Journal of Business and Management Review 11, no. 1 (January 30, 2022): 1–11. http://dx.doi.org/10.37745/ijbmr.2013/vol11n1111.
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Customer retention practices are crucial for survival and success especially for micro and small enterprise which have limited resources to engage in continuous marketing activities for attracting new customers. This study was set to investigate the customer retention practices in micro and small food agro-processing firms. The study draws from the Customer Bonding theory examining customer retention practices from market perspective as applied in micro and small food agro-processing firms. The study employed quantitative research approach and a cross- sectional survey design. Data were collected from 302 owner-managers of food agro-processing firms in Dar es Salaam, Morogoro and Arusha. Descriptive analysis was done on the responses of customer retention practices employed by the firms. The paper demonstrates that, food agro-processing MSEs employ customer retention practices. It was established that, they do customer needs assessment, analyze competitors’ activities and behaviours and they coordinate internal functions to increase customer value. Likewise, the study established that, employees of these firms portray positive behaviours towards customers and that there are commendable relationships between the firm and the suppliers of raw materials for food processing. The findings add to the existing body of literature on highly demanded knowledge on market focused customer retention practices which are mostly needed in firms operating in competitive business environment like food agro-processing. In addition, customer retention practices are highly recommended in MSEs due to their limited resources to continually recruit new customers. Notably, the investigated customer retention practices can be tested in other firms and sub-sectors with the focus of enhancing customer bonds with the business.
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Angelovska, Nina, Sasho Josimovski, and Lidija Pulevska Ivanovska. "How effective complaint management affects customer retention." Management 27, no. 1 (June 28, 2022): 151–66. http://dx.doi.org/10.30924/mjcmi.27.1.9.
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In a highly competitive modern business world, keeping a dissatisfied customer is essential to any company, considering the high cost of acquiring new customers. It is easier than ever for dissatisfied customers to spread their experiences and bad word of mouth through the various media that new technology and the Internet offer. Therefore, handling customers’ complaints effectively can be a critical factor in a customer’s decision - whether to continue using the company’s services or products or switch to a competitor. In this context, “effective” means minimizing costs for the company while achieving the intended or expected result. A content analysis of customer complaints emailed to t he group-buying web- site Grouper.mk was conducted. A total of 220 complaints and related decisions were reviewed, analyzed, and categorized into six reasons for customer dissatisfaction and three ways to compensate for the dissatisfaction. In addition, the internal customer database analysis revealed that timely resolution of customer issues with the right approach resulted in 80% of all dissatisfied customers staying with the company. The analysis also showed that more frequent customers are more likely to remain after a complaint has been resolved than less frequent customers.
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FELIX, DR EGBORO. "CHALLENGES OF ACQUISITION AND RETENTION OF CUSTOMERS IN A COMPETITIVE MARKET." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 10, no. 8 (October 30, 2015): 2372–80. http://dx.doi.org/10.24297/ijmit.v10i8.585.
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In a world of ever changing customer expectation, and competitive business environment, building corporative and collaborative relationship with customers seems to be the most prudent way to keep track of their changing expectation and appropriately influencing them. One way in which that some companies are developing an improved focus on Customer Relationship Management (CRM), is through the establishment or consideration of splitting the marketing manager’s job into two parts: one for acquisition and one for retention. Offensive marketing emphasize on customer acquisition while defensive marketing emphasizes customer retention. The kinds of skills that are needed for people, in acquisition are in the factual aspect of marketing such as advertising, sales while that of retention is on satisfaction, loyalty, customers service, customization, community building and reward program.
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Saprudin, Endri, and Hasan Albanna. "The Effect of Service Quality, Personal Selling, and Complaint Handling on Customer Retention of Sharia Bank Customers with Customer Satisfaction as Intervening Variable." Bulletin of Islamic Economics 1, no. 2 (February 22, 2023): 19–33. http://dx.doi.org/10.14421/bie.2022.012-03.
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Customer retention is an important element of any banking strategy in today's increasingly competitive environment. The purpose of this study is to examine and explain the effect of service quality, personal selling, and complaint handling on customer retention in Islamic bank customers in Indonesia with customer satisfaction as an intervening variable. The population of this study was Islamic bank customers in Indonesia with sampling using a purposive sampling technique, the number of samples used in this study was 107 respondents. The data analysis technique used is SEM-PLS using Warp PLS version 7.0 as a data processing tool. The results of this study indicate that service quality, personal selling, and complaint handling have a significant positive effect on customer satisfaction. Customer satisfaction itself has a significant positive effect on customer retention, while the three independent variables have no significant effect directly on customer retention. Different results when service quality, personal selling, and complaint handling have a significant positive effect on customer retention after being mediated by customer satisfaction variables.
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Christou, Evangelos. "Relationship marketing practices for retention of corporate customers in hospitality contract catering." Tourism and hospitality management 16, no. 1 (May 2010): 1–10. http://dx.doi.org/10.20867/thm.16.1.1.
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Customer retention is specific to the context of each firm, and this is rarely recognized in models for customer retention. This paper studies how customer retention in hospitality business-to-business contract catering depends on the relationship substance built up due to interaction between the parties. Relationship substance may be of a more or less embedded ind, which is explored here in the form of relationship satisfaction and organizational change in the buying firm. A conceptual model is developed and tested on a sample of business relationships in business-to-business contract catering. The results support the fundamental effect that relationship satisfaction improves customer retention. The research also finds that the purchase development of contract catering customers increases retention, in particular if the customer who purchases more is also satisfied. However, when the contract caterer has achieved change in the customer firm, customer is reduced. Evidently, these customers consider that they are done with the seller and move to other sellers, or reduce their purchases altogether.
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Christian, Ojiaku, Obinna, Chidirim, Blessing Ngozi, Peter Abude, and Aghara N. O. Vincent. "Mobile Banking Service Quality and Customer Retention among Commercial Banks’ Customers: An Empirical Evidence from Southeast Nigeria." Asian Journal of Economics, Business and Accounting 23, no. 14 (May 26, 2023): 45–56. http://dx.doi.org/10.9734/ajeba/2023/v23i141004.
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In the era of a cashless economy, customers now emphasize banking services that are convenient, reliable and responsive. Mobile banking (m-banking) is among the latest in a series of recent mobile technological wonders. This research is aimed at investigating the effect of mobile banking service quality on customer retention among commercial banks customers in Southeast, Nigeria. The study examined the effect of reliability, responsiveness, information quality, privacy issues and system quality on customer retention. The study used an explanatory research design method using quantitative approach. The sample, consisting of 400 respondents was drawn from a cross-section of commercial banks customers with mobile banking access in Southeast Nigeria. From the 400 copies of questionnaire distributed 395 were returned valid and useful for the final analysis study used Pearson’s Correlation Coefficient to measure the relationship between mobile banking service quality and customer retention. Then regression analysis was used to estimate the cause-and-effect relationship between the variables of the mobile banking service quality and customer retention. The result showed that a positive effect for responsiveness, systems quality, and information quality on customer retention while privacy and reliability of mobile banking service quality was not significant. Among all, responsiveness, system quality and information quality have a significant effect on customer retention while reliability and privacy issues do not affect customer retention in mobile services. Therefore, to increase customer retention, the bank management should implement programs that support awareness creation, customer satisfaction, brand image and reputation by continuously assessing the service quality and delivery of mobile banking services provided to their customers, and also provide an adequate set of security components of mobile banking that protects customer’s bank details from fraud.
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Nugroho, Samuel, Sesilya Kempa, and Togar Wiliater Soaloon Panjaitan. "Logistic Service Quality and Customer Satisfaction to Customer Retention on Rice Producer Industry." SHS Web of Conferences 76 (2020): 01048. http://dx.doi.org/10.1051/shsconf/20207601048.
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Good quality logistic services from the company can make customers feel satisfied and make purchases back to the company. in the form of rice shops will This study aims to look at the effect of logistic service quality on customer retention through customer satisfaction. This study investigates the service quality of logistic providers that are hired by the rice producers in distributing rice to rice retailers. The samples in this study are 36 rice retailers who have used logistic services at least two times. Data obtained from the questionnaire are processed using partial least square (PLS). The results of this study provide evidence that logistic service quality affects customer retention and customer satisfaction. Further results show that dissatisfied customers will significantly reduce customer retention with a statistical value of 2.754. Intervening results in this study indicate that there is an influence between logistic service quality on customer retention through customer satisfaction.
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Artha, Bhenu, Inna Zahara, Bahri, and Niken Permata Sari. "Customer Retention: A Literature Review." Social Science Studies 2, no. 1 (January 16, 2022): 030–45. http://dx.doi.org/10.47153/sss21.2952022.
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Customer retention is vital for businesses with much research literature now available and in most cases, is regarded as an indicator of acquisition performance, but factors influencing it have rarely been studied in the serial acquirer context. Customer experience has drawn a great deal of attention from scholars and business practitioners in the past few decades. Successfully designing and providing customers with an optimal experience has become a central priority for marketing theory and practice. Customer experience plays a key role for firms in creating a sustainable competitive advantage and building good customer relationships The objective of this research is to determine the factors associated with customer retention. I presented a literature study using systematic literature review of relevant publications and as a result of this process, 19 articles are included and then examined the bibliographical references to check the validity of the inquiry and to avoid any potential omissions. I identify several variables that affect by customer retention.
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Handaruwati, Indah, and Obed Christian Wibowo. "PENGARUH RELATIONSHIP MARKETING TERHADAP CUSTOMER RETENTION PADA STUDIO MUSIK 58 SURAKARTA." Business Innovation and Entrepreneurship Journal 2, no. 3 (August 31, 2020): 153–59. http://dx.doi.org/10.35899/biej.v2i3.152.
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Abstract– This study aims to analyze the effect of Relationship Marketing on Customer Retention in 58 Surakarta music studios. In connection with this problem, the following hypothesis is proposed, H1: Allegedly there is the influence of Customer Experience on Customer Retention, H2: Allegedly there is an influence of Communication on Customer Retention, H3: Allegedly there is the influence of Conflict Handling on Customer Retention, H4: Allegedly there is the influence of Customer Experience, Communication, Conflict Handling simultaneously for Customer Retention. The population in this study were all customers of Surakarta 58 studio music studio rental services, sampling using purposive sampling and convenience sampling techniques. The samples used in this study were 80 consumers. Data collection using a questionnaire. Data analysis was performed with multiple linear regression analysis test with SPSS 16.00 software. The results showed that Customer Experience had no significant effect on Customer Retention with a significance value of 0.142, Communication had a significant effect on Customer Retention with a significance value of 0.045, Conflict Handling had a significant effect on Customer Retention with a significant value of 0,000, Customer Experience, Communication and Conflict Handling had a significant effect Simultaneous to Customer Retention of 27,691.
Abstrak– Penelitian ini bertujuan untuk menganalisis pengaruh Relationship Marketing terhadap Customer Retention pada studio musik 58 Surakarta. Sehubungan dengan masalah tersebut, diajukan hipotesis sebagai berikut, H1 : Diduga ada pengaruh Customer Experience terhadap Customer Retention, H2: Diduga ada pengaruh Communication terhadap Customer Retention, H3: Diduga ada pengaruh Conflict Handling terhadap Customer Retention, H4: Diduga ada pengaruh Customer Experience, Communication, Conflict Handling secara simultan terhadap Customer Retention. Populasi dalam penelitian ini adalah semua pelanggan pengguna jasa sewa studio musik 58 Surakarta, pengambilan sampel menggunakan teknik purposive sampling dan convenience sampling.Sampel yang digunakan dalam penelitian ini sebanyak 80 responden.Pengumpulan data menggunakan kuesioner.Analisis data dilakukan dengan uji analisis regresi linear berganda dengan software SPSS 16.00. Hasil penelitian menunjukan bahwa Customer Experience tidak berpengaruh secara signifikan terhadap Customer Retention dengan nilai signifikansi 0.142, Communication berpengaruh signifikan terhadap Customer Retention dengan nilai signifikansi 0.045, Conflict Handling berpengaruh signifikan terhadap Customer Retention dengan nilai signifikan 0.000, Customer Experience, Communication dan Conflict Handling berpengaruh secara simultan terhadap Customer Retention sebesar 27.691.
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Karya, Denis Fidita. "CUSTOMER LOYALTY PERSPECTIVE DEVELOPED FROM CUSTOMER COMMITMENT." Journal of Applied Management and Business (JAMB) 1, no. 1 (July 30, 2020): 20–26. http://dx.doi.org/10.37802/jamb.v1i1.61.
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This article discusses various aspects of relationship marketing ranging from the benefits of customer retention marketing strategies for the survival of the company to developments that can be done to transform customer retention into customer loyalty. This article also discusses customer recall management as an effort to create and maintain customer loyalty. This is because the effort to create and maintain customer loyalty is an important capital for the company to be able to survive in an increasingly competitive market competition. This is relevant to the view that the main purpose of customer retention efforts is to create and develop relationships with customers based on added value. This article can be used as a basic perspective for further research that examines customer relationship management, especially in the aspect of developing customer loyalty.
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Mbaabu, Amos Gitonga, and Dr Reuben Njuguna. "Antecedents of Customer Satisfaction and Customer Retention in Outspan Hospital in Nyeri County, Kenya." East African Scholars Journal of Economics, Business and Management 5, no. 10 (November 2, 2022): 269–76. http://dx.doi.org/10.36349/easjebm.2022.v05i10.001.
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The rate at which private hospitals are failing to satisfy and retain their customers is becoming a concern for hospital managers. Customer satisfaction and retention issues have affected most private hospitals leading to customer defection. For organizations to have a competitive edge over their competitors, they need to focus on customer satisfaction and retention to reduce customer defections. The general objective of the study was to evaluate the antecedents of satisfaction and retention of customers in Outspan Hospital in Nyeri County, Kenya. The study was guided by the Service Quality Gap Model. The study used a descriptive research design. 70 respondents acting as heads and deputies of the various departments of Outspan Hospital consisted of the target population. A census method was used hence the assumption of 70 respondents as the sample size. Structured questionnaires were used to collect data. Inferential statistics which included variance, and regression analysis were used to measure the existence of a relationship between the independent variables, and the dependent variables. The study findings established that three independent variables namely; service design, system usage, and customer switching cost were significantly associated with customer satisfaction and retention in Outspan hospital. Therefore, the management of Outspan Hospital should enhance customer satisfaction and retention based on key study recommendations. These recommendations include; improving the external appearance of the institution, focusing on improving complaints handling programs, improving utilization of self-service technology (SST), and retaining customers through switching barriers that provide customers with superior customer value.
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Sugiato, Budi Jaya, Slamet Riyadi, and Endah Budiarti. "The effects of customer relationship management, service quality and relationship marketing on customer retention: The mediation role of bank customer retention in Indonesia." Accounting 9, no. 2 (2023): 85–94. http://dx.doi.org/10.5267/j.ac.2022.12.004.
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This study aims to examine customer retention (CR) from the aspect of customer satisfaction with customer relationship management (CRM), service quality and marketing relations (RM). State-owned bank customers selected the research population in all branch offices in the Madura region, and data were collected through a Likert scale model questionnaire. The results of the path analysis using the structural analysis model (SEM) show that there is an influence of CRM on customer satisfaction; there is an effect of service quality on customer satisfaction; there is an effect of RM on customer satisfaction; CRM through customer satisfaction affects CR; service quality through customer satisfaction affects CR; RM through customer satisfaction affects CR; there is an effect of customer satisfaction on CR on customers. Then the simultaneous test shows that simultaneously RM, service quality, and RM impact customer satisfaction, and the value of coefficient of determination (R-Square) explains that CRM, service quality, and RM can effectively contribute to customer satisfaction. Simultaneously, CRM, service quality, and RM affect CR. CRM, service quality, and RM affect CR mediated by customer satisfaction. CRM, service quality, and RM, through customer satisfaction, can effectively contribute to CR to customers of state-owned bank Regional Offices.
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Shahzad, Syed Khuram. "Analysis of the Effect of Customer Relationship Marketing Program on Customer Retention with Customer Satisfaction As Mediating Variable in CV Vapor City Semarang." Journal of Management and Business Environment (JMBE) 5, no. 1 (July 10, 2023): 16–34. http://dx.doi.org/10.24167/jmbe.v5i1.6057.
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This study aims to analyze the influence of customer relationship marketing program and customer retention through customer satisfaction in CV Vapor City offering marketing services and retailing. The study addressed all customers of CV Vapor City and took 150 people as the respondents. A questionnaire with close ended questioned forming in 5-poin Liket scale was distributed to the respondents using google form. Using multiple regression analysis, the results conclude that customer relationship marketing programs have positive and significant effect on customer satisfaction and customer satisfaction has positive and significant effect on customer retention. Sobel test proved that customer satisfaction mediates the influence of customer relationship marketing program on customer retention. The model was good and fit. CV Vapor City can thus continue its relationship marketing programs and increase skill and attitude of the employees in serving the customers.
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Qasem, Mohammad Fayez, Mohammed Abdallah Abukhadijeh, and Mohammad "Abd Alaffo" Aladham. "Customer Relationship Management and Customer Retention in Jordanian Bank." International Business Research 9, no. 9 (July 18, 2016): 41. http://dx.doi.org/10.5539/ibr.v9n9p41.
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<p>This study examined the impact of CRM Activities on bank’s customer retention in Jordan. In order to collect the data of study the researchers designed a survey, the sample was collected from (405) customers of Jordanian banks' as respondents for the research questionnaire in 2016, by using a random sampling method, using Google form and survey monkey. 388 questionnaires were usable, incomplete returned questionnaires had been eliminated. The statistical results provide evidence on the significant positive relationship between CRM Activities and Attitudes of bank’s customers. the significant analysis revealed that there is a significant positive relationship between the independent variables ( i,e CRM Activities represented Solving customers, Quality of service, Behavior of the employees, CRM technology; and Activities to retain) and Attitudes of Banks Customer as a dependent variable (trust, affective commitment, and customer retention), also the statistical analysis revealed that there is a no significant relationship between behavior of the employees and affective commitment, and activities to retain and customer retention.</p>
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McDougall, Gordon. "Customer Retention Strategies." Services Marketing Quarterly 22, no. 1 (May 14, 2001): 39–55. http://dx.doi.org/10.1300/j396v22n01_04.
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Gengeswari, K., and P. Padmashantini. "Impact of Customer Retention Practices on Firm Performance in the Retailing Sector: A comparison between a foreign and home grown retailer in Malaysia." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 6, no. 1 (September 30, 2013): 672–88. http://dx.doi.org/10.24297/ijmit.v6i1.749.
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As customers are the backbone of any business, firms without customers would not be able to sustain their performance. This is because such firms are believed to have no revenues, no profits and therefore no market value. Accordingly, managing customers is deemed to be very crucial business agenda in which the key focus has been switched in recent years from attracting new customers to preserving existing ones. Both practitioners and scholars have discovered that it is much easier and cheaper to retain the exiting customers than investing on the potential customers. A decent customer retention level is believed to be a significant contributor towards improvement in the overall firm performance. A glimpse on the existing researches on customer retention highlights that financial sector has been thoroughly investigated which leave a room for a detailed investigation on customer retention within retailing sector. Accordingly, this study intends to explore the customer retention practices adopted by service-oriented firms in general and retailers in particular. As a comparison study on a foreign and home grown retailer, this study examines factors that retain customers and the subsequent impact of retention practices on firms performance. This study had carried out mall-intercept surveys among 400 shoppers at two major retailers within Klang Valley, Malaysia. Findings show that influencing factors of retention practices and type of retailer (namely foreign and home grown) significantly influences the retailers customer retention practices. It was also discovered that the inclusion of retailers type had enhanced the relationship between influencing factors and retailers retention practices. In addition, it was also found that customer retention practices significantly affect retailers performance at a moderate level. This study has uncovered that customers are in deed price sensitive despite being loyal and retained by firms. Hence, it is advisable for retailers to pursue a genuine pricing strategy to appeal to price conscious customers. The pricing strategy ideally should be transparent (i.e. no-bogus sales), clarity (i.e. provide accurate details of merchandises), simplicity (i.e. avoid psychological pricing) and trustable (i.e. provide accurate balances).
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Nunes, Guilherme Coelho, Gabriel Sperandio Milan, Luciene Eberle, Deonir De Toni, and Pelayo Munhoz Olea. "Cocriação, valor de uso, satisfação e custos de troca como antecedentes da retenção de clientes no ensino superior." Revista de Administração da UFSM 14, no. 3 (October 4, 2021): 545–67. http://dx.doi.org/10.5902/1983465935697.
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Purpose – The research aimed to propose and validate a Theoretical Model to understand how the relationship between customers (service users) and service providers might result in customer retention in the higher education context.Design/methodology/approach – The research was implemented through a survey applied to 301 students of a Higher Education Institution, and the data were analyzed through Structural Equation Modeling (SEM).Findings – The results indicate that value co-creation impacts customer satisfaction and value-in-use, customer satisfaction impacts switching costs and customer retention, and switching costs impact customer retention. However, value-in-use did not significantly impact customer retention, opposing to the expected results.Originality/value – There is no consensus on which constructs effectively are the antecedents of customer retention for the most diverse types of services. For this reason, this research aimed to validate a Theoretical Model that contemplates the constructs of value co-creation, value-in-use, customer satisfaction, and switching costs as antecedents of customer retention in the higher education context.
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Kyei, Daniel Asante, and Augustine Thomas Mambu Bayoh. "Innovation and Customer Retention in the Ghanaian telecommunication industry." International Journal of Innovation 5, no. 2 (August 30, 2017): 171–83. http://dx.doi.org/10.5585/iji.v5i2.154.
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The competition within the telecommunication sector is increasing day by day in Ghana and therefore requires the telecom operators to be more adept in their strategic approach to meet the growing demands of customers. Effective innovation is believed to be key in the approach of wining and maintaining customers. This paper examines the effect of innovation on customer retention in the telecommunication industry in Ghana. Data were collected using self-administered questionnaires to 365 customers of 6 telecommunication companies in Accra, Ghana. Descriptive statistics and multiple regression were employed to examine the relationship between the independent and dependent variables. The result shows that there is positive and significant relationship between innovation and customer retention. The study also discloses that service innovation, process innovation, and marketing innovation were the key determinants of customer retention. The study found service innovation to be a significant chief driver of customer retention. The study recommends that telecommunication companies who desire to improve upon the level of customer retention should invest much in service innovation, process innovation, and marketing innovation.
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Han, Heesup, Wansoo Kim, Sanghyeop Lee, and Hye-Ran Kim. "How Image Congruity and Satisfaction Impact Customer Retention at Luxury Restaurants: A Moderated Mediation Framework." Social Behavior and Personality: an international journal 46, no. 6 (June 5, 2018): 891–904. http://dx.doi.org/10.2224/sbp.6767.
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We investigated the impact of customers' image congruity and their satisfaction on customer retention at luxury restaurants. We examined the conspicuousness of product consumption as the moderator in the relationship of image congruity and customer satisfaction. Our assessment of the measurement model revealed acceptable levels of reliability and construct validity. Our findings from the structural model assessment indicated that both image congruity and customer satisfaction exerted an influence on customer retention that was sufficiently significant to explain the total variance in retention. In addition, results showed that customer satisfaction was prominent in determining retention, acting as a significant mediator. Conspicuousness of product consumption was a significant moderator of the relationship between image congruity and customer satisfaction. Overall, our findings offer researchers and practitioners in the luxury restaurant industry valuable information regarding customer retention.
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Zaky, Amany, Mohamed Roushdy, and Shimaa Ouf. "A DEEP LEARNING FRAMEWORK TO IMPROVE CUSTOMER RETENTION." Journal of Southwest Jiaotong University 56, no. 6 (December 24, 2021): 285–96. http://dx.doi.org/10.35741/issn.0258-2724.56.6.24.
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Customer retention is the most significant challenge going through the companies. Acquiring a new customer is a costly process, so organizations should keep their existing loyal customers to increase their profit and revenue and avoid customer churn. The deep learning techniques significantly impact improving and predicting customer retention. There are a lot of scientific papers that use traditional machine learning techniques to improve customer retention, but these techniques face many challenges in terms of accuracy. For this purpose, the research community began to use deep learning techniques to improve customer retention, and these techniques increased the accuracy. However, they did not focus on improving dataset quality. Therefore, this research aims to introduce a framework to improve customer retention in telecommunications companies by using deep learning techniques. In addition, this research focused on improving dataset quality using data preprocessing techniques, such as noise removal, fill null values, feature scaling (normalization, standardization), discretization, and dimensionality reduction to maximize the accuracy and get better results. The experiment is performed on a telecom dataset obtained from Kaggle called Cell2Cell. Our research achieved more accurate results, especially in predicting the loss of customers and improving customer retention by applying data quality techniques with Deep Neural Network (DNN). Our proposed model achieved good performance, demonstrating achieved 99.80% accuracy. The early identification of customers who are leaving the company and going to another vendor can assist the administration in offering them fantastic deals and lower pricing.
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Tripathy, Arun Kumar, and Anshul Jain. "FinTech adoption: strategy for customer retention." Strategic Direction 36, no. 12 (November 2, 2020): 47–49. http://dx.doi.org/10.1108/sd-10-2019-0188.
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Purpose Purpose of this paper is highlight the importance of adopting FinTech innovations to improve Customer Retention Design/methodology/approach Authors viewpoint and give a macro perspective of FinTech-Customer Retention linkages. Findings Adoption of FinTech innovations is essential for customer retention. Practical implications Many large B2C players are moving strongly ahead with adopting FinTech driven payment solutions. Competitors which ignore this trend, stand to lose customers in the long run. Originality/value FinTech is a new and developing industry. There has been limited research into its usage by non-financial corporates and impact on customer retention.
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Yeo, Bee Li, and Rozita Naina Mohamed. "Assessing Customer Emotion Product Relationship and Customer Retention Towards Halal Cosmetic Products." GATR Journal of Management and Marketing Review 1, no. 1 (December 9, 2016): 15–23. http://dx.doi.org/10.35609/jmmr.2016.1.1(3).
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Objective - Retailers today have acknowledged that incorporating great customer emotionproduct relationship can lead to total customer retention. In this paper an overview of the existing literature on customer emotion is provided before it is examined for the creation of customer emotion product relationship from a holistic perspective. Methodology/Technique - A conceptual model which discusses the determinants of customer emotion towards Halal cosmetic products is provided. This is then followed by taking an explicit dynamic view of the importance of the retail service quality and Halal advertising, factors that can influence customer emotion and customer retention. Data collection was based on 414 sets of questionnaires which were distributed to Malaysian consumers. The PLS-SEM analysis was used to identify the relationships between retail service quality and Halal advertising, customer emotion and customer retention. Findings – Relations were found between retail service quality, customer emotion product relationship and customer retention of Malaysian customers for Halal cosmetic products. Novelty - The findings of this study provided some insights to managers in future strategy planning by identifying the important factors affecting customer emotion product relationship and customer retention. Type of Paper - Empirical Keywords: Halal Cosmetics; Retail Service Quality; Halal Advertising; Customer Emotion Product Relationship; Customer Retention JEL Classification: M11, M31.
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Wahyuni, Dwi Sri, Erry Sunarya, and Nor Norisanti. "Analisis Retensi Pelanggan dan Switching Costs terhadap Loyalitas Pelanggan Indihome." Journal of Management and Bussines (JOMB) 4, no. 1 (March 26, 2022): 99–107. http://dx.doi.org/10.31539/jomb.v4i1.741.
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This study aims to determine the effect of customer retention and switching costs simultaneously on the loyalty of Indihome customers at Witel Sukabumi. This research method is descriptive quantitative. The data analysis technique used in this study was multiple correlation, coefficient of determination (R2), multiple linear regression analysis technique and F. The results showed, Adjusted R Square was 0.465 (46.5%). This means that the variation of customer loyalty can be explained by the second independent variable, namely customer retention and switching costs, while the remaining 53.5% (100%-46.5% = 53.5%) is another factor outside the study. In conclusion, customer retention and switching costs have a positive and significant effect on customer loyalty simultaneously.
Keywords: Customer Loyalty, Customer Retention, Switching Costs
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Thomas, Jacquelyn S. "Econometric Analysis of Customer Retention in an Aviation Trade Organization." Transportation Research Record: Journal of the Transportation Research Board 1567, no. 1 (January 1997): 33–40. http://dx.doi.org/10.3141/1567-05.
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The proliferation of customer data bases is a direct consequence of firms’ drive toward efficient customer-firm interactions. With regard to customer-firm interactions, firms have focused on customer retention rates. Using a customer data base, firms try to identify the most valuable customers within that data base. After identifying these customers, firms attempt to develop strategies and tactics that increase the retention of the most valued customers and maximize the profitability of the entire base of customers. With this goal in mind, common firm practices that have arisen are the offering of rewards, free additional services, and add-on selling. The impact of rewards, additional services, and add-on selling on the customer equity of a trade association in the aviation industry is examined. In particular a model that examines the impact that these factors have on customer retention and firm profitability is developed. This model is tested on a membership data base from a service organization that offers membership rewards, additional free services, and fee-based products to aircraft owners and pilots. The findings from this research have implications for how trade associations should develop marketing programs and strategically manage and target their most valuable customers.
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et al., Eltahir. "Comparative study of customer relationship management (CRM) and electronic customer relationship management (E-CRM)." International Journal of ADVANCED AND APPLIED SCIENCES 8, no. 7 (July 2021): 1–6. http://dx.doi.org/10.21833/ijaas.2021.07.001.
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Customer Relationship Management can have great help to different companies of different sizes as it offers direct relation with the efficient in organizing, disseminating, and establishing values. The current study is the investigation into and comparison of Customer Relationship Management (CRM) and Electronic Customer Relationship Management (E-CRM). The study also aims to compare CRM and ECRM. The study also aims at showing to what extent building good relationships with the customer is of great role to companies. The study reviewed the recent articles published in the international databases. No exclusion criteria were made according to the country or location of the study. It views profit from another perspective as it focuses on establishing good relationships with the customers and clients as it is a better window to create customer retention and loyalty and thus lead to profits is seen and treated from the customers and client's retention and loyalty point of view to assure customers and clients loyalty and retention, the study follows customer orientation approach.
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Eddy, Ali Syah Putra, and Albert. "The Impact of Customer Relationship Management on Customer Retention at Sentral Mobil Medan." Jurnal Kolaboratif Sains 6, no. 6 (June 14, 2023): 487–502. http://dx.doi.org/10.56338/jks.v6i6.3630.
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The role of customers is so vital for organizations and that is why customerrelationship management (CRM) is born based on the recognition of the valuecustomers have. CRM is then known as a managerial approach which is customer customer-oriente d in which information is provided by information systems in order to sustaincollaborative, operational, analytical, and CRM processes leading to customersatisfaction and retention. Sentral Mobil Medan is having problem with the retentionwhich is gettin g low. The objectives of the research are to analyze whther CRM hasimpact on customer retention and determine how strong the impact of CRM oncustomer customer retention in the company. The writer uses Slovin Formula to get thesample size. The sample size is 144 customers. The writer uses the simple randomsampling which each member of the population has an equal and known chance ofbeing selected. The correlation test shows Variable X ( Customer RelationshipManagement) has a significantly strong and positive impact on variable Y (customerretention) at Sentral Mobil Medan. zcount > ztable (9.88 > 1.96), CustomerRelationship Management has impact on customer retention at Sental Mobil Med an.Several recommendations after analysis and results are the staff of Sentral MobilMedan may serve the customers with good manner, give personal attention and how tointeract close what the customers really needs and identify problems and solve theprob lems fast.
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Matilani, Amboso Joan, and Simon Nyakwara. "Strategies Adopted by Commercial Banks to Enhance Customer Retention in Kenya." East African Journal of Business and Economics 6, no. 1 (July 3, 2023): 137–42. http://dx.doi.org/10.37284/eajbe.6.1.1282.
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Customer retention is increasingly being seen as an important managerial issue, especially in the context of a saturated market or lower growth of the number of new customers. The purpose of the study will be to assess the influence of strategic responses by commercial banks on customer retention in Kenya, the case of Kenya Commercial Bank Kisii branches. The data was coded to enable the responses to be grouped into various categories. Data collected in this study was quantitative. The quantitative data was analysed descriptively using Statistical Package for Social Statistics. The findings were presented by the use of frequency distribution tables. The study sought to establish the strategic responses adopted by commercial banks in Kenya to enhance customer retention. The study deduced that the level of service quality in the bank was high. The study established that technology adoption affected customer retention to a moderate extent. To a moderate extent, the bank had adopted new technologies on time, adoption of new technologies had improved the task completion rate among staff, adoption of information technologies had improved the bank’s agency banking management, adoption of information technology had increased the modes of service delivery in the bank and adoption of information technology had improved the portability of the bank’s services internationally. The study further established that product differentiation had been adopted by the banks to a moderate extent. To a moderate extent, the Banks had well-differentiated financial products from other banks; the bank had a well-differentiated market segment from other banks; The Banks had unique financial products for their customers and financial product differentiation has allowed the bank to position itself better on the market. The study concluded that customer relationship management strategy had affected customer retention. Commercial banks had created a platform to manage interactions; the interaction system with customers had improved customer satisfaction levels; the interaction system with customers had reduced the number of customer complaints; and the interaction system with customers had enabled the banks to learn the expectations and needs of its customers. From the findings, it was evident that customer relationship management had affected customer retention; thus, the study recommends that commercial banks should improve customer satisfaction, interaction with customers and systems to know their needs. Technology adoption, commercial banks should adopt new information technologies which would meet customer needs and improve efficiency in the banking industry in Kenya.
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Awad, Nancy Awadallah. "Examining the Impact of E- Shopping on Customer Loyalty." International Journal of Online Marketing 9, no. 3 (July 2019): 82–94. http://dx.doi.org/10.4018/ijom.2019070105.
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The majority decisions of online customers make are by tracing the electronic word of mouth and online comments which belong to previous customers and is affected by some fears. This study applied a decision tree method to customer data of those who visit a popular group on Facebook (SouqEgypt). Findings in this study indicated that social media marketing for increasing customer's retention and loyalty are influenced by customer's income, education level and occupation. This study helps marketing managers to enhance customer loyalty and in the long run maximize returns on marketing.
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Ahmadi, Tiba, and Muhammed Taha Narci. "The Impact of Mobile Banking Services on Customer Satisfaction and Retention: A Study on Turkey Banks." International Journal of Innovation and Economic Development 8, no. 3 (2022): 7–11. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.83.2001.
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The study aims to determine the relationship between mobile banking services and customer satisfaction and customer retention in the banking sector in Turkey. The objectives of the study were to establish the effect of mobile banking services on customer satisfaction in the banking sector in Turkey and to determine the effect of mobile banking services on customer retention in Turkey. The study employed a sample of 400 respondents where data was attained from the customers of the selected banks in Turkey. The results are presented with a beta value of.322, a significant value of P = 0.000, indicating that there exists a positive effect between mobile banking services and customer retention. Secondly, the study results in the table above indicate that mobile banking services have a positive effect on customer satisfaction. The study results are presented with a beta value of.314, a significant value of P = 0.000, indicating that there exists a positive effect between mobile banking services and customer satisfaction. The study concludes that mobile banking services had a positive and significant effect on customer satisfaction in the banking sector in Turkey. The study concludes that improved mobile banking services in Turkey are a key inducement to customer satisfaction in the banks. It concluded that the improvement of mobile banking services can henceforth generate efficiency and customer satisfaction. It is concluded that mobile banking is significant in the attainment of customer retention. It is hence conclusive that mobile banking is an ideal contributor to customer retention. Although the effect is moderate, it significantly implies that the mobile banking system is an ideal contributor to the retention of customers.
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Pratama, Riyan, Muhammad Izman Herdiansyah, Dedy Syamsuar, and Ahmad Syazili. "Prediksi Customer Retention Perusahaan Asuransi Menggunakan Machine Learning." Jurnal Sisfokom (Sistem Informasi dan Komputer) 12, no. 1 (March 17, 2023): 96–104. http://dx.doi.org/10.32736/sisfokom.v12i1.1507.
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The application of data mining technique currently is widely used in supporting business activity, especially for insurance company which has to analyze a big number of customer data. The insurance company has to predict its new customer acquisition as well as maintain its existing customers. This paper is focused on how we support insurance companies, especially PT. XYZ, to analyze their customers’ characteristics data using the best data mining algorithm technique. The research aims to analyze existing customer data and to predict as well as find optimal patterns of how many of their customers will extend their insurance policies, and how many will not. We also explore the customer retention rate discovering the optimal solution for the company. We applied 4 different algorithms were applied, i.e. support vector machine algorithm, decision tree, k-NN, and random forest algorithm, comparing the results and finding a better solution. From the analysis, we found that the random forest algorithm provides better results in predicting the status of the insurance policy extension of current customers, with an accuracy rate of 91.08% and AUC value of 0.962. This result is quite good for PT XYZ, and could be enhanced in the future by applying a good strategy to increase their customer renewal ratio.
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Somjani, Avinash. "ENHANCING CUSTOMER RETENTION IN RETAIL INDUSTRY." INFORMATION TECHNOLOGY IN INDUSTRY 9, no. 1 (March 10, 2021): 729–35. http://dx.doi.org/10.17762/itii.v9i1.193.
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With the pandemic grabbing up places all over the world, the decline in businesses, macro and micro, is inevitable. Among these businesses is the retail sector which plays an important role for any economy. Retail sector covers all the basic necessities that a human being needs.
Retail sector is dependent on many factors that drive the sales of a company and the most vital one is the customer retention. With eruption of technology it is highly important to underscore the importance of social media and advanced technology. The main reason for that is the number of options the customers have. Due to this the switching cost is low. From the porter’s analysis, we can clearly conclude that the bargaining power of the buyer is high for most retail commodities.
Many customers are loyal towards a brand because of the brand image, so it is highly important that a company fulfills its CSR programs in a way that can grab the attention of the customers and glue them to the brand. This brand image can also be connected to the store ambience.
This study is based on various factors that are perceived by the customers as of value and how these factors can enhance the customer retention.
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Nili, Alireza, and Abbas Keramati. "Customer Retention Programs of CRM and Customer Retention in E-Banking." International Journal of E-Entrepreneurship and Innovation 3, no. 1 (January 2012): 18–32. http://dx.doi.org/10.4018/jeei.2012010102.
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This study, considering various viewpoints and concepts about customer relationship management (CRM), aims to propose a comprehensive set of customer retention programs of CRM (including customer service, loyalty programs, customization, and online community) and describe the correlation between each of these programs and customer retention. In doing so, the empirical data collected by the means of the designed questionnaire distributed to the top managers working in e-banking sector of two private and two governmental Iranian bank branches were analyzed. The results of this analysis represent the positive and significant correlation between each of the customer retention programs of CRM and customer retention. Moreover, based on the findings of this research, among these programs, customer service has the most significant and customization has the lowest correlation with customer retention in e-banking of these banks.
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., Abdurrahman, Chitrang Agarwal, and Lokeshkumar Ramasamy. "Architecture for Evaluating Customer Retention Strategies." ECS Transactions 107, no. 1 (April 24, 2022): 1569–84. http://dx.doi.org/10.1149/10701.1569ecst.
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The modernizing world with increasing technological developments and the everyday generation of the new innovative strategies has created a competitive era. The advancement of technology, implementation of advanced solutions, and strategies attract many customers, which results in changing market and business. With this Digital Darwinism, organizations face a major pitfall known as Customer Attrition. Addressing this problem is the need of the hour for every organization aiming to increase customer loyalty and its revenue. Understanding the business ecosystem and coming up with a strategy that strengthens the roots of the firm and increasing their customer lifetime is an approach, but the question arises that how good is your strategy when it comes to the comparison with the competitors in the market. The architecture proposed in this paper evaluates business strategy using customer segmentation and customer lifetime value prediction, churn prediction, uplift modelling, and survival analysis.
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Kavita, Patricia, Susan Wamitu, and Joseph Nzomoi. "Relationship between Bank Customer Retention Strategies and Customer Satisfaction in Commercial Banks in Machakos Town." European Journal of Business and Strategic Management 7, no. 2 (September 12, 2022): 23–38. http://dx.doi.org/10.47604/ejbsm.1640.
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Purpose: this study was to investigate the relationship between service quality and customer satisfaction in the commercial banks in Machakos Town.
Methodology: The study adopted descriptive survey design. The target population was 82 commercial bank customers in Machakos Town. Primary data was collected through use of structured questionnaires. Descriptive statistics included frequency, mean and standard deviation. Simple regression modeling was used to aid in data analysis.
Results: Research findings revealed that F statistic of model 1 was 33.236(p=.000). This portrayed that the influence of service quality aspect of customer retention strategies on customer satisfaction was statistically significant at 95% confidence level for (p<.05). Hence this model was suitable to estimate customer satisfaction amongst the five commercial banks in Machakos town. Adjusted R2 was of .648 which implies that customer retention strategies explained 64.8% of the variations in customer satisfaction. Bank retention strategies had statistically significant influence on customer satisfaction with a one unit change leading to .384(p=.000) change in customer satisfaction.
Unique contribution to theory, practice and policy: The study recommended that management need to improve on efficiency in its operations regarding the customers and develop their products fully so as to satisfy their customers and control their product prices as well to be sure of customer retention. In addition, the bank should mitigate the risk of customer loss by ensuring that policies are put in place maintain product diversification.
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Min, Sungwook, Xubing Zhang, Namwoon Kim, and Rajendra K. Srivastava. "Customer Acquisition and Retention Spending: An Analytical Model and Empirical Investigation in Wireless Telecommunications Markets." Journal of Marketing Research 53, no. 5 (October 2016): 728–44. http://dx.doi.org/10.1509/jmr.14.0170.
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Strategic resource allocation in growth markets is always a challenging task. This is especially true when it comes to determining the level of investments and expenditures for customer acquisition and retention in competitive and dynamic market environments. This study develops an analytical model to examine firms’ investments in customer acquisition and retention for a new service; it develops hypotheses drawing on analytical findings and tests them with firm-level operating data of wireless telecommunications markets from 41 countries during 1999–2007. The empirical investigation shows that a firm's acquisition cost per customer is more sensitive to market position and competition than retention cost per customer. Furthermore, whereas firms leading in market share, on average, do not have a cost advantage over other firms in retaining customers, they have a substantial cost advantage in acquiring customers, and this advantage tends to increase with market penetration. The study results provide guidelines for firms’ strategic resource allocation for customer acquisition and retention in competitive service markets.
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Tsao, Hsiu-Yuan, Lucy M. Matthews, and Victoria L. Crittenden. "Balancing Market Share Growth and Customer Profitability: Budget Allocation for Customer Acquisition and Retention." Organizations and Markets in Emerging Economies 3, no. 2 (December 31, 2012): 45–55. http://dx.doi.org/10.15388/omee.2012.3.2.14267.
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This study adds to the knowledge of budget allocation for customer acquisition and retention spending in an inertia segment. The results indicate that when retention spending surpassed the optimal budget allocation, increased spending did not grow the expected value of customer equity. Since the inertia segment is comprised of loyal customers, an examination of brand equity and its role in customer loyalty and its influence on customer equity are discussed.