[ CourseHulu.com ] Udemy - Customer Retention Strategies - Basic

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Instructors: Management Study Guide

1 section • 8 lectures • 30m total length

Video: MP4 1280x720 44 KHz | English + Sub

Updated 9/2018 | Size: 364 MB



Customer retention is a strategic process to retain existing customers.



What you'll learn

No prior knowledge is necessary.

Explain What is Customer Loyalty

Describe the Drivers of Customer Loyalty

Describe the Drivers of Customer Loyalty

Explain What is Customer Satisfaction

Explain Attrition and Silent Attrition

Describe the Various Customer Retention Strategies

Explain the Determinants of Customer Retention

Explain Methods and Tools for Customer Retention

Explain Principles of Retention Management

Explain What is Customer Lifetime Value (CLV)

Explain the Need of Relationship with Customers

Explain How to Use Strategic CRM for Retention

Explain the Myths of Customer Retention

List the Challenges of Customer Retention

Requirements

No prior knowledge is necessary.

Description

Customer retention is a strategic process to retain existing customers. It is difficult to exactly define customer retention as it is a variable process. A basic definition could be ‘customer retention is the process when customers continue to buy products and services within a determined time period’. However this definition is not applicable for most of the high end and low purchase frequency products as each and every product is not purchased by the customer.



For example, in the stock brokerage industry, a customer may not buy a particular scrip in the given period of time but is tended to buy the same when the conditions to buy the scrip becomes favorable and when the customer evaluates that now this scrip could be profitable to buy. In this case, the definition of customer retention could be ‘customer retention is the process when customer is intended to buy the product and services at next favorable buy occasion’. Such products are known as long purchase cycle products.



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