I am going to document a report that analyzes the strategies that Company A can use to retain its customer base. Some of the strategies that the company intends to use include improving employee training, encouraging employees to advance their careers, enhancing compensation and benefits packages, empowering employees, building relationships online, and using customer-friendly technologies.
Scope
According to Kumar (2008), acquiring new clients is quite expensive, and it can be seven or five times more expensive, especially when compared to retaining the existing clients. The author also notes that retained customer profitability increases with time because they act as added incentives for an organization. The author also succeeds in discussing various reasons why customers leave a company. Some of the reasons include being dissatisfied with the services and products that the company offers, and they may shift to the immediate competitor. For all these reasons, organizations are encouraged to channel their resources towards enhancing their customer retention approaches. Therefore, in determining how company A can retain its customer base, this paper analyses varied strategies to outline some of the best solutions. Some of the strategies that I intend to analyze include
How improving employee training can help company A retain its customer base
How encouraging employee in advancing their careers will help in retaining the company customer base
How the use of compensation and benefits can help in retaining the company customer base
How empowering employees can help in retaining its customer base
How building relationships with customer online will help retain customer base
How the use of technology can enhance the retention of customers
Limitations
The limitations of this project are that a company can use various strategies to retain its customer base. Therefore, narrowing down to the best three strategies is relatively challenging. Additionally, some strategies are effective in some companies, but they might not yield the intended results in Company A. Furthermore, some of the proposed solutions might be too expensive for the company to implement; therefore, the adoption of some right approaches in invaluable.
Research Methods
The research that will be conducted to complete this project include searching various academic websites for credible articles, books, and journals to analyze various strategies that companies have used to retain their customer bases. Some of the libraries that will be searched to find answers to the project problem include Google Scholar, EBSCOhost, Proquest, and Justor. Interviews will also be carried out with Company A employees and managers to find out how they intend to retain their customer base. Notes will be taken and a detailed report compiled.
Timeline
The project will take approximately 12 weeks to be compiled and presented to the professor for final grading.
TIMELINE
Reference
Kumar, V. (2008). Managing customers for profit: Strategies to increase profits and build loyalty. Upper Saddle River, N.J: Wharton School Pub.
