Sourced from: Customer Magazine, August 1999

Customer Retention Management*

The business which keeps its customers, year after year, is one which thrives. It has become obvious that retaining customers is considerably more efficient and profitable than the expensive business of looking for new ones. (In this article) Mike Beder provided in-depth analysis on what it takes to measure customer retention and why customer loyalty does not just happen - it needs constant effort.

In the first instance, companies should determine whether they want to measure customer retention or customer satisfaction…Customer retention measurements (CRMs) have to be obtained from a customer database that is weighted according to the relative significance of the customers if meaningful results are to be achieved…For CRMs to be most relevant, results have to be actionable, transparent and easy to duplicate. They have to correspond with the customers' own experiences.

* Extract only. Please contact us for a copy of the complete article.