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The customer retention process actually begins during acquisition, which creates customer expectations, including perceptions of product value and uniqueness. Initial product usage determines whether these expectations are met. Then other factors, such as ease of exit, ease of purchase, and customer service, come into play. Together these factors affect long-term customer behavior and determine the relationship between seller and buyer.
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To truly understand customers' needs, companies can encourage and facilitate customers' feedback about problems. British Airways, for example, installed customer-complaint booths at Heathrow Airport where disgruntled passengers could air their grievances on videotape. Besides giving customers immediate relief from their annoyances, British Air found that the complaint videotapes gave vivid information to management about customers' problems and expectations.
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The actual value of a customer is equivalent to a quantity that is frequently called the customer lifetime value (LTV), or the net present value of the stream of expected future financial contributions from the customer. Every customer of an enterprise today will be responsible for some specific series of events in the future, each of which will have a financial impact on the enterprise.
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Whether you’re a do-it yourself investor or a money neophyte, you need financial planning. It’s the fundamental road map necessary for meeting your financial and lifestyle goals. In this section, you can find presentation slides on personal finance and investing. Please click here to browse personal finance presentation.
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Whether you're starting a new business or launching a new product line within a company, you won't be able to succeed without a clear plan that defines your goals and how you will achieve them. These great presentation slides equip you with the knowledge, tools, and techniques you'll need to develop marketing plans like the pros. |
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