What are some strategies that can be used to show customers that their business

Question

What are some strategies that can be used to show customers that their business is valued?

What obstacles exist in customer loyalty and how might they be removed?

What are some of the things that positively impact customer loyalty in many organizations?

What are some things that differentiate organizations and that can accentuated to build customer retention and loyalty?

When a customer becomes dissatisfied, what can be done to appease and retain that customer's business?

What is the most difficult aspect of customer retention in your mind? Explain.

Explanation / Answer

The customers would support the business only if they feel valued for their presence. One of the strategies that would help the customers to feel valued is giving excellent customer service addressing their queries and concerns with high importance. When our concerns are addressed properly we feel valued. Another important strategy is to reward the customers. Point system is kinds of reward systems which provides points for each purchase and reward them with special gifts once reaching a limit. This makes the customers feel that each of their purchase is valued. Another strategy is up selling which makes the customers buy the costly product as part of the combo which makes them feel valued through the purchase. Selling complementary products is also a good strategy.

The obstacles to customer loyalty can be the failure to identify and treat loyal customers properly. When the customers do not get the expected treatment, they become dissatisfied and loyalty degrades. Another obstacle can be high price of the product. If the price is increased without any reason, the loyal customers may think for alternative options and choose the competitors. Another obstacle can be quality. If the company fails to provide the same quality throughout the period, the loyalty would get affected.

The factors that positively impact customer loyalty includes maintaining good interaction with the customers and the customers feel satisfied when their needs are addressed through effective communication. Better treatment for the customers help to build customer loyalty and loyal customer increases customer retention. Providing good deals for the customers as part of promotions also would help to increase customer loyalty and retention. Another factor is honesty and the customer would support companies who are honest to their customers.

When a customer becomes dissatisfied the executives should handle the customer very carefully. They should be polite and try to understand the reason behind dissatisfaction. The customer should be provided with alternate options like replacement or reimbursement so that the customer may feel valued and continue supporting the business.

In my opinion, the most difficult aspect of customer retention is being honest to the customers. The companies need to balance between honesty and profit which makes it difficult to be honest to the customers in all circumstances. Some of the strategies cannot be revealed to the customers as it affects the goals set. Customers are of different nature and required to be treated according to their character which makes it difficult to be honest in all aspects.

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