Research on Marketing Strategy Management based on Customer Retention

Authors

  • Xianghan Zhang
  • Abhijit Ghosh
  • Dhakir Abbas Ali

DOI:

https://doi.org/10.54097/rdcx2907

Keywords:

Customer Retention, Marketing Strategy Management, Customer Satisfaction, Loyalty Programs, Customer Service

Abstract

This paper aims to explore marketing strategy management based on customer retention to enhance a company's competitiveness in a highly competitive market. In today's business landscape, where competition is fierce and customer acquisition costs are high, customer retention has emerged as a crucial strategy for businesses to maintain profitability and achieve sustained success. Through a comprehensive literature review and empirical research, we delve into the concept of customer retention and its significance in marketing strategy management. Customer retention refers to the ability of a company to retain existing customers and foster their loyalty over time. It goes beyond simply acquiring new customers and recognizes the value of nurturing and maintaining relationships with existing ones. By examining the interrelationship between customer retention and marketing strategy management, we shed light on the various strategies and tactics that companies can employ to enhance customer retention. This includes not only focusing on the initial sale but also on building long-term customer relationships. We delve into the importance of understanding customer needs, preferences, and behaviors to develop targeted marketing approaches that resonate with customers on a personalized level. Based on the literature review and empirical research, we propose a theoretical framework for analyzing the key factors and influencers of customer retention. This framework takes into account factors such as customer satisfaction, loyalty programs, and customer service, which have been identified as critical drivers of customer retention. By understanding and addressing these factors, companies can implement effective strategies to improve customer retention rates. Ultimately, the adoption of effective customer retention strategies can lead to sustainable competitive advantages for businesses. By reducing customer churn, increasing customer loyalty, and maximizing customer lifetime value, companies can differentiate themselves in the market, increase market share, and achieve long-term profitability.

Downloads

Download data is not yet available.

References

Afnen G ,Nedra A B ,Mohammad S .Intelligent Customer Experience and Behavioral Brand Loyalty: Empirical Evidence from the Commerce Environment [J].International Journal of Human–Computer Interaction,2023,39(10):2090-2101.

Product fit in the digital commerce environment: A conceptual study on lingerie brand’s digital fit tools[J].Fashion, Style Popular Culture,2022,9(4):539-554.

Jishnu B ,Kumar M D .What Do We Know About Customer Churn Behaviour in the Telecommunication Industry? A Bibliometric Analysis of Research Trends, 1985–2019[J]. FIIB Business Review,2022,11(3):280-302.

Musalem A ,Joshi V Y .Research Note —How Much Should You Invest in Each Customer Relationship? A Competitive Strategic Approach[J]. Marketing Science,2009,28(3):555-565.

Michael C ,Olga K ,Elias H .Editorial: Interdisciplinary research in services marketing[J].Journal of Services Marketing, 2023,37(1):1-11.

Philip C .A review of business model research: what next for industrial marketing scholarship?[J].Journal of Business Industrial Marketing,2023,38(3):520-532.

Downloads

Published

28-02-2024

Issue

Section

Articles

How to Cite

Zhang, X., Ghosh, A., & Ali, D. A. (2024). Research on Marketing Strategy Management based on Customer Retention. Academic Journal of Management and Social Sciences, 6(2), 66-70. https://doi.org/10.54097/rdcx2907