The Increasing Focus on Managing Relationships and Customer Retention
There has been unprecedented need for firms and organizations today to focus on customer service, retention and loyalty as a way of increasing their competitive advantage and improving their bottom line. This paper discusses the increasing focus on managing relationships and customer retention in recent years. Initially customer retention strategies are identified, followed by an analysis of the benefits of value creation for both customers and services providers, key indicators of customer relationship and managing relationship. The study identified the competitive nature of business today and hence many businesses devising strategies such as switching barriers and retaining employees to retain customers. Consumers are increasingly developing relationships with numerous services providers rather than committing to one, hence associating loyalty with repeat patronage rather than long-term commitment.
Key words: Customer, relationship, retention, business, management