A Study on Customer Retention Strategies in Consumer Durable Goods

Abstract

Customer retention in the traditional marketing approach is however seen as the ‘end’ rather than the means of delivering long term profitability of firms. The development of effective relationships is increasingly recognized as an important component of marketing strategies. Developing and maintaining satisfactory customer relationships can help increase customer retention. From the customer's perspective, the determinants of relationship retention include factors such as eliminate service irritants, provide loyalty benefits, assist customers  in making brand choice, provide service beyond expectations, provide the benefits offered by competitors, satisfactorily settled all service related problems, selling various product items , build emotional  commitment in the relationship, building company image, maintain regular interaction with customers. The aim of the study is to examine the factors which influence and contribute to customer retention. A questionnaire survey was used to collect the primary data. The author used factor and regression analysis and all tests had a 95% confidence level. A statistically significant relationship was found between the dependent variable Customer retention and the independent variables concerning variables.

Keywords: customer, customer satisfaction, customer retention