LOYALTY PROGRAM AS A TOOL OF CUSTOMER RELATION, CUSTOMER SATISFACTION AND CUSTOMER RETENTION: A STUDY ON ORGANIZED RETAIL INDUSTRY IN INDIA
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Author(s):
DR. G. CHINA BABU, DR. NAZIA SULTANA
Vol - 8, Issue- 12 ,
Page(s) : 339 - 353
(2017 )
DOI : https://doi.org/10.32804/CASIRJ
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Abstract
Abstract
Customer Relationship Management (CRM) is the entire process that focuses on the interface between the organization and its customers. The objectives of CRM are to enhance profitability, income, and customer satisfaction. Customer satisfaction and customer loyalty are two main criteria for every organization to get success and retain customers. A satisfied customer plays a role as a free advertiser for every organization. In current competitive business scenario, it costs a lot less to keep existing customers than to earn new ones. One of the best ways to keep customers coming back for more is by establishing an effective loyalty or rewards program. The use of loyalty programs as a powerful tool of relationship marketing is becoming popular to encourage customer loyalty. Most businesses such as retail business implemented loyalty program to increase their customer's satisfaction and deter their customer from defecting to their competitors. The goal of this study is to obtain a deep understanding of the impact of customer loyalty programs on customer retention in Indian organized retail industry.
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