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Extra resources for Customer Relationship Management Strategies In Financial Services
Surprisingly, many companies possibility that the customer give up here, and even pride themselves that they Win-back will be persuaded to return after a 'cooling off' period. make it easy for customers to cancel. If the Reason for the cancellation or termination of the relationship was a change in circumstances or a move by the customer out of the category, then brand loyalty may be intact, and in some cases e enhanced, if the supplier made termination easy. Sometimes, the relationship ended because of high price or the wrong product, so win-back can be initiated when these issues are resolved.
Organisational Studies, 17, 1996 pp365 - 395 36 System trust System trust depends on laws, industry regulations and contracts as well as the professionalism of the other party. Personality based trust Personality based trust is based on the human tendency to rely upon another person to behave in a predictable way according to expectations. Process based trust Process based trust is based on long-term relationships between two parties. A customer who has been doing business with a supplier for some time and is pleased with the results is inclined to trust the supplier.
Introduction The customer’s value to the organisation is the outcome of providing and delivering superior value to the customer; deploying improved acquisition and retention strategies; and utilising effective channel management. Understanding the economics of customer acquisition and retention and their relationship with lifetime value is fundamental to the concept of customer value in this context, as is identifying opportunities for cross-selling and building customer advocacy. It is particularly important to address value from a customer segment point of view rather than taking an aggregated approach.