However, keeping the customer has become regarded much more important, since Dawkins and Reichheld (1990) reported that a 5% increase in customer retention generated an increase in customer net present value of between 25 percent and 95 percent across a wide range of business environments . This is the shift in paradigm that has been argued by Webster in a seminal article in 1992... displayed 300 characters
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This is the shift in paradigm that has been argued by Webster in a seminal article in 1992. He claims that ?customer relationships' are now the key strategic resource of a business . There are no longer any simple buying-selling transactions. It is being replaced by strategic relationships where each partner maximises profits by linking with the other... displayed next 300 characters
If companies knew how much it really costs to replace customers, they would make more investments to retain them. For example, credit card companies spend an average of $51 to recruit a customer and set up the new account (Reichheld, 1996)...
If Tesco make more profit they might be able to open new stores in areas where there are not that many stores.
How will the employee benefit
It will benefit the employee if the business monitor and evaluate and improve the customer service because will the employee will have the satisfaction that they are doing there job to the best of there ability...
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