Journal ArticleDOI
A marketing approach for customer retention
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The balancing of marketing efforts between winning new customers and holding onto old ones will prove instrumental in pursuing sales and profit growth in the 1980s as discussed by the authors, when consumer marketing companies lavished more resources on attracting new customers than on satisfying old customers.Abstract:
Consumer marketing companies have lavished more resources on attracting new customers than on satisfying old customers. In today's low growth and highly competitive marketplace, however, customer retention increasingly joins customer getting as an important area of analysis and planning. Marketers can better cultivate relationships with existing customers in these ways: designing an optimal customer portfolio, formulating a special marketing mix, and modifying the marketing organization. The balancing of marketing efforts between winning new customers and holding onto old ones will prove instrumental in pursuing sales and profit growth in the 1980s.read more
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