Successful business owners understand the value of repeat customers and how it affects their bottom lines. In fact, studies reveal that returning customers spend close to twice as much money as new customers.
For this assignment, assume that you are a committed, small business owner with the goal to further the success of your business. You also know that your customers are the bread and butter of your business. Therefore, you understand the need to incorporate customer retention strategies using effective marketing strategies and good customer loyalty programs to attract new and keep existing customers.
Choose any product or service you would like to market. Expand on some customer retention strategies to attract new and retain existing customers for your product or service.
You will need to:
• research current marketing strategies for your product
• research customer retention strategies
• research strategies on gaining customer loyalty
• make recommendations on how to implement these methods
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