REC101 Lecture Notes - Lecture 5: Customer Satisfaction, Employee Retention
3 Apr 2013
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Lecture 5 profit and building customer loyalty. The relationship between frontline workers and customers" needs to be the centre of management concern. Tangibles appearance of equipment, facilities, and personnel. Reliability ability to perform the promised service dependably and accurately. Responsiveness willingness to help customers and provide prompt service. Assurance knowledge and courtesy of employees and their ability to convey trust and confidence. Empathy caring, individualized attention the agency provides its patrons. Service profit chain: customer loyalty drives profitability and growth. Customer loyalty is an important determinant of profit. A 5% increase in your customer loyalty can produce profit increases from 25% to 85% Loyal customer provides all profits and covers losses incurred in dealing with less loyal customers. Find out why customers defect, not just where: customer satisfaction drives customer loyalty. Create apostles , customers so satisfied they convert others. Avoid saboteurs , customers so unhappy they speak out against your service.
