Professional Documents
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It'S Essential For Customer Retention: Mycustomer Survey
It'S Essential For Customer Retention: Mycustomer Survey
Show the flow/ connection/ relation of your points with the final goal of profitable organization.
Customer retention is essential for building residual revenue. It’s also much more cost-
effective than solely focusing on acquisition, as it’s 6-7x more costly to attract a new
customer than it is to retain an existing one.
And providing excellent service is absolutely necessary for establishing high retention
rates. In fact, 24% of respondents in a MyCustomer survey said they’d switch to a
different brand after just one negative experience.
But when you develop a customer-focused culture, you can be confident that no matter
which employee a customer interacts with, they’ll be treated as a priority.
Considering the impact service can have on retention, it should come as no surprise
that companies that make their customers a priority are more profitable. In fact,
research from Deloitte and Touche found that companies with a customer-centric focus
are 60% more profitable.
This directly ties to the fact that the happier a customer is with a brand, the more they
tend to purchase. In one study, Xerox found that customers who rated them a 6/6
were six times more likely to buy more products than those who rated the brand with a
5.
In this case, just one extra point on their rating scale led to a noticeable difference in
purchasing habits — illustrating that even a little extra effort could be all it takes to boost
your revenue.
Finally, it’s worth noting that a customer focus can help with the lead nurturing process.
When you take the time to answer prospective customers’ questions and provide them
with the information they need to make informed purchasing decisions, you increase the
chances that they’ll convert.
Task 2 choose ONE REAL company, then identify report on:
b) Middle managers
c) Top managers
Based on the above quest, from the ten managerial roles developed by mintzberg, identify each task for
those managers specifically (answer will be vary depending on types of organization
Top Managers
Top managers are responsible for the health and performance of the organization.
They set the objectives, or performance targets, designed to direct all the activities
that must be performed if the company is going to fulfill its mission. Top-level
executives routinely scan the external environment for opportunities and threats, and
they redirect company efforts when needed. They spend a considerable portion of
their time planning and making major decisions. They represent the company in
important dealings with other businesses and government agencies, and they promote
it to the public. Job titles at this level typically include chief executive officer (CEO),
chief financial officer (CFO), chief operating officer (COO), president, and vice
president.
Middle | Mid-level Managers
Middle managers are in the centre of the management hierarchy: they report to top
management and oversee the activities of first-line managers. They’re responsible for
developing and implementing activities and allocating the resources needed to achieve
the objectives set by top management. Common job titles include operations manager,
division manager, plant manager, and branch manager.
First-Line Managers
First-line managers supervise employees and coordinate their activities to make sure
that the work performed throughout the company is consistent with the plans of both
top and middle management. It’s at this level that most people acquire their first
managerial experience. The job titles vary considerably but include such designations
as manager, group leader, office manager, foreman, and supervisor.