IMPACT OF CUSTOMER RETENTION ON BUSINESS PERFORMANCE
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- NGN 3000
Abstract
As customers are the backbone of any business, firms without customers would not be able to sustain their performance. This is because such firms are believed to have no revenues, no profits and therefore no market value. Accordingly, managing customers is deemed to be very crucial business agenda in which the key focus has been switched in recent years from attracting new customers to preserving existing ones. Both practitioners and scholars have discovered that it is much easier and cheaper to retain the exiting customers than investing on the potential customers. A decent customer retention level is believed to be a significant contributor towards improvement in the overall firm performance. Accordingly, this study explores the customer retention practices adopted by fast-food firms in general and Favourites fast-food in particular while examining the factors that retain customers and the subsequent impact of customer retention practices on business performance. A survey of forty (40) customers of Favourites Fast-Food Asaba showed that customer service and quality of product have significant influence on customer retention which inturn has direct impact on business performance.
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