Now I would like to conclude that the goal of this article is to find out the impact of Customer Relationship Management on Customer Retention. If the company has the ability to create value for its customers then this is the key to generate long-term customer loyalty. The customer relationship management system has played a very important role in this regard. There is an interaction between customer satisfaction, customer loyalty and customer retention. Organizations must understand the buying behavior of their customers and also to recognize their needs throughout the entire customer life cycle. There must be accountability and transparency at organizational level so that customers must be treated properly.
Customer Retention is the important managerial issue and is the key objective of relationship marketing. It is very much beneficial from economic point of view, as it costs less to retain then to acquire new customers. It is the duty of the organization to teach their employees that they all are service providers and also educate them to emphasize on Customer Retention. When companies are providing timely and good quality service to its customers within reasonable price then they are able to retain their customers.
Customers are the major stakeholders of your business and they are the partners in profit, reputation and respect of any organization. So customer retention is most important for the survival of a business. For retaining customers organizations should go some extra miles means give something more than the expectations of the customers, must know your customers by name and greet them on several occasions like seasonal festivals, birthdays, anniversaries etc.