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ELEMENTS OF CUSTOMERS SATISFACTION AND RETENTION: ASSESSING THE STRENGTHS AND THE WEAKNESSES
ABSTRACT
The study assessed the elements of customer’s satisfaction and retention: assessing the strengths and the weaknesses. Customers’ satisfaction element are aspects that directly influence and contribute to a customer’s overall satisfaction with a product, service, or business. Customer satisfaction can have a substantial impact on a business's bottom line since satisfied customers are more likely to stick with a brand, make repeat purchases, and become advocates. In order to retain customers, one must strive to understand them thoroughly. In attracting customers, it is not solely the products or services offered that play a crucial role; rather, the customer's shopping experiences significantly impact their perception of a brand. The study concludes that understanding and addressing the elements influencing customer satisfaction and retention is essential for sustained business success. Recognizing the strengths that foster loyalty and repeat business is crucial, while identifying and rectifying weaknesses such as poor customer service or product inconsistencies is equally imperative. One of the recommendations made was that establish robust feedback systems, including surveys and reviews, to consistently gather insights from customers. Analyzing feedback can reveal both strengths and weaknesses in your products or services, guiding targeted improvements.
KEYWORDS: Elements, Customers, Satisfaction, Retention, Strengths and Weaknesses
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