Customer acquisition is the act of designing and promoting a brand’s experiences in a manner that attracts more customers to make the first conversation, which might be an order, app download, subscription or purchase. The process takes many steps since the prospective client changes from being unaware of the brand, to weighing it against other brands, to making a purchase decision. On the other hand, customer retention focuses more on nurturing a better relationship with the current customers to increase loyalty and drive repeat purchases.
However, a successful retention relies on data management and delivering relevant messages according to customers’ interests and preferences. Customer acquisition and retention are the key challenges facing E’Khaya. According to Furman, “retention” is the gold standard since repeat customers not only spend more but also cost less in marketing expenses. This implies that while E’Khaya only focuses on acquiring new customers, it can incur a higher cost in customer acquisition than necessary. Therefore, this paper will provide a road map for E’Khaya to help in acquiring and retaining customers.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Areas e'Khaya may create value for customers in order to attract and retain customers..
- Importance of data management and how it can effectively underpin e’Khaya's success in acquisition and retention....
- Appropriate approaches to customer acquisition and retention for e’Khaya and how to implement them.
- Effective measuring techniques appropriate for the customer acquisition and retention strategies..
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to provide a roadmap for e’Khaya to help in acquiring and retaining customers. It explores how e’Khaya can create value for its customers, highlighting the importance of data management and customer lifecycle management. The paper also examines appropriate approaches to customer acquisition and retention, and effective measuring techniques for evaluating the success of these strategies.
- Customer Acquisition and Retention Strategies
- Data Management and Customer Lifecycle Management
- Value Creation and Customer Experience
- Relationship Marketing and Customer Intimacy
- Human Resource Management and Employee Engagement
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter defines customer acquisition and retention and outlines the key challenges facing e’Khaya. It emphasizes the importance of retention and its cost-effectiveness compared to acquisition.
- Areas e'Khaya may create value for customers in order to attract and retain customers.: This chapter discusses the concept of customer value chain and how e’Khaya can leverage Porter's value chain model to improve relationship marketing practices and customer experience. It identifies several areas where the restaurant can create value, including customer lifecycle management, network development, customer portfolio analysis, customer intimacy, and developing a value proposition.
- Importance of data management and how it can effectively underpin e’Khaya's success in acquisition and retention....: This chapter focuses on the crucial role of data management in customer acquisition and retention. It explores how data analysis can provide insights into customer behavior, preferences, and needs. This information can be used to develop targeted communication strategies, personalize customer experiences, and enhance customer loyalty.
- Appropriate approaches to customer acquisition and retention for e’Khaya and how to implement them.: This chapter delves into specific approaches to customer acquisition and retention. It discusses various strategies and tactics that e’Khaya can implement to attract new customers and retain existing ones. This chapter likely includes actionable steps and practical recommendations for the restaurant.
- Effective measuring techniques appropriate for the customer acquisition and retention strategies..: This chapter focuses on the importance of measuring the effectiveness of customer acquisition and retention strategies. It explores different metrics and techniques that e’Khaya can use to track progress, evaluate the impact of implemented strategies, and identify areas for improvement.
Schlüsselwörter (Keywords)
The key concepts explored in this paper include customer acquisition, customer retention, data management, customer lifecycle management, customer value chain, relationship marketing, customer experience, value proposition, employee engagement, and measuring techniques.
- Quote paper
- Armstrong Odiwuor (Author), 2024, E’Khaya’s Customer Acquisition and Retention, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/1452823
