Research Gateway

Abstract

Customer relationship management (CRM) is a tool or marketing strategy adopted by modern organization across the globe to retain its existing customers. Customer retention is the process when customers continue to buy products and services within a determine time period’. However this observation is not applicable for most of the high end and low purchase frequency products as each and every product is not purchased by the customer. Customer retention highly depends on attrition and silent attrition rates. Attrition is the process when customers no longer want to use product and services provided by the supplier and breaks the relationship bond by informing the supplier that he will be no more a customer. Most of the defecting customers don’t even intimate the supplier that they are defecting. This process is called silent attrition where the customer stops purchasing the product and services and divert to other suppliers without even informing them. During attrition, organization should prepare serious customer retaining strategies to save the customer to defect.