A Customer Retention Model using Balance Score Card for Small and Medium Enterprises in the Hospitality Industry
11 Pages Posted: 9 Jul 2013
Date Written: April 5, 2013
This paper is an attempt to bring out the relevance of customer retention for small and medium enterprises (SME) in the highly competitive hospitality industry. Customer retention is one of the critical goals of an organization as part of the Customer Relationship Management initiatives. Identifying customer touch points and positioning the services accordingly will have long lasting happy memories of experience from the customer. In this paper we have taken two case studies, one a SME Hotel with dining facility and another SME restaurant to model a key customer centric process and identified the touch points for customer service which impacts customer retention. This paper also applied the four perspectives of the balance scorecard (BSC) and identified the critical success factors in each perspective to model the process from the view point of customer retention.
Keywords: CRM, Customer Retention, SME, Balance Scorecard, Customer Intimacy, Customer Touch-points, Customer Satisfaction
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