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  • 1
    Online Resource
    Online Resource
    Which features increase customer retention? : most companies aspire to design goods and services that encourage repeat business. Yet businesses often invest in expensive features without adequately understanding how the features that attract new customers may differ from those that retain existing ones (2017)
    [Cambridge, Massachusetts] : MIT Sloan Management Review
    Details
    Language: English
    Pages: 1 online resource (1 volume)
    Keywords: Customer loyalty ; Consumer satisfaction ; Rate of return ; Electronic books ; Electronic books ; local
    Abstract: Companies must make important decisions about which features to include in the goods and services they offer to customers. Understanding the return on investment for a feature is essential to increasing profitability. Although tadding features increases costs, it may also increase revenues, either by attracting new customers or retaining existing customers. Yet the features that retain customers, the authors argue, may be different from the features that initially attract them. The authors provide insights from their research on how to calculate the return on investment for features. Working with a global hotel company, the authors developed a model to assess how features produce financial returns by attracting new customers and/or by retaining existing customers. The model integrates three kinds of data: the revenue increase due to the effect the feature has on attracting new customers; the revenue increase due to the effect the feature has on retaining existing customers; and the costs associated with adding the feature. They tested the model using three features, or "amenities of interest," in the hotel industry: bottled water, free internet access, and a fitness center. Not surprisingly, the authors found that free wireless internet was much more likely to attract customers than free bottled water. However, the picture changed when the authors switched from looking at features that attracted guests to features that retained them. Offering free bottled water during a stay led to a bigger boost in customer retention than offering wireless internet access. Why the difference? The authors argue that, although customers may have a good sense of the value of some amenities prior to using them (such as in-room internet), the value of other amenities (such as bottled water or a well-equipped fitness center) may be more visceral or emotional, and they may influence the consumer's evaluation of the overall service experience in a more holistic manner. It's harder for both consumers and companies to predict how visceral or emotional reactions to features will affect future behavior. From their research, the authors conclude that companies shouldn't rush to add new features that seem promising. Rather, they should first ask a series of questions: • Why should I add this feature to my offering? When considering a new feature, think about whether the feature is likely to attract new customers, retain existing customers, or both. • Do my competitor...
    Note: "Reprint #58202.". - Includes bibliographical references. - Description based on online resource; title from title page (viewed January 27, 2017)
    URL: https://learning.oreilly.com/library/view/-/53863MIT58202/?ar
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  • 2
    Online Resource
    Online Resource
    Should your business be less productive? (2014)
    [Cambridge, MA] : MIT Sloan Management Review
    Details
    Language: English
    Pages: 1 online resource (1 volume) , illustrations
    Keywords: Labor productivity ; Industrial productivity ; Electronic books ; Electronic books ; local
    Abstract: Executives typically think about productivity as something to be maximized. In service businesses, that means that companies often devote a lot of attention to designing automated processes that reduce their need for people - typically their most expensive resource. But in service businesses, increased productivity does not always lead to increased profitability. The authors analyzed data from more than 700 U.S. companies in service industries in 2002 and 2007. Their analysis suggested that, for a given level of technology, there is an inverted U relationship between productivity and profitability in service companies. In other words, service companies become less profitable if they are either too productive or not productive enough. However, because technology advances over time, the optimal productivity level increases over time. The authors found that several factors cause the optimal productivity level to be higher or lower. The optimal productivity level is not set in stone. As technology advances, the optimal productivity level increases. Online travel reservation systems offer an example. Advances in online technology enabled online travel service Expedia Inc. to increase its productivity by 15% from 2005 to 2010, with no damage to customer satisfaction. The authors argue that productivity in a service business should be treated as a strategic decision variable that depends on the business and the technology in question. One key question is the relative importance of customer satisfaction to the business model. When circumstances encourage the provision of better service quality (comparatively high profit margin, high price, low market concentration and low wages), companies should emphasize customer satisfaction more; when the opposite factors are present (high market concentration, high wages, low margin and low price), they can stress service productivity.
    Note: Place of publication from publisher's website. - Includes bibliographical references. - Description based on online resource; title from cover (Safari, viewed May 1, 2015)
    URL: https://learning.oreilly.com/library/view/-/53863MIT55316/?ar
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  • 3
    Online Resource
    Online Resource
    Handbook of service marketing research (2014)
    Cheltenham : Edward Elgar Pub. Ltd
    Details
    ISBN: 9780857938855
    Language: English
    Pages: Online-Ressource (XI, 615 S.) , Ill., graph. Darst.
    Series Statement: Elgar original reference
    Series Statement: Edward Elgar E-Book Archive
    Parallel Title: Erscheint auch als Handbook of service marketing research
    DDC: 658.8
    RVK:
    QP 600
    RVK:
    QP 611
    RVK:
    QQ 250
    Keywords: Dienstleistungsmarketing ; Beziehungsmarketing ; Kundenbindung ; Marktforschung ; Service industries Marketing ; Electronic books ; Aufsatzsammlung ; Dienstleistung ; Marketing ; Marketingforschung
    Abstract: 'This is an essential resource for managers and scholars interested in services marketing. It covers the topic comprehensively and in novel ways. All the luminaries in the field are represented. Buy this book and you will be up to date on the field.' - Valarie Zeithaml, UNC Kenan-Flagler Business School, US. The Handbook of Service Marketing Research brings together an all-star team of leading researchers in service marketing to explore many of the hottest topics in service marketing today. Cutting-edge topics include: customer relationships and loyalty, customer-centered metrics, managing customer contacts, product and pricing, digital service marketing, rethinking the marketing function, and service for society. This book, which includes authors from both academia and industry, will provide academics with an invaluable current view of the field and practitioners with a window into the latest academic thinking. With chapters from internationally renowned contributors, this comprehensive yet concise Handbook will appeal to service marketing academics, researchers and service practitioners
    Abstract: pt. I. Introduction -- pt. II. Customer relationships and loyalty -- pt. III. Customer-centered metrics -- pt. IV. Managing customer contacts -- pt. V. Product and pricing -- pt. VI. Digital service marketing -- pt. VII. Rethinking the marketing function -- pt. VIII. Service for society
    Note: Includes index
    DOI: 10.4337/9780857938855
    URL: Volltext
    URL: Deutschlandweit zugänglich
    URL: Deutschlandweit zugänglich
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