Examine the Strategies that can be used by Fast Food Companies to Retain their Customers
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Volatility in the world’s economy is known to delay sustainable development and has forced businesses to re-consider their operations and financial expectations over the past years. The pressure that is on business nowadays is more amplified by a market whose customer acquisition rate is decelerating and consumer loyalty is reducing whereas the sales cycles are increasing. Losing a treasured customer in such an environment can have a significant impact on the growth and profitability of a company.
Businesses have therefore moved their attention from customer acquisition to customer maintenance and retention. Customers will at all times remain the prime focus of any business since it will have no motive to operate if there were no consumers of their products. For example in the fast foods industry, there is a need to retain existing customers who are frequent and loyal buyers. According to Brink and Berndt (2004:32), many companies spend an excessive deal of effort, time, and funds recruiting fresh customers and a few take the required procedures to maintain the existing customers.
Customer relationship management (CRM) can be defined as the amalgamation of strategies and technologies that businesses use to manage and examine consumer interactions and data all through a customer lifestyle. The most important emphasis was on customer relationship management (CRM) which is a strategy to construct long-term relationships with the available customer base. This essay is going to assess the retention strategies that can be used by fast food companies.
Fast food companies face a high turnover rate of employees due to low wages, long hours, and stressful work conditions. To reduce the costs and risks associated with employee turnover, fast-food companies need to implement effective retention strategies that can increase employee satisfaction, loyalty, and performance. Some of the possible retention strategies are: Offering competitive pay and benefits, providing training and development opportunities, and creating a positive work environment among so many others to be discussed in detail in the report below.
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Examine the strategies that can be used by fast-food companies to retain their customers A Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand generally the meaning of customer retention and its significance to organizations
- Understand the various strategies used by fast-food companies to retain their customers
- Apply these strategies to real-life organizations
1.0 INTRODUCTION
The fast food industry is a highly competitive and dynamic industry, where customer loyalty is hard to achieve and maintain. Customers are often looking for convenience, variety, affordability, and quality when they choose a fast-food restaurant. How can fast food companies retain their customers and increase their repeat purchases? Here are some possible strategies:
Offer loyalty programs and rewards. Customers like to feel valued and appreciated, and loyalty programs can provide incentives for them to come back more often. Rewards can include discounts, free items, coupons, or points that can be redeemed for prizes or services. Loyalty programs can also help fast food companies collect data on customer preferences and behavior, which can be used to tailor marketing campaigns and menu offerings.
Provide exceptional customer service. Customer service is a key factor that influences customer satisfaction and retention. Fast food companies should train their staff to be friendly, courteous, respectful, and helpful to customers. They should also handle complaints and feedback promptly and effectively, and try to exceed customer expectations. Customer service can also be enhanced by using technology, such as online ordering, mobile apps, self-service kiosks, or chatbots.
Create a unique brand identity and value proposition. Fast food companies should differentiate themselves from their competitors by creating a unique brand identity and value proposition that appeals to their target market. They should communicate their mission, vision, values, and personality through their logo, slogan, packaging, advertising, and social media. They should also highlight their competitive advantages, such as quality ingredients, innovative recipes, social responsibility, and environmental sustainability.
Innovate and diversify the menu. Fast food companies should constantly innovate and diversify their menu to meet the changing needs and tastes of customers. They should offer new products, flavors, or combinations that can attract new customers or entice existing ones to try something different. They should also cater to different segments of customers, such as health-conscious, vegetarian, vegan, gluten-free, or halal customers.
Engage with customers on social media. Social media is a powerful tool that can help fast food companies connect with their customers and build relationships. Fast food companies should use social media platforms to share news, promotions, events, stories, or tips with their followers. They should also encourage user-generated content, such as reviews, ratings, photos, videos, or testimonials that can showcase their products and services. Social media can also be used to gather feedback, answer questions, or resolve issues from customers.
By implementing these retention strategies, fast food companies can reduce employee turnover, improve employee performance, and enhance customer satisfaction and loyalty.
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