Most banks implement customer retention programs aimed at their best customers. They do this because they know that retaining customers usually results in
A)a product development growth strategy.
B)an operational advantage.
C)opportunities for diversification.
D)increased long-term profits.
E)more clearly defined market segments.

Question

Quizplus · Accepted Answer

Retaining customers can lead to increased profits in the long-term as customers who are satisfied with a bank's services are likely to continue doing business with them, potentially leading to repeat business and referrals. This can be more cost-effective than acquiring new customers as the bank does not have to spend as much on marketing and promotion.

Most Banks Implement Customer Retention Programs Aimed at Their Best