Four P's of Customer Retention
It has been approximately 40 years since marketing professor (and subsequent guru) Dr. Philip Kotler coined the concept of the four P’s of marketing – product, price, place, and promotion.
While still valid today, Kotler’s original four P’s do not have as much
application to customer retention as they do to customer acquisition.
A more appropriate set of Four P’s for the area of
Customer Retention would be People,
Policies, Processes/Procedures, and Prevention. Here
are a few thoughts on each of these attributes, and their importance in achieving higher levels of
customer retention.