Professional Documents
Culture Documents
This chapter presents some related literature and studies of foreign and local which are
presented in the following paragraphs.
Foreign Literature
) "It will cost more money and take more time to find a new customer than to retain an
existing customer." Businesses operating in a new market seek to increase the amount of
customers they have because it involves recruiting as many customers as possible to enter a
market and gaining customers is an expensive process that managers should understand. A
business should come up with efficient advertising techniques in order to attract new
customers. In order to acquire new customers, a lot of advertising is done and a business
company can place a higher priority in the acquisition process for customers. On the opposite,
retention of clients is a secondary process that is followed by the acquisition of clients. Few
resources are used to retain customers rather than gain them.
For any new company, this is by far the greatest challenge. How much you gain new
customers the agency or organization can make or break. Personal and company referrals are
possibly the best, but very quickly those will dry out. A steady stream of new revenue
(customers) each and every month is what you need. Two key approaches to business growth
exist. The first one is direct cold calling prospects. E-mail marketing is the second one
(believe it or not, e-mail marketing still has a very high ROI). Now that the strategy is in
place, we need a list. How do you go about collecting or creating a list of prospects?
Acquiring new clients, especially from rivals, A business must change its resource
configurations to By substantially distinguishing the product and service, either offers or
decreases in the cost of selling certain goods and products services. Additionally, such an
emphasis on acquisition is likely to be positively linked to changes to resource configuration
where organizational units you can share and combine resources to add value in ways that to
the innovation of goods. And if an organization acquires new clients successfully without
altering its
Resource configurations, uncertainties related to the acquisition of new customers, as well as
their probably different needs and preferences, can require the business to invest resources to
acquire new technologies, skills and processes and thus achieve flexibility and innovation
through increased variation and experimentation.
After all, the ever-present turnover and the similarly omnipresent development ambitions
render consumer recruitment a virtual necessity. New customer acquisition tops the marketing
agenda of most companies. However, despite its obvious significance, acquisition as a field of
marketing strategy remains methodologically overlooked. Over-reliance on convenience
populations, such as third-party client lists coupled with generic purchasing rewards and off-
the-shelf market valuation/targeting schemes, tends to hinder its effectiveness. More
importantly, as the de facto acquisition success metric, and the resulting inattention to longer-
term product repurchase and customer retention, the focus on a 'head count' near-
termprogramme response continues to adversely affect the productivity of customer hiring
efforts.
What combination of these policies is the 'right' depends on different variables. The model of
customer service selected by the organization is one of the most important. In terms of the
frequency, content, meaning and importance of the interaction between the two, how they are
triggered, how they are connected with each other, and how they evolve over time, this is
generally defined as the manner in which a business manages and is controlled by its clients.
A model generally requires dedication to doing business in a specific way, that is, with
specific structures and procedures and ways of treating individuals. Products and ideas can
also be decided.
We have found that there are two primary fears of many small business accountants,
particularly those in the early stages of establishing a practice. The first is a concern that they
would not have adequate professional expertise to represent them in any field after receiving
one or more clients.
This fear can easily be resolved by CPAs in two ways. The first is to note that they already
know a lot more than the prospective client about most, if not all, of the above fields. The
owner or manager of a small business immediately sees the CPA as an expert, and studies
have shown that CPAs are highly regarded as trusted financial advisors by the business
community .Second, if the small business accountant feels that there is a void in his/her
background, forming professional relationships with other individuals or organizations with
the necessary expertise is an effective way to bridge this. Examples include an agency for
payroll processing, an installer of a computer network, or an accomplished loan kit preparer.
A network of people and organisations who can provide assistance or delegate unique duties
helps an accountant to provide full services in less familiar areas .Many people and
organizations with complementary expertise are willing to exchange ideas and receive
referrals and will refer their customers to the CPA in return when accounting services are
needed.
As mentioned by Michael M. Pompian(2007)
(https://www.sunpointeinvestments.com/stage/wp-
content/uploads/UsingBehavioralInvestorTypestoBuildBetterRelationshipswithclients.pdf)
These advisors have found that it is difficult and costly to acquire customers, and losing them
is quick, and contrary to common opinion, the primary reason why financial advisor's lose
customers is not due to subpar results of investment. Advisor's understand that the most
common reason they lose customers is that they can not get into their customers' heads
sufficiently to establish good personal and financial relationships. A crucial ingredient in the
formula for success in attracting and maintaining clients is knowing how consumers really
think and behave. As such, in the financial advisory sector, behavioural finance is becoming a
strong force.But since they lack a structured way to apply it to their client relationships, some
financial advisor's are needlessly struggling with behavioural finance.
Local Literature
To attain this target, the government is introducing multi-faceted poverty reduction policies,
one of which is the microfinance program design to help low income households gain access
to micro-credits. Provision of government and private sectors’ capitalisation was channelled
to cooperatives because of their large presence at the grassroots level. Small and large scale
cooperatives carry out microfinance projects intrinsic to their mandate with derived benefits
in terms of acquiring properties, increasing capitalisation and producing income for the
organization and for their part-owner members. Through micro-financing scheme, it is hoped
that wherever possible, resources would take the form of productive assets that could
empower people, especially the women, to improve their standard of living. This in turn
demands that economic institutions have policies and avenues conducive to meeting the
urgent challenges of development and poverty eradication. The micro-financing scheme seeks
to reduce poverty by increasing the access of poor people to savings and credits so that they
can spend on physical resources supportive to increased productivity particularly among low
income groups. Furthermore, it aims to provide working resources for the procurement of
inputs for efficient livelihood initiatives.
This review of related literature and studies will help our researchers for a better
understanding about the study and also help us to recognize the strategy to acquire a clients
and we all know that it is hard to persuade the clients to get any lend. So therefore, this study
woud be very helpful for the decesion making of the researchers, espicially in terms of
identifying how effectiveness the strategy to acquire anclients towards clients satisfaction.