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Contemporary better marketing approaches a study of micro firms

Author:Muhammad Tariq and Shahzad Aamir

Abstract:
Businesses calculate the life time value of customers and extrapolate their future profits. Higher revenues are guaranteed only when the customer keeps a business relationship with the business for entire his or her life. Given the small sample population of micro businesses are keen to retain their customers for longevity of their profits as against a situation where a customer switches before his life time value ceases. This study indicates that micro businesses are keeping good customer relationship with its customers via word-of-mouth marketing which is considered as instrumental for success of majority of micro business as it serves as a credibility filter and is carried out independently by the customers. At the same time, this finding does not indicate any clear picture as to which form of marketing is doing better. Because our empirical analysis indicates that majority of micro business are dormant in the domain of social media marketing.