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Building Lasting Customer Loyalty.
Pages 5 (1255 words)
One of the first statements the author mentioned about customer loyalty is that it is more expensive and time consuming to build loyalty with new customers than to create loyalty with your existing customers.
The variable that drives customer loyalty the most is price. A company that has been able to build tremendous customer loyalty because they offer better price than the competition is Wal-Mart. A lot of customer supports private label brands because they offer greater value than national brands. The quality of the product is another important variable when a company is trying to build customer loyalty. Customers are willing to pay more for products of higher quality. Three additional variables that drive customer loyalty are location, selection, and service. Companies that are able to achieve customer loyalty obtain lower customer switching, increased profitability, and great word of mouth advertising. Six key elements of customer loyalty are: a) build on the foundation of a brand; b) use price to communicate a fair value; c) engage customers with great customer experience; d) recognize good customers; e) reciprocate customer loyalty; f) build intimate relationship with best customers (Bradner, 2007). If your customer has a business that offers items that your company uses it is a good idea to purchase from them to support the business of a client that is providing you with revenues. Marketers must pay close attention to their top customers to ensure customer retention of these key clients. Four types of loyalty tactics are price, experience, programmatic, and relationship loyalty. In the airline industry a company that has had success by offering low fares is RyanAir. s. ...
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