This study all about the positive aspects of the loyalty programs in today’s hospitality industry.
The legendary question in the history of the business management is how to satisfy the customers. It is very obvious to understand that customer is the king in any business as the customers are the vital factor in the business that generates the revenue for the company. There are many kinds of customers for various kinds of industry but, for any industry it is very important to satisfy the customers mainly for the hospitality industry where the customer speaks the ultimate words. It is very important for the hospitality industry to think from the customers prospective. The customer’s perception and attitude towards the services provided by the hospitality industry are the vital factors. The customer loyalty programs are very much vital for this industry mainly for the hotels, in most of the hotels the loyalty programs run as these hotels want their customer to be happy and the lingering effect of the loyalty programs will get back the customers in the hotel in the near future.
Through out the history of the customer relationship management it has been seen that, the business people have applied many ways to satisfy their customer. The customer loyalty programs have proven to be the most successful methods of satisfying the customers. The needs and wants of the customers are always changing as the time passing by. The main aim of the loyalty programs are to retain and win back the customers. The retention of a customer saves lots of money cost. There are several costs which can be saved and profits can be generated and they are 1: Acquisition cost: the cost of acquiring new customer, 2: Base profit: that is the difference between the price the customer pays and the company’s cost. 3: Revenue growth: a long term loyal customer gives long term revenue for the company. 4: Cost saving: A matured ...
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