The Discussion Regarding the Concept of Loyalty - Essay Example

If we talk about loyalty in personal relationships, it is a fact that loyalty helps the people involved in a relationship build trust, faith, and confidence in each other. Whereas, in the case of business relationships, loyalty plays a considerable role in strengthening the business terms between the involved parties.

Loyalty not only shows its value in personal or business relationships but also plays a critical role in the success of an organization or a business firm. The concept of loyalty applies to the employees as well (Green). Loyal employees and loyal customers make a firm grow and achieve a reasonable market share. Employee loyalty is integral to the success of a business. Employees’ efforts, devotion, and dedication to their job responsibilities make a company reach a good position in the market and if the employees of a company will not be loyal to their company, the company will not be able to prove its worth in the market. A loyal employee is indeed key to a company’s success. Employees’ efforts always have the highest appraisal value because, without their input, a company cannot even imagine a good output in the form of success of business in the market.

Apart from the importance of employee loyalty, customer loyalty is also equally important in a company’s success. Some customers add to the total number of customers by offering word-of-mouth publicity related to any specific product or service. Providing customers with excellent customer service is one of the greatest ways to achieve high customer loyalty. A company should do whatever it takes to make things right if a customer has a problem (Holetzky). For example, if a product has some fault in it, the company should either replace it or refund the money to the customer. Customer loyalty helps a company achieve higher levels of profits and productivity. A company can only achieve customer loyalty by providing customers with high-quality products and services.

Having discussed the importance of loyalty in personal and business relationships and concepts of employee and customer loyalty in detail, we come to know that integration of the concept of loyalty in daily activities is of extreme importance not only for personal and business relationships but also for the success of businesses.