Best practice report: Customer Loyalty 2

January 2, 2014 by ahmed

Definition:

Customer loyalty is when a customer continues to purchase or use a product or service over the long term, even when other similar types of products or services are available.

The Stage

An organisation can maximise profits by strengthening its bonds with its customers, thereby retaining them longer. Customer loyalty involves attracting the right customers and getting them to buy—often, and in increasing quantities—and then getting them to bring in even more customers. Solid customer loyalty can be established through the following:

  • customisation: shaping products and services to suit individuals
  • commitment: responding to the customer’s needs of the moment
  • collaboration: allowing customers to share their ideas, and
  • coordination: providing a happy balance between people, technology and processes. [1]

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