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Customer Loyalty
Delighted and loyal customers will
return for follow-on business without considering alternatives of comparing
the competition. Though, there is
a number
of factors that influence customers' decisions to remain loyal, true
loyalty is based on your company's continuous delivery of
superior value.
Customer loyalty is a major contributor to
sustainable profit growth.
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To win customer loyalty, you must first
satisfy your customer
repeatedly.
According to
80/20 Principle, loyal customers –
the top 20% of total customers – usually account for more than 80% of your
sales and profit growth. |
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In highly competitive
markets, there is a big difference between satisfied
customers and completely satisfied – or loyal –
customers. The former, if they have a choice, can
easily switch to another supplier.
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Loyal customer would stay longer with
your company and recommend its services
to others.
Thus you should
rather be concerned than pleased if, according to your surveys, majority of
your customers fall into the satisfied category. Turning them into loyal
customers through building customer relationship and delivering superior
value should be your prime task. >>
Example |
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Main
Benefits of Customer Satisfaction
▪ Customers stay with your company longer and deepen
their relationship with you.
>>>
▪ Customers
demonstrate less
price sensitivity.
▪ Customers recommend
your company's products or services to others. |
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