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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. >>
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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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Satisfy Your Customers
Customer satisfaction is a critical component of your
sustainable profitability and growth. To make make
customer service an
essential part of your corporate culture and produce empowered and motivated
employees who are committed to ever higher standards of
customer service and
satisfaction you must demonstrate continuously that in your company's order
of priorities, customer service comes before all else. You must develop a
system for
collecting customer satisfaction data and relaying this
information to those responsible for
value creation, and develop a system that rewards people for
customer-driven innovation and building
and maintaining customer relationships...
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Loving Customer Relationships
Love your customers.
If you ignore them, they will very quickly ignore you, and
leave.
If you focus more attention towards post-acquisition
customer engagement, you will enjoy cumulative benefits: the customer base,
revenue and cash flow will keep increasing, while the pressure off
acquisition as the sole driver of growth will be taken off...
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