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4 steps to building loyal and high-value customers
The customer loyalty playbook
Category: Customer Relationship Management/CRM
Date: 19 September 2011, 15:52
Loyal customers are your company’s most valuable asset.While many organizations have struggled in these challenging economic times, companies that have tapped into the long-term loyalty of their customers have thrived. Logically, this makes sense. Not only is it less expensive to retain a customer than to acquire a new one, loyal customers spend more, try other brand offerings, purchase more profitable products and services, and are more likely to refer customers to your business. The longer a customer is loyal, the more profit the company gains. If you care about long term growth and profits, then customer loyalty is a top priority.
But building customer loyalty is hard, especially when your competition is just an Internet click away. Customers have access to greater information as well as more control over what communications reach them and how. Distrustful of brand marketing, they are instead exerting greater influence amongst themselves for purchase decisions through discussion forums, reviews, and ratings. These activities impact your brand and product reputation, yet are outside your control.
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