Customer Loyalty

According to BusinessTown.Com, companies should

"Strategize And Plan For Loyalty!


Do you even have a specific plan for building customer loyalty?

I bet you haven't given it as much thought as you should- because to tell the truth I need to give it more effort also.
If you currently retain 70 percent of your customers and you start a program to improve that to 80 percent, you'll add an additional 10 percent to your growth rate.
Particularly because of the high cost of landing new customers versus the high profitability of a loyal customer base, you might want to reflect upon your current business strategy.

These four factors will greatly affect your ability to build a loyal customer base:

• Products that are highly differentiated from those of the competition.

• Higher-end products where price is not the primary buying factor.

• Products with a high service component.

• Multiple products for the same customer."

All of which makes perfect strategic sense.  Customer service and customer loyalty go hand-in-hand and quality is king.