Importance of Customer Loyalty
Customer loyalty helps businesses to retain lower costs, higher-margin and greater profits than businesses that fail to satisfy and retain their customers.
What we are saying here is that, if an organization has loyal customers, they will spend less on adverts or other drives that are aimed at attracting new prospects into the organization.
That is why it is said that loyal customers are the principal drivers of profit.
In any organization that is customer-centred, the main reason why they have decided to tow that line is to retain their customers Research shows that the cost of acquiring a customer is almost five times that of retaining them.
Heavy advertisers confirm this too. Loyal customers continue to purchase your products and services.
As they grow with your organization, their value increases as they also introduce new businesses to your organization.
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