Customer Loyalty : A Successful Business

Given such a turbulent business environment, building relationships with important stakeholders is crucial to a firm’s well-being. Both customers and employees are major concerns for firms that want to develop loyalty and competitive advantages. The challenge for long-run success in business is to continually increase the customer’s dependence on the company to provide products in an environment of mutual respect and perceived fairness. Creating mutually beneficial exchange relationship with customers mean that both parties work together to understand needs and develop trust.

While savvy marketing and a targeted sales pitch may lure customers, it is how a company relates and responds to customers’ needs and concerns that determine successful customer retention. In the current social media age, consumers have a multitude of platforms, to include Facebook, Twitter, or Yelp, through which they voice their satisfaction and/or dissatisfaction with a particular company’s policies, practices, or products. Such feedback is not only instantaneous, but far-reaching as the social media explosion allows for mass promulgation of unfiltered comments, concerns, and reviews. Thus, the need for exemplary customer service practices is more pronounced today than ever before. Sound customer service can include many different services and activities, and can vary from company to company, depending on the sector and size of the organization. The onus is upon managers to formulate effective policies and attainable goals through which customer service is enhanced for their respective company, thereby improving supplier-customer interaction. (Tucker, 1994, pp.32-40)

Consequently, negotiation is a process that can be approached in many ways. No matter what strategy we choose, success lies in how well we prepared. The key to negotiating a beneficial outcome is the negotiators’ ability to consider all the elements of the situation carefully and to identify and think through the options. At the same time, negotiators must be able to keep events in perspective and be as fair and honest as circumstance allows. Because a common ground or interest has brought the parties to the negotiating table, a negotiator can benefit by trying to capitalize on this common

It’s essential that companies or businesses today listen to their customers. No company or business today can afford to disregard the importance of customer satisfaction and loyalty. Aren’t they the same thing? No, they are absolutely not and they are enormously

Today’s organizations fail to realize the value of their customers when it comes to the success of their business. Without customer loyalty the success of your business will always be uncertain. Organizations must sensitively tailor the designs of a successful firm to the particular challenges of understanding, attracting, and keeping valuable customers. “Having satisfied customers just aren’t good enough”. Kenneth Blanchard and Sheldon Bowles, co-authors of Raving Fans, believe this concept is needed to have a successful business. I agree with this concept of customers being the focal point of any business. I would want more than just a satisfied customer; I want a “Raving Fan”.

• Membership open to all customers • Clerk will swipe discount card if member forgets or does not have card • Each member receives the same discount regardless of purchase history • Firm has no information base on customer name, demographics, or purchase history • There is no targeted communications directed at members

Businesses all over the world want to make a profit, increase sales, improve customer satisfaction, and employee loyalty, but the difficult task in achieving these goals is knowing the exact balance in order to reach their true potential. Generally speaking, a business will either succeed or fail based on these three internal variables: their products, their set prices, and the atmosphere or tone which is set once the customer enters the store. It is understood that if a business owner sets their prices too high, their customers will think they are over-priced and will not consider their products; however, if they undervalue their products, the customers will be under the impression that the product is cheap and will also avoid the item under accusation.

A service Organization must know the concepts of customer loyalty.Understanding customers need in buying a product and the right approach and proper communication in dealing with customer is important to become them loyal.Customer loyalty have different types and degrees of loyalty that must recognize by any service firms.One type of customer loyalty is Monogamous loyalty and the second type is Polygamous loyalty. There is also behavioural and attidunal aspects.According to Keiningham et al.(2005)on his book loyalty myths.The earth we live in is Polygamous loyalty and not monogamous loyalty.Monogamous loyalty is where customers shops in different retailers such as Coles,Woolworths,Safeway and

In today’s competitive environment, maintaining customer relationships is a key to business success because customers are considered as important strategic resources of a business. However, all business markets contain many subgroups of customers that behave differently, that have different ambitions, and have different purchasing behaviours. Hence each subgroup must be treated differently in order to build strong customer relationships. To compete with rival businesses, it is vital for a business to know enough about their customers and to know the wants and needs of the customers.

In the present 21st century, the pressure of market competition has increased significantly. Under this environment, customer loyalty is the focus of both management practice and marketing practice of modern enterprises. It is the key for enterprises to get trust from customers and retain existing customers with the capability to deliver added value for customers.

Using customer profiles to manage device displays, content and other features such as videos, images, etc.

When we think about customer relationships, we have a tendency to think more on the lines of building a rapport with the customers for profit, but our ultimate goal should be for longevity profit and sales growth. In order to manage customer relations successfully, we should focus on the experience of the customer from start to finish. A process should be carefully thought out, and implemented to attract, interact and retain customers.

The necessity of human is rapidly increasing, from fast food that can be served in less than 10 minutes to services like pet grooming and hotel that are now in demand with the animal lovers. These necessities of humans are allowing more and more business to be opened and would mean economy growth. Since there is a demand of these necessity, there is also demand on business and would mean competition. Marketing the product or services would be difficult to pull-off because of competition and the product and services somehow is identical to each other. The question would be how a business will retain their customer, or how would a costumer make repeat purchases and come back. The cultivation of

Liu(2008) claimed that online shopping customers’ satisfaction may be ruined by the lacking of on-time delivery. A quarter of Chinese customers were dissatisfied with online-shopping experience due to the low delivery service level(CNNIC,2004).

The importance of this issue in today’s global marketing practices has been one of the