The Value Of Customer Loyalty

The company knows the demands of the customers and they are well orientated in the service and the knowledge of the products and this is the element that makes them prosperous. Jean’s Rare Find Books belief in customer service and satisfaction enables a comfortable and peaceful atmosphere and in return produces a strong customer loyalty for the company. Customer satisfaction and customer retention externally and internally is measured by the perspective of the customers and thus implements the reason for the company’s prosperity. Customer perspective is a key factor on how the customer views the company.

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.

Today’s world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

Today's world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

Customer loyalty plays a very vital role in an organization’s success or not always, is a very interesting debate. It has been suggested at several literature that loyal customer generates ongoing revenue and they also assist in generating profitable business income to any organization. At the same time research also suggests that there are other views available in relation to the concept of loyalty. The important factor to understand is weather those factors lead to long term business profitability or not. In my opinion regardless of other considerations, customer loyalty plays a great input in the business benefits and revenue. Today’s literature review will put some light on both customer loyalty as well as other consideration. It will further emphases the importance of the customer loyalty aspect and its impact on the revenue of the firm by supporting the concept of customer loyalty.

The purchasing goods & services have throughout the years begun to lead to a new perception of consumer relationship and in ways businesses conduct their operations. Not only is a business concerned with the buying and selling of goods & services but to further maintain that relationship with their customers to correlate between both parties. As this being the prime functionality of businesses, each business must differentiate themselves with other businesses offering different and wholesome services, which overwhelms their competitors, thus adding their own individualistic value to the marketing

Tangible goods, or rather manufactured goods, have been the dominant medium of exchange for centuries. However, recent decades have proved that it is no longer the case as there has been a prevalence of being service oriented (Vargo and Lusch, 2004:1-2). Services, as defined by Vargo and Lusch (2004), are  “the application of specialized competences (knowledge and skills) through deeds, processes, and performances for the benefit of another entity or the entity itself (p.2).” Utilizing services gives businesses an edge, a competitive advantage, particularly in an evolving competitive market, something which Metalfrio is definitely part of (Vargo and Lusch, 2004:9).  Those businesses that learn to adapt tend to do well. In addition, Vargo and Lusch (2004) write this shift to services is also a shift from producer perspective to a customer perspective (p.2). Thus, it leads to more of a collaborative effort where co-creation leads to adding value to the service rather than a product having value (Vargo and Lusch, 2004:6). Also, customers rather develop relationships with those that can provide a range of related services over an extended period of time, thus allowing businesses retain their clients for the long term (Vargo and Lusch, 2004:13). Overall, service oriented marketing is a direction that businesses should be headed towards to ensure that they can remain relevant and competitive in the

The guideline plan of this exploration paper is to show the significance of consumer loyalty in the Door Supervisor. The Door Supervisor being the exceedingly aggressive field that it is, having the capacity to satisfy client desires and requests turns into the most key component keeping in mind the end goal to get supportable development and net revenue (Bateson, 1991). This examination paper will attempt to think about and investigate the measures taken up by the Door Supervisor in U.K to satisfy the needs of its customers. It would likewise set up the part consumer loyalty plays in the accomplishment of Door Supervisor. In spite of the fact that already a considerable measure of examination has been directed in this field this exploration would build the learning about the significance of consumer loyalty in the development of the business.

In order to solve the problem of poor services companies face, this book introduce the “I. C.A.R.E.” Principles. It is so important that every one in the company should understand how each individual is responsible for the “Impression” they create, the “Connection” that is formed, the “Attitude” they possess, their “Response” they give, and how well they deliver on the “Exceptionals” of serving their companies’ employees. The first four deal directly with the consumers, while the final directly addresses the experience companies create internally for their employees. These five principles will help to empower the organization to deliver a higher level of the experience.

An organization’s strategy for managing their value chain can create a competitive advantage for the organization. Competitive advantage explains the difference between the value a company offers its customers and the cost of creating that value (“Value Chain Analysis”, 1996). Customer delight refers to delivering

In my opinion our company is relatively strong in 2 of the 4 characteristics of “analytic competitor” as described in the text. Our goal as company is to be superior in customer service and customer loyalty. To that end we have tools developed that assist everyone in the company and we are committed, from the CEO down to line-level team member, to review the same statistics used for continuous improvement. Where we lack strength is having a distinctive capability and due to some system limitations in data warehousing, we still do quite a bit of individual reporting. Prior to working for this company I worked at the Well Established Casino (WEC) organization for 10 years. I learned quite a bit about standard reporting at WEC. Digging into how things worked and what interpretations were used to categorize casino player behavior was very rewarding. While WEC was superior in bucketing and appropriately setting expectations in future customer behavior, their reporting lacked some details preventing marketing operations from quickly responding to outlier influences and climate changes in the industry. I moved onto HTC where most of the reporting was financial in nature. Having opened newer casino properties our corporate structure did not immediately embrace the need for marketing analysis to potentially improve revenue streams that were already robust enough. I came on board with HTC in late 2010 as the Regional Director of Marketing Analysis when they opened casino number two.

Loyal Customer can mean a consistent source of revenue over a period of many years. However, this loyalty cannot be taken for granted. It will continue only as long as the customer feels they are receiving better value than they would obtain from another supplier. There are many approaches companies can usefully adopt to measure loyalty and many companies keen to help with various tools and techniques. A large number of retailers have become so focused on customer basket analysis, profitability and driving down operating costs that they have forgotten to listen to the real voice of the customer. Indeed in a Bain Company survey in 2005, 80% of companies believed they were delivering a superior customer experience; only 8% of their customers agreed.

Similarly, Molinari, Abratt, and Dion (2008) assert that there is a direct and strong link between customer satisfaction and customer loyalty behavior. If the customers enjoy the product or service, they will not be bothered to become loyal to the company. In other words, high levels of satisfaction commonly occur when the customer is delighted or happy with either the products or services provided by a business supplier. As Caceres and Paparoidamis (2005) state, customer satisfaction levels are determined and influenced by many elements. For example, it is commonly admitted that the customers will naturally repeatedly return to the company when things are done right, or in other words, business service companies successfully meet the customer’s expectation (Gil-Saura, et. al., 2009). Furthermore, increases in satisfaction could result to increase customer loyalty. A business enterprise, which could address the elements moderating the level of satisfaction of customers, probably would reach the higher level of loyalty. In other words, customer satisfaction is likely to improve customer loyalty in general.

This study attempts to examine the impact of customer service (retail service quality and product quality) on brand loyalty. It focuses on the particular aspects of customer service: personal interaction, policy, reliability, and problem solving. Data will be collected through an in-person survey and an on-line survey immediately following the purchase or visit to the store or website. Another survey will be administered shortly after the customer obtains the product and has a chance to experience it. By contributing to the overall knowledge of customer service and brand loyalty, this research adds significant, valuable information on marketing to customers in

Establishing a business has become one of the most challenging matters for a business person. It needs a lot of marketing strategies, effort, funds so forth to make it possible. Once it has been funded it is necessary to have a better business image and reputation that customers are starting to trust and look for more services that a company can offer. There is significant interest in customer satisfaction because it is vital to a company, it is a measure of how products and services supplied by a company meet or surpass customer’s expectations. As the business competition has grown enormously the need for loyal customers is imperative to a company; the main question is how to maintain a positive business image in order to create a new set of clients to sustain and survive the company for a long period. This essay will discuss the adversities that businesses are facing when dealing with customer satisfaction. These mainly circle around the employee’s pursuance to maintain customer gratification, continue customer loyalty and how to cultivate a harmonious relationship. It will then move on to examine the solutions to these problems.