what is importance of 'customer loyalty' in Services Marketing?
Answers
Answer:
Loyalty can stem from many things, but in general a loyal customer will associate favorable experiences with a brand therefore increasing their likelihood to make repeat purchases with that business. Loyal customers spend 67% more on products and services than new customers.
Answer:
Simply put, customer loyalty is a customer’s willingness to interact with or buy from a specific company on an ongoing basis. Loyalty can stem from many things, but in general a loyal customer will associate favorable experiences with a brand therefore increasing their likelihood to make repeat purchases with that business. Loyal customers spend 67% more on products and services than new customers. Even though your most loyal customers only make up 20% of your audience, they provide up to 80% of your revenue.
Since it’s 5x easier to retain a customer than acquire a new one, if you focus on existing customers, they’ll continue buying from you and will spend more over their lifetime with your company.
In an over-saturated e-commerce marketplace, loyalty matters now more than ever.