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Customer Loyalty

Customer loyalty pays off enormously in a variety of ways to firms that invest resources in measures designed to build customer relationships. Customer loyalty has become a means of profitability, brand distinction, and enhancing product/service value in an era of increased competition, increasingly sophisticated and demanding consumers, and a sluggish economy. For many companies today, customer service is the only means of achieving competitive advantage because of competitor similarities in promotion, product, and pricing. In today’s technologically driven business environment, data mining, obtaining customer information, and a host of other measures being utilized are designed to help companies better serve individual customers. As one customer relations specialist notes of the current trend among businesses, “All companies, regardless of what they sell, are seeing themselves as service providers. As obtaining information and distribution of products become easier, the differentiation businesses can make is how well they can serve their customers. What is known about the customer can be turned into a competitive advantage” (Turn 3).

Building a loyal base of satisfied customers makes it more difficult for competitors to lure them away. Further, with a dizzying array of brands available, many individuals prefer sticking to brands and companies they are familiar with and from which they experience quality product and service. In the fashion industry a variety of brands are available, but research shows many individuals opt for a brand they know, based on consistency of service, fit, value, and innovation. Yet, loyalty and trust cannot be developed overnight. This is why effective planning must go into customer service for success. As one fashion industry insider notes with respect to building customer loyalty, “Customer loyalty is achieved by intimately understanding your target consumers’ attitudes and needs, a...

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Customer Loyalty. (1969, December 31). In LotsofEssays.com. Retrieved 04:03, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1685287.html