Customer Loyalty
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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 quali
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eed to deliver excellent customer service is even more important in an era of cost-cutting and expectations of continually increasing profit margins. The Brand Keys Customer Loyalty Awards were devised in 1998 to reward companies that are the best at creating customer loyalty (Avis 10). These awards are very important because even during recessions, the brands that rank the highest among consumers will show the greatest profitability (Avis 10). The methodology behind these awards is unique because it does more than solicit which brands people use, it obtains information about how they really feel about the product and company. It is no coincidence that those companies that rank highest among consumers in customer service show the highest profits of all companies even during a negative economy. Avis, Sprint and Nokia were the top three companies in this year’s awards. As one executive for Sprint notes, “Executives at more and more companies are recognizing that actual brand differentiation, and the ability to leverage customer loyalty, is the primary means by which they will be able to position themselves for profitability” (Avis 10).
There are some companies making unique attempts at winning customer loyalty. One of these
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Some common words found in the essay are:
BODY Building, Internet Web, Jack Daniels, INTRODUCTION Customer, Loyalty Awards, Sprint Nokia, customer service, customer loyalty, McLuhan DM, USA Apr, Kirk Consumer, competitive advantage, levels customer, Newswire Nov, business environment, avis 10, levels customer service, jack daniels, avis sprint nokia, product/service value, bottom line, delivering levels customer, brand differentiation, profitability avis 10, todays business environment,
Approximate Word count = 1338
Approximate Pages = 5 (250 words per page)
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