Customer Loyalty is the measure of success of the supplier in retaining a long term relationship with the customer. Thus customer loyalty is when a supplier receives the ultimate reward of his efforts in interacting with its customer.
Customer loyalty is still looked upon as a holy grail in customer relationship management and marketing. We want loyal customers as they don’t just have a strong connection with our company and buy more, sometimes even willing to pay a premium, but also because they are prone to become true brand advocates.
The companies that do transform digitally are creating highly engaged customers.
These customers are:
• Six times more likely to try a new product or service from their preferred brand
• Four times more likely to have referred your brand to their friends, family and connections
• Two times more likely to make a purchase with their preferred brand, even when a competitor has a better product or price
Furthermore, highly engaged customers buy 90% more frequently, spend 60% more per purchase, and have 3x the annual value (compared to the average customer). A study at MIT found that companies that have embraced digital transformation are 26% more profitable than their peers!
This is a huge revenue opportunity you could be taking advantage of by digitally transforming your business!
• Six times more likely to try a new product or service from their preferred brand
• Four times more likely to have referred your brand to their friends, family and connections
• Two times more likely to make a purchase with their preferred brand, even when a competitor has a better product or price
Furthermore, highly engaged customers buy 90% more frequently, spend 60% more per purchase, and have 3x the annual value (compared to the average customer). A study at MIT found that companies that have embraced digital transformation are 26% more profitable than their peers!
This is a huge revenue opportunity you could be taking advantage of by digitally transforming your business!
Mobile devices, apps, machine learning, automation and much more allow customers to get what they want almost exactly at the moment they need it.
