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Introduction: Consumer Loyalty Could Be Defined As A Behavior Or Attitude Of A Customer To Buy
Introduction: Customer loyalty may be defined as a behavior or attitude of a consumer to purchase a particular product of a particular brand over other people which readily available in the industry for a certain require. The packaged good industry defines this consumer attitude as ‘Brand Loyalty'. Brand loyalty might be defined as "The degree to which a client is loyal to a given brand in that they're most likely to re-purchase/re-use inside the future. The level of loyalty indicates the degree to which a brand is protected form competitors" (Yellow Pencil).
Customer loyalty has turn out to be the buzz word of the marketing and advertising business (Papers4you.com, 2006). Firms are constantly attempting to enhance their brand awareness by promoting loyalty schemes, making far more and far more men and women obtain their goods. Typical upkeep of consumer database containing customer, sales information and other statistical information is really a great technique to measure client loyalty. By continuously analyzing this information firms can enhance their customer loyalty.
Brand Equity: In general brand equity is the value a consumer locations on brand. If the brand is trusted the equity will likely be positive but if the brand has a bad reputation the equity will probably be negative. The Marketing and advertising Science Institute (MSI) states that brand equity could be viewed by clients "...as each a financial asset and as a set of favorable associations and behaviors" (MSI 1989). Although Farquhar (1989) contends that brand equity to a consumer follows from a positive evaluation of, or attitude toward, the branded product, Keller (1993) hypothesizes that consumer-based brand equity arises from a much more favorable differential response towards the firm's advertising and marketing efforts. Concept of brand equity is associated with the monetary and accounting perspective like estimating the value of a brand also this concept is studied whilst working on strategic marketing and advertising actions.
Client Satisfaction & Retention: It is difficult to achieve a sustainable competitive advantage in n today's world of fierce competition where every company is attempting to prove their product better than the other people. Providing excellent client service and retaining existing customers can help companies to achieve competitive edge over others in the industry place. It's been estimated that the cost to land a new account is as much as six times the cost to retain an existing one. (Alan S. Horowitz).A minor boost within the consumer number can create a big impact on the total profits that is why client retention plays an important role. Now the question arises how to retain clients? Customer retention might be achieved by loyalty schemes and programmes all these actions involve developing strong client relation, greater attention to details and consumer expectations. All consumer retention programmes should focus a particular customer base. It has been argued that loyalty schemes take time to produce immediate benefits for clients hence many buyers move out these schemes very quickly. "Formal loyalty programmes might be challenging to implement and may not be an optimal way to achieve retention and profitability goals but when they are done right loyalty programmes can help converting far more prospects into buyers" (Shari Altman). AB_pos = "intext";
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Consumer loyalty plays a very essential role within the performance of a company (Papers4you.com, 2006). By retaining existing customers and expanding customer base organizations create a brand equity which is positive. Though we say that client loyalty is an important factor in today's competitive marketplace but what is more important is to manage and maintain loyalty. Loyalty schemes should be highly focused and should build on strong consumer relationship in order to achieve 100% customer satisfaction.
References
Altman, S. (2005) Loyal Subjects, Multichannel Merchant, Vol. 1 Issue 6, p34-35, 2p.
Brand Equity , Yellow Pencil . Accessed on 21st June 2006 [www.yellowpencil.co.nz/brand%20sharpening/brand%20glossary]
Farquhar, Peter (1989), "Managing Brand Equity," Advertising Research, pp24-33.
Horowitz, S. A., (2006) Top 5 Ways to Retain Your Clients. . Accessed on 20th June 2006 [http://sales.monster.com/articles/retainingclients/]
Indiana University. Accessed on 21st June 2006 [http://www.indiana.edu/~vpur/image/gloss.shtml]
Keller, K ,L. (1993), "Conceptualizing, Measuring, and Managing Customer-Based Brand Equity," Journal of Marketing Vol57, pp1-22.
Marketing Science Institute (1989), "Review,, In Defining and Applying The Brand Equity Concept: Why
Papers For You (2006) "E/M/46. Dissertation. Research client loyalty in services industry", Readily available from http://www.coursework4you.co.uk/sprtmrk36.htm [22/06/2006]
Papers For You (2006) "P/M/443. Advertising value of consumer loyalty", Available from Papers4you.com [21/06/2006]
Schultz, Don E.; Bailey, Scott.(2000) Customer/Brand Loyalty in an Interactive Marketplace. Journal of Advertising Research, Vol. 40 Issue 3, p41, 12p.
Customer Loyalty Programs - Establishing One For Your Customers
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