What is customer Loyalty?
The phrase ‘customer loyalty’ is strictly a marketing term that defines the inclination of a customer to choose a particular business, product or service over other available options. Brand loyalty starts when choices are made by customers and action is taken.
What is a Customer Loyalty Program?
Customer Loyalty Programs are specially structured marketing strategies focused primarily on directing consumer behavior in a target market. The program itself focuses on rewarding and encouraging loyalty among long-standing and relatively new customers of the business.
What are Benefits of Customer Loyalty Programs?
Customer Loyalty Programs are essentially the key to an organization’s long-term success. It benefits the business by aiding it to excel in the following dimensions:
- Innovation in design of products including service products
- Operational and executive excellence
- Conformance to changing market trends
- Adaptability to evolving consumer behavior
What are B2B Customer Loyalty Programs?
Many businesses devise reward programs that are aimed at encouraging customer loyalty. The major challenge that businesses face when devising an effective customer loyalty program is that of researching the key elements that drive customer loyalty. In the B2B World examples of Loyalty programs are Customer Advisory Councils or Boards (CAC) and Executive Sponsor Programs.