What is Customer Loyalty?
Definition: Customer loyalty is a tendency to favor one brand over all others, whether due to satisfaction with the product or service, its convenience or performance, or familiarity and comfort with the brand. Customer loyalty encourages consumers to shop more consistently, spend more, and feel positive about the purchasing experience. Because it results in repeat and larger purchases, customer loyalty is critical for business profitability. Click here for more on the definition and types of Customer Loyalty.
There are many reasons why companies embrace reward programs and invest so heavily in their implementation and maintenance. Click here for more and to learn about the twelve major functions of loyalty programs.
Academic Observations about Loyalty and Reward Programs
There are a number of observations regarding customer loyalty and reward programs that few experts (both critics and proponents) would deny. Click here to learn more and to see a list of fourteen major academic observations about customer loyalty.
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