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CUSTOMER LOYALTY

CUSTOMER LOYALTY. List characteristics of loyal customers Describe the benefits to companies of building a loyal customer base. The Value of Loyal Customers. Satisfied customers and loyal customers are not the same. Loyal customers do the following: Purchase repeatedly from a company

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CUSTOMER LOYALTY

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  1. LESSON 1.3 CUSTOMER LOYALTY List characteristics of loyal customers Describe the benefits to companies of building a loyal customer base

  2. 1.3 The Value of Loyal Customers • Satisfied customers and loyal customers are not the same. • Loyal customers do the following: • Purchase repeatedly from a company • Tend to buy a variety of items or services • Refer others to the seller • Believe that what they buy is worth what they pay • Know the company’s policies and procedures • Don’t stop buying even if the company has small price increases

  3. 1.3 Turn Satisfied Customers Into Loyal Customers • Exceed a customer’s expectations • Provide the best possible services • Listen to what the customer wants and needs • Respond as needed

  4. 1.3 Retaining Loyal Customers • During a poor economy • The lure of the Web • Cellular One case study

  5. 1.3 The Dollars and Sense of It • Keeping customers happy makes good business sense. • Lowering defections by 5% can increase profits by as much as 85%. • Acquiring new customers costs 5 to 10 times more than keeping existing customers happy. • The 20/80 rule—20 percent of a company’s customers generate 80 percent of the company’s profit. • Canon U.S.A. case study • Get personal

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