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Why Will Customer Loyalty Become More Important?
Posted By: deltakid* on 10/11/2004 3:46 AM (CST) 125 Points
What are the main reasons that everybody believes in customer loyalty and its importance for the future?

Posted by: Carl Crawford Accepted Answer
10/11/2004 4:41 AM (CST)
hi deltakid,

are you a student? if you are please post your quetions in the Student section and read section #5 of the the community Gudielines.

here are some past decissions about the subject:

http://www.marketingprofs.com/ea/qst_question.asp?qstID=2237

http://www.marketingprofs.com/ea/qst_question.asp?qstID=3073

http://www.marketingprofs.com/ea/qst_question.asp?qstID=3084

http://www.marketingprofs.com/ea/qst_question.asp?qstID=3218
 
Posted by: AndrewS Member Response
10/12/2004 4:44 AM (CST)
Interesting tense to the question, I would have thought that this was written in the 80's.

Customer Loyalty is extremely important NOW, check the links above for more info.

Good Luck
 
Posted by: W.M.M.A. Member Response
10/12/2004 9:06 AM (CST)
deltakid:

Tell us...what are the brands you use and will continue to use? What do you think the importance of you, and those like you are to the companies you support?
Randall
WMMA
 
Posted by: eugene Accepted Answer
10/13/2004 5:56 AM (CST)
Hi deltakid,

Very simply, keeping and retaining an existing customer is much cheaper than recruiting a new one. Run a check on any marketing book on this and you will find all you need to know.

It is also from customer loyalty that organisations are able to know their customers' behaviour better. If you don't buy from company A, they won't know what you like. Hence, it enables them to sell more to you.

But more importantly, it is about rewarding a customer for being loyal rather than trying to get him to buy more and then rewarding him for that that will truly work. Just take a look at Tesco for more information.

Hope this helps.


Cheers.
 
Posted by: mcorson* Accepted Answer
10/13/2004 11:05 AM (CST)
Easy. It takes 10x the effort to win a new client over as opposed to keeping an existing client on board.
Two major opportunities when you have a "cheerleader" fro your company is:
1. Ability to scale up within their organization. The opportunityn to add new products and services that they are not buying form you.
2. Referrals. Ohters within their vertical that they can refer you to.
 
Posted by: deltakid* Author Response
10/19/2004 10:40 AM (CST)
Thanks a lot to all of you
I found a great amount of valuable information within the links :)
 
Posted by: pkemper* Accepted Answer
10/22/2004 1:40 PM (CST)
There are other trends that make existing customers a true asset:

There are more older people. They:
- have a fixed brand repertoire
- aren't promiscuous
- don't like weird new experiences
- have fixed tastes
- can't cope with new technology

So you think: 'let's concentrate on the youth'. But there you might find a new breed of customer with the following traits:
- They have lost faith in all institutions (church, government, the company YOU work for, the family unit)
- Marketing tricks have been found out ("I bought it, tried it, and it's rubbish")
- They are in charge of the dialog, not the vendors.
- They are busy, really busy, and if they need us, they will be the ones calling us, not us calling them

Most of the above is not mine, it was free re-representation of a Banner Company, UK presentation I have seen.
 
Posted by: Colleen Sharen* Accepted Answer
10/22/2004 2:53 PM (CST)
I'd like to respond to PKempers post about older people being unable to cope with new technology. Ipsos Reid (Canadian Polling company) recently release data showing that 60% of Canadians age 55+ are now online, and are doing much the same things as younger Canadians. While older people may be a bit slower adopting new technology, once it is in the mainstream, they are adopting with a vengence.

I'm also uncomfortable with assuming that all older people are alike. The baby boom generation is beginning to turn 60 this coming year, and they have lead most of the major technology trends of the past 35 years. The baby boomers embrace weird new things. Assuming that they will continue to be as brand loyal as the generation before them is a huge mistake.
 
Posted by: jose04 Accepted Answer
10/24/2004 3:41 AM (CST)
Hello deltakid

Customer loyalty has always been important and will be too, in the future.

Loyalty, is like the life force/immune system to the existence of an organisation. The continuous patronage to the product/service is the entrepreneurs dream and the marketers 'makes dreams happen'.

Even if entrepreneurs too makes dreams a reality, it is the marketing orientation (which includes the customer orientation) of the business which makes the magical difference in a competitive envirionment.

'Customer Loyalty' is important to everybody, because they have seen that the results derived due to loyal customers gets them sales. It is an externally validated phenomenon.

As the delivery of the quality of customisation offered by future businesses, will take a quantum leap (with the type of technology development we are witnessing nowadays). Generating and maintaining customer loyalty in a techno/knowledge market, will be more critical for a firm's survival , in our common future.

Hope these thoughts help!!
 
Posted by: Val (Moderator)* Moderator Response
10/26/2004 1:04 AM (CST)
Hello all. I am closing this question, since its more than 10 days old. We do this to make sure members' contributions are rewarded in a timely manner and to improve the visibility of newer questions. Thanks, so much, for participating!

Val (Moderator)
 


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