Definition of Loyalty
Loyalty, I believe, is about increasing the lifetime value of a customer….
Not just keeping a customer for life.
The sale of a product or service is not the end of the transaction with that customer….
It is the beginning of your relationship with them…
In The Mackay Report of March 2004 ” What do customers really want?”, they identified that the fundamental customer need is to be esteemed – to be taken seriously – to be treated like a person of worth (and not just a walking bag of money). In the end people really only want one thing; an experience that makes them feel better about themselves.
When that happens, they’ll feel better about you, too.
And the net result is that you create the environment where you are able to get your customers to spend more with you, more often.
I look forward to hearing from you as to YOUR thoughts on what loyalty is, what makes it work and how it can be incorporated into your everyday business cycle.