Explain the advantages and liabilities of creating loyal customers for your firm. Critique the customer retention strategy of your firm. Include specific suggestions for improvement.© BrainMass Inc. brainmass.com February 24, 2021, 4:21 pm ad1c9bdddf
Loyal customers are the most important asset of every company. Loyal customers are more important than land, buildings, patents, or anything else. It is the customers that bring the money. Advantages of loyal customers are:
- Cost of attraction
- Ease of doing business
Loyal customers should be enduring assets, rather than looming liabilities. Many extant loyalty programs appear distant, if not diametric, to the cultivation of customer brand loyalty to create customer assets. These so-called ...
The advantages and liabilities of creating loyal customers for a firm are explained.