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Customer loyalty refers to the act when customers choose one company’s products over competing brands repeatedly. Loyal customers are not swayed by prices or availability of similar products from competitors and would rather pay more or wait for the brand of choice. This article covers the importance of customer loyalty, how to increase customer loyalty by improving interaction experience, product experience, and brand perception. The importance of providing a highly personalized customer experience as a means of increasing customer loyalty is also discussed.
Customer loyalty has an impact on almost all metrics that are important for running businesses. Without satisfied customers, your business will have a hard time surviving. Building a new clientele costs more money, time, and effort as compared to retaining the old loyal ones. Thus, creating a loyal customer base is critical for success. Let’s take a look at what studies have to say about customer loyalty:
According to Gerald Zaltman, Harvard Business School Professor, around 95% of purchasing decisions are driven by emotions. Brands should know how to communicate, resonate, and connect with their customers emotionally. According to Gartner’s report, even after creating differentiated as well as innovative customer experience (CX) strategies, around 70% of CX leaders struggle to implement them. As per the report by Gartner, interaction experience, brand perception, and product experience drive customer loyalty.
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If there is one thing that unites customers, it is their love for personalized experiences. When this is executed well, it sets your brand apart and also helps you gain a competitive advantage