Today we are going to be talking about customer loyalty.
Generally 80% of a company’s profits come from 20% of its customers.
Research indicates that loyalty is not being influenced by price or duration but has much more to do with the way a business operates.
Firms that rank high for loyalty tend to be newer brands, where business structures are flattened, staff more empowered and where everyone within the business “buys in” to the brand.
If businesses want more loyal customers it should pay attention to its culture ensuring a consistent experience for customers.