Capturing loyalty from customer

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jayprakashimtn
Posts: 92
Joined: Sun Nov 23, 2014 10:57 pm

Re: Capturing loyalty from customer

#1 Postby jayprakashimtn » Thu Apr 30, 2015 5:19 pm

To maintain customer loyalty in an industry, the firm would need to differentiate its products from the competitor's product, and establish that its product is superior. Porter's generic strategies to lead in a market focuses on two things: being a cost leader or differentiation. The firm can make its processes efficient as to manufacture at a lower cost than its competitors, and price the product at a lower price than the price of other substitute products manufactured by competitors, ensuring that the firm remains profitable and at the same time captures loyalty of the customers. The firm can also differentiate its products. If the firm provides superior quality and service to the the customers than the customers will not consider the competitor's product to be in the same league, and they will remain loyal to the firm's product.

Differentiating your product from the competitor's and creating value for the customers by providing a product that fulfills a need is how the firm can retain its customers.

sampritiimtn
Posts: 60
Joined: Sun Nov 23, 2014 10:45 pm

Re: Capturing loyalty from customer

#2 Postby sampritiimtn » Mon Apr 13, 2015 5:10 pm

The primary objective for any business is to increase profits. Now there are many ways by which companies try to achieve this.
One of the most effective way to increase sales is increase customer loyalty towards your brand.
Increasing customer loyalty also elevates your brand image.
Now let us take a quick look at the reasons why customer loyalty is such an important metric in business.
1. Its easier to sell to your loyal customers than to your new customers: Studies show when a brand launches a new range of products, there is a 5-20% chance that your new range will be picked up by new customers whereas there is a 60-70% chance that you can sell it to your loyal customers.
2.loyal customers are voluntary marketers of your brand. They promote word of mouth marketing without a fee
They help build your brand.
3. If you succeed in cultivating loyalty amidst your customers you have a sales force that would work for you without a fee and bring you more sales.
So these are precisely a few reasons that tell us why customer loyalty is so important for a business.

archanaimtn
Posts: 59
Joined: Tue Nov 25, 2014 1:57 pm

Re: Capturing loyalty from customer

#3 Postby archanaimtn » Fri Apr 10, 2015 6:10 pm

A customer is your company’s biggest asset. It is the customer that can transform your business. What a company needs to build in here is customer loyalty. It is one of the biggest weapons in the hands of the company and as long as they have it, their future is safe.

The question is how to capture that loyalty from customers. Your product should be good enough to capture the customer’s attention and force them to stick to it. A company should focus on quality management and work on continuously improving their products. This can lead to brand loyalty and ultimately customer loyalty.

With new technologies, multiple substitutes and growing competition, maintaining that customer loyalty has become quite a challenge for any company. They need to maintain their standards and keep on improving so that they can have that lead over their customers and have their loyalty. In the end, the main motive of a company should be to keep their customers happy. Providing them with quality products, discounts, good experience are some of the methods of keeping the customers in the company’s zone. Let’s take example of Apple, the company has kept the quality of their products high and in spite of their products being on the higher range side, they have that customer’s attention and loyalty that has helped it retain its top position.

Therefore, customer loyalty plays an important part for a company’s growth and every company should work on capturing and maintaining it.

PrabhatP
Posts: 61
Joined: Thu Dec 11, 2014 10:46 am

Re: Capturing loyalty from customer

#4 Postby PrabhatP » Fri Feb 06, 2015 9:13 am

Capturing loyalty from customer is the most vital for any brand to grow and have a certain positioning in their minds. It can be achieved only through completely satisfied end consumer where he/she finds total value for money and excellent after sales service. Loyalty is the creation of brand identity and brand value where the end consumer is associated with particular brand for long time and can create good word of mouth. Loyalty is the thing where a brand can retain all their existing consumers.

rachna
Posts: 105
Joined: Wed Sep 05, 2012 3:25 pm

Re: Capturing loyalty from customer

#5 Postby rachna » Thu Feb 05, 2015 9:44 am

Capturing loyalty from customer is little difficult now..Now a days lots of option are available in the market, so its difficult for a customer too to stick particularly to an option.Everyone wants to explore more but ultimately spending on those who gives value for money.So to retain our customer we should give them value for money,innovation in the product,quality with after sales support and product should be user friendly which also matches to the current requirement of the customer.

No customer want to replace his loyal brand with other until and unless he'll get the same product with new design and better quality.

lovneeshscmhrd
Posts: 5
Joined: Sun Jan 11, 2015 3:40 pm

Re: Capturing loyalty from customer

#6 Postby lovneeshscmhrd » Sun Jan 11, 2015 4:54 pm

Having a loyal customer base is one of the most challenging tasks for a marketeer, to make customers buy your product again and thus ensuring a continuous flow of profits for the brand. Some of the ways by which a brand can ensure customer loyalty can be:
1. The shopping experience in brick and mortar stores display the values of a brand towards a customer, so utmost care should be taken to make sure each and every customer is entertained.
2. Ecom sites try to gain customer loyalty by providing discounts, but also they should focus on quality of service being provided to the customers.
3. The quality of product also matters to the customers being provided at a reasonable price.
4. The brand must make sure to keep the customers engaged , by providing exclusive discounts to the regular customers, referral awards etc.

archit
Posts: 144
Joined: Thu Dec 13, 2012 4:25 pm

Re: Capturing loyalty from customer

#7 Postby archit » Fri Jan 09, 2015 9:15 am

Today Customer loyalty can be achieve only through continuous innovation in your offering...if customer feel value for money in your offering he will stick for long time.

Kalpit
Posts: 145
Joined: Mon Feb 11, 2013 3:52 pm

Re: Capturing loyalty from customer

#8 Postby Kalpit » Thu Sep 04, 2014 2:33 pm

Today capturing loyalty of customers is very difficult..days are gone when customers where loyal to any brand..

To day offer the latest and survive is what a Brand has to do

vitaj
Posts: 60
Joined: Fri Jul 11, 2014 9:50 pm

Capturing loyalty from customer

#9 Postby vitaj » Wed Aug 06, 2014 9:39 pm

Good customer relationship creates customer delight.Delighted customers will remain loyal and talk good things about the company and its products. And less satisfied customers dont talk good about the company. Even a slight drop from complete satisfaction can create an enormous drop in loyalty. The main aim of marketer is to increase the customer life time value. The customer life-time value is defined as the entire purchases that the customer buys from a brand. This concept is very important in marketing and a marketer tries to increase the customer life time value.


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