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Cover Story of This Week: "CMMI Webinar- How UK manages to retain No 1 position as a Maritime destination" - Part II






STUDENTS' CORNER - 162

Loyal customers are considered more important than any customer of some kind or other, like discount customer or price buyers. The more loyal customers a business has, the greater sustainability it can claim. Loyal customers keep buying your products and therefore they assure certain profit to the company. In other words, your business grows with the loyal customers. They stay with you much longer and often they get new customers to your company; that is, they persuade rather their family members and even friends to buy your products. In effect they become your unofficial unpaid advocates for your products.

The Loyal customers are least tempted by lower price and also by attractive ads by the competitors. They are satisfied customers and it becomes an essential duty of the company to take all effective steps to retain them in all possible ways such as bestowing special attention to them, offering extra-benefits and even honoring with an invitation to attend some of your company’s celebrated events.

What makes a customer a loyal customer to you is a most difficult question; all that matters is the customer remains loyal to you. It may be price with quality; it may be some feature of your product which has some deep psychological influence on him; it may be that he is not very particular to change his habit; it can be anything even the location that renders him some real convenience.

If we look into the question of loyalty, we find that it is primarily an emotional state of mind; loyalty is basically an emotional stand. You will have to feel and further the emotional bond that binds the customer to your company, your products. Ultimately, it is an experience of near complete satisfaction, a sort of fulfillment that impacts the customer in depth.

At any point of time, the company must not give up its efforts to upgrade its products with consistent communication to your customers. And, remember, you ask for feedback from the customers for every initiative you propose to take.  The initiative may be a simple factor like some change in the design of packaging or the serious one of hiking cost of the product at a very minimal level.

In the next session, we will look into Distribution.