Building And Maintaining Customer Loyalty

Abstract

The topic of consumer loyalty has been explored by several authors in the marketing literature. Customer loyalty represents an emotional, positive, long-term relationship between a satisfied customer and the company. The importance of this topic stems from the fact that retaining existing (loyal) consumers is more cost-effective than acquiring new ones. Loyal customers ensure the survival, functioning, and profitability of the company. However, retaining existing customers is a complex challenge that requires a lot of effort on the part of the company. There are a lot of measures to retain loyal customers, including the implementation of loyalty rewards programs, personalized marketing, subscription services, exclusive deals for repeated customers, referral programs, bundle offers, engagement through social media, gamification, event marketing, exceptional service support, etc. This paper aims, with the help of secondary data, to sublimate the the- oretical viewpoints on customer loyalty, on its building, measurement, maintenance, as well as to note some of its future trends.