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How Creating Customer Value Makes You a Great Executive by Gautam Mahajan

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CHAPTER 8

Customer Value and Loyalty

 

What Is Loyalty?

To add Customer Value to Customers, one must be very clear about terminology. Loyalty is often used as a goal. What you should understand is that loyalty is not the same as love. Loyalty is not constant (sometimes companies think Customers are fickle). In the Customer context, it really means we are likely to retain the Customer on her next purchase or her next recommendation. A loyal Customer is only loyal at a point in time. If you create more value, chances of retaining the Customer are higher; and if you continue to create value, your Customer will continue to remain loyal (vs. the term be loyal). You also have to get employee loyalty, and we will talk about this later.

Customer loyalty ...

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