Customer Loyalty

Customer loyalty and commitment is the cornerstone of business success. Customers are assets and, like other assets, if managed properly, can have a dramatic impact on business performance. Creating loyal customers results in competitive advantage for your organization. You can gain this advantage by building organization that engages everyone in continuously improving customer relationships. Below are some of the valuable tips on how to do it:

• Examine everything you do against these criteria: Does this contribute to meeting customer needs? 
• Take time every day to ask a customer, How are we doing? Actively listen to what they say.
• Regularly conduct customer satisfaction surveys and keep individual customer score card.
• Interview the customer who have stopped using your products or services. Find the reason for leaving.
• Conduct focus groups with potential customers who do not use your products or services.
• Listen to the questions new employees ask about your work processes, services, and so forth. These may be clues to improvement opportunities. Encourage them to challenge the status quo.

Frederick Reichheld’s work has demonstrated that a mere five percent increase in customer loyalty can produce profit increases of up to 85 percent. Obviously, there are compelling reason to create customer-focused organizations.
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