Table of Contents
1. Introduction 3
2. Literature Review 4
2.1 Loyalty in Customer Relationship Management 4
2.2 Benefits of loyalty 4
2.3 Customer loyalty programs and costs 5
3. Conclusion 6
4. Reference List 7
It has been agreed from marketers all over the world that new customer gaining alone won’t ensure long lasting success, it will need to be balanced by customer retaining and development. Customer relationship management, customer relationship optimization, frequency marketing, customer loyalty programs and retention marketing are some of the factors that will help in keeping customers longer and the objective of these factors is to build Loyalty. Loyalty ultimately generates activist and noticeable financial results and it is how a customer feels about a certain brand. A considered objective for nearly all companies is the improvement of customer loyalty (Duffy 2003:480). Segment, grow, identify, and retain existing customers by cooperating and providing them a desired performance is the worldwide aim of loyalty marketing (Credit union executive newsletter 2003:4). At the end, deciding to built loyalty program in the company it whether form it’s own loyalty system or makes agreement with a loyalty program trader and there are some values to be aware of during the process of forming the system. It should be built upon the same business values, basic business benefits that company provides to its customers. Modesty and directness are the basic steps that customer loyalty system should follow so the customer could recognize and relate to the incentive as well as being able to obtain these rewards without unnecessary effort and time (Erbschole 2009:3). Three Points will be discussed in this paper, which are: 1-Loyalty in customer relationship management, 2-Benefits of loyalty, and 3-Customer loyalty programs and costs affecting them.
2. Literature Review
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