MANAGEMENT

Detailed explanation-1: -Effect of Loyalty on the Bottom Line If you have happy and satisfied customers, they continue to buy from you, spend more than others, are less likely to leave, and more likely to turn into marketers for your company. New customers tend to cost more to acquire, and don’t spend as much money as loyal customers.

Detailed explanation-2: -Customer loyalty describes an ongoing emotional relationship between you and your customer, manifesting itself by how willing a customer is to engage with and repeatedly purchase from you versus your competitors. Loyalty is the byproduct of a customer’s positive experience with you and works to create trust.

Detailed explanation-3: -Loyalty programs, sponsored by retailers and other businesses, offer rewards, discounts, and other special incentives as a way to attract and retain customers. They are designed to encourage repeat business, offering people a reward for store/brand loyalty (hence the name).