Sample Thesis Paper
Customer loyalty has become an increasingly researched into concern for businesses around the world and on all scales (Stinnett 2004). Competition has seen development to scales where it is now considered to be on a global scale without the shadow of a doubt and consumers are becoming more and more conscious of their preferences and product identities as the competition continues to propagate the act of branding into the forefront. Customer loyalty is extensively researched into and stressed upon by companies around the world because it is in fact rules such as the 80:20 principle that keep the business running. An example of the significance of customer loyalty can be seen in the fact that people who are running business are well aware of the fact that the success of their business is directly dependent upon the satisfaction of their clients, because if their clients are content with the service that they get, only then will they return to the seller to perform a repurchase of the product (Thompson 2007). Hence, even though countless small-scale businesses remain unaware of customer loyalty as a theoretical concept, the significance of customer loyalty can be seen in the way they give stress to customer satisfaction and in turn, strive to develop customer loyalty amongst their clients.
Jill (2002) says that it is important to build customer loyalty because it could bring cost savings to an organisation and organisation can save a lot of cost on marketing as it requires a lot of cost on attaining customer, it also save cost on the negotiation of small and huge contracts with processing the orders, there would be a very few chances of losing your customer and could be no possible churn too, if customer would be loyal to your company (brand) would be helpful to invite other customer to buy and there are many chances that loyal customer could be the cause of inviting those customer who are loyal with other companies and loyalty of the customer reduces the cost of failure.