Customer loyalty is a term used a lot in retail. Go to any seminar or conference and you’ll hear experts pointing out its importance. But, what is the definition of customer loyalty?
Loyalty has been around since as far back as one can imagine. 77% of customers have maintained loyal relationships with their preferred companies for 10 or more years.
In recent times, companies have been investing more money into customer loyalty. It’s now common practice to launch loyalty programs as a marketing tool. These programs encourage continued business from customers by offering them rewards for purchasing.
So, where did it all start? Loyalty marketing has been around longer than you might think. The earliest known form dates back to 1793! Take a look at this infographic showing the development of loyalty marketing and its transformation into what we recognise and use today.
Customer loyalty has been a focus for companies for many years and has resulted in innovative marketing strategies, including loyalty programs, cards and apps. Loyalty strategies are proven to improve customer retention and help businesses grow.
Want to know more about the definition of customer loyalty and customer retention? Download a copy of our free ebook, The quick guide to customer retention.
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