ABSTRACT
To gain market share, you need to retain your current customers and attract new customers. Customer loyalty is the “Velcro” that binds customers to your organization and encourages them to renew contracts, repurchase products, and sing the praises of your enterprise. Conventional wisdom suggests that loyal customers are exponentially more profitable to organizations, although the degree to which they are varies according to research source and industry. In this case, the conventional wisdom is very likely true because customer retention costs are typically a lot lower than customer acquisition costs.
