Loyal customers are the backbone of every company. Why? Because attracting new customers costs 6 times more than retaining your customers.
Therefore it is crucial to identify the different types of customers. Customers can be divided into 5 groups. The most important group is the committed customer. This customer will buy a lot of products and he will recommend those products to his friends. I think this is the best type of customer since this kind of publicity is priceless. A second type of customer is the behaviorally loyal customer, this customer is very loyal but only because he chooses the cheapest alternative or because he is forced to be loyal. An example of the latter is a customer with a bad financial situation. This would explain why low cost companies have loyal customers. In the long run however, they will not remain loyal. There are also other types of customers like the dubious costumer, the disloyal customer and the leavers.
There is however one small problem: each type of customers requires a different strategy to increase their loyalty. Maybe I will discuss this in my next blog.
Frederick Dobbelaere
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