The most important strategy to develop loyalty among customers is to develop good and strong relationship among their customers which thereby helps not only the company but also for the customers. The development of strong relationship among customers provides various benefits to the company apart from customer loyalty. In order to build strong relationship among customers it is important for the company to first develop trust among its customers. In order to develop trust among customers it is important for the company to first trust its customers and then their customers will trust their products and services and ultimately the company itself. The most important aspect in order to develop customer retention and customer loyalty is building of trust. One of the most important strategy which company can used to put barriers among their customers to switch brands is development of good relationship with them. Various benefits provided by Millennium and Copthorne hotel of London in order to attract their existing customers as well as their new customers. Various barriers established by the company for their customers to switch their brands make it difficult for their customers to switch their brands in other words, company tried to put difficulties among their customers to change their services provides by building a strong relationship among their customers.
Good relationships among customers can helps Company to achieve more customer satisfaction and are one of the most effective techniques to achieve more loyal customers. Customer satisfaction is the effective method for the companies to develop loyal customers as satisfied customers will never change their services providers and satisfied customers will also aimed to prevent competitors of the company to attract companies customers. Various ways to satisfy customers like providing products and services to meet their changing needs and wants, respecting customers and their needs and wants. One of the most effective strategy that we have analyze from our research study for achieving more customers satisfaction is providing personalized services to the customers. Providing good quality of services help companies to satisfy their customers more effectively and which in turns helps company to get more and more loyal customers.
Loyal and satisfied customers helps company to spread positive word of mouth among other customers and thereby help company to convert their new customers in loyal customers of the company. Positive word of mouth is the most important tool of marketing and which thereby helps company to build good image and reputation of their company among its customers. Apart from the fact that positive word of mouth can help company to attract more customers, negative word of mouth can also damage the image and reputation of the company and therefore it is important for the company to always satisfy their customers effectively so that they spread positive word of mouth among other customers. The most important strategies of attracting the loyal customers is through introducing loyalty programs. Loyalty programs aimed to build loyal customers by providing more rewards and benefits. Loyalty program helps company to attract loyal customers and to build strong relationship among them. Loyalty program provides benefits not only for the company but also for the customers. Loyalty program attract more loyal customers and provide them various benefits and incentives to become loyal for the company.
The most effective strategy to develop loyal customers is by developing good relationship among customers and the company. The most effective strategy to enhance customer satisfaction is by providing personalized services to its customers. Apart from this, company should provide customers satisfaction in order to prevent its customers to switch among various brands.
Benefits of loyal customers for the company and to the customer itself
The cost of attracting new customers is more than the cost of attracting existing customers and therefore it is important for the company to satisfy their existing customers and build loyalty among them. But it does not mean that the company should divert all their attention towards building good relationship among its existing customers and should ignore their new customers. Companies should focus their attention to make both their existing as well as their new customers satisfied with their services. Apart from this, it is important for the company to focus their attention to new customers in spite of the cost involved is high in attracting new customers. Loyal customers aimed to purchase more product and the services and frequently from the company and thereby helps company to earn more profits. As hotel aimed to earn more profits, developing of loyal customers proved to be important for them. Apart from this, there are different opinions of various authors towards marketing cost and customer loyalty. Some authors stated that less cost involved for attracting loyal customers whereas some authors state that high marketing cost is involved to attract loyal customers for their new products and services. In our research we have analyzed that the cost of marketing and attracting of loyal depends on the marketing efforts of the company. If the marketing techniques involved by the hotel involved huge cost then the cost of attracting loyal customer is less than the cost of attracting existing customers.
Apart from this, loyal customers help company to spread positive word of mouth among new customers and motivate new customers to become loyal customers of the company. Positive word of mouth helps company to create good image and reputation in the mind of its customers. But apart from this, as positive word of mouth help company to spread good image of the company in the mind of customers like that way negative word of mouth can damage the image of company in the mind of the company. And therefore it is important for the company to satisfy their customers needs and wants effectively so that they can spread positive word of mouth among new customers. The cost of attracting loyal customers is less than attracting new customers. Loyal customers help company to increase profits of the company, the benefits of customer to become loyal to the company is various economic benefits provided by the company like discounts, rewards, and so on. Positive word of mouth helps company to spread positive image of the company in the mind of the customers.
It is important to note that developing strong relationship among customers is very difficult and managing that relationship is even more difficult. Customer loyalty has become important for the company for its survival due to tough competition in the global business environment. And therefore it is important for the company to build strong relationship among its customers. It is important for the manager to know the importance of customer loyalty for its business and to develop strategies to build strong relationship among its customers and to enhance more employees personalized attention in order to satisfy their customers.
Attracting loyal customer has become important than attracting new customers it has become important for the company to take care of their existing customers needs effectively so that they will continue to remain loyal customers of the company. Apart from this, manager should state that satisfied customers can become loyal customers and therefore it is important for the company to satisfy their customers’ needs and wants in order to make them loyal customers of the company. Managers should also focus their attention to continuous make improvement in their offerings in order to satisfy changing needs of the customers.
Hotel is using discounts, rewards, customer club for attracting loyal customers. Apart from this, hotel can introduce online feedback facilities for all its customers existing as well as new customers to provide their suggestions to improve various services of this hotel. Hotel aimed to only attract their existing customers but apart from this, hotel should also consider new customers that can become loyal customers of the hotel. Hotel for some period of time should provide discounts, rewards to non members of the customers club so as to make new customers aware of their loyalty program and its customer club. These suggestions will help hotel to not only to maintain good relationship among their existing customers but also among potential customers that can proved to be more effective for the company and its operations.