What is a Corporation: Evolution, Features and Purpose
The corporation has been defined in many ways as interpreted by individuals; however lawyers and economists call it a nexus of contracts. This means that a corporation is nothing but a sum of all the agreements which lead to its creation. Corporations are also defined as a device for obtaining individual profit without individual responsibility. […]
Brand Extension – Meaning, Advantages and Disadvantages
Brand Extension is the use of an established brand name in new product categories. This new category to which the brand is extended can be related or unrelated to the existing product categories. A renowned/successful brand helps an organization to launch products in new categories more easily. For instance, Nike’s brand core product is shoes. […]
Relevance of Mass Media to Society
The Fourth Estate Mass media perform a vital and a crucial role in society. They are called the Fourth Estate, as they are one of the pillars of democracy along with the executive, legislature, and the other socioeconomic forces that bind a society together. In this context, it is important to note that they are […]
Social Responsibilities of Organization Towards Customers
Let us go through some social responsibilities of an organization towards its customers. Treat your customers as kings and do not think of them only when you have a pressure to meet your targets within the stipulated time frame. There are organizations that do not bother to touch base with their customers the whole month […]
Dynamic Capabilities and Competitive Advantage
Introduction The primary problem in the field of strategic management is to answer the question on how firms attain and maintain the competitive advantage. The phenomenon of globalization has resulted in competitive battles fought on a trans-national basis especially in high-technology industries such as information systems services, and software. These globalized forms of competition have […]
It is necessarily required for an organization to interact and communicate with customers on a regular basis to increase customer loyalty. In these interactions and communications it is required to learn and determine all individual customer needs and respond accordingly.
Following are some important aspects which suppliers should always keep in mind to increase customer loyalty:
It is important for the suppliers to identify the factors which force the customers to get emotionally attached with them and should mould this information accordingly to enhance this emotional relationship.
There can be a range of factors for customers that develops these emotional attachment with suppliers, some of which are discussed below:
In industrial sector, the products provided by suppliers are actually used by customers for production purpose.
Hence unavailability, malfunctioning or low performance of these products could highly affect the profitability in business. By nullifying all these factors and providing high valued service and high end products which are available all the time develops a sense of credibility among the customers. In such case customers develop faith and belief in supplier which obviously increases customer loyalty.
In today’s competitive business marketplace, customer satisfaction is an important performance exponent and basic differentiator of business strategies. However, a satisfied customer may be or may not be loyal but an unsatisfied customer potentially seeks other options and may migrate easily.
Hence it is important for the supplier to identify dissatisfaction factors and develop corrective measures to cope up with.
It is often seen that if these corrective measures are implemented successfully to improve satisfaction then satisfaction level increases to a much higher level as compared to a normal satisfied customer.
A satisfied customer mostly tends to be a loyal customer hence customer satisfaction is an important factor that increases customer loyalty.
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