The secret to the success of a business primarily lies in its ability to attract and retain its customers. Any good trader understands that 80% of the business originates from 20% of his/her customers. It is therefore essential for any business to develop an effective customer loyalty strategy that will not only attract new customers and retain them, but also ensure the continued survival of the business. Often, it is more costly to attract new customers than it is to retain old ones. Thus, the correct strategy will definitely payoff if applied right.
An effective customer loyalty strategy should aim at leaving a lasting impression in the mind of any customer: to the new one-a reason to come back again; to the returning one- a reason not to leave again; and to the regular one- a reason why that business is their choice for all time.
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