By Delia de Villiers
Customer loyalty, once the mainstay of successful brands, is on the decline across industries globally.The reasons cited for this decline include, unsurprisingly, price and poor customer service. This is only exacerbated by the fact that in almost all product and service categories, there are typically tens of similar options for customers to choose from.
But since it remains both cheaper and easier to retain a client than to acquire a new one, the question is two-fold: Does customer loyalty still matter and what does it entail in today’s business environment?