Loyalty – definitions
After taking part in discussions on forums it appeared that people have different understanding of ‘loyalty’ term. Here we try to list some of definitions
Customer loyalty can be defined as a positive attitude of customer towards a product, brand, retail shop, service, etc
Loyalty – unresponsiveness to offers from competitors
Loyalty – readiness to sacrifice something in order to continue relationships. If there is no readiness to sacrifice – there is no loyalty. Loyal employee is ready to sacrifice his time or extra efforts on workplace. Loyal customer is ready to spend some time in queues or pay little bit extra, etc. If one is going to make some recurring purchase because of the good price – he is only practical in his decisions, but not loyal. If there is no readiness to sacrifice - there is no loyalty.
Loyalty – is a trust of a regular client + his trust ‘on credit’ (we he can excuse some discomfort in order to continue cooperation). So, the level of loyalty = level of trust on credit.
Meaning of loyalty – Company intentionally invests in its buyers trying to minimize risks from its own errors, which can influence company’s market position.
Loyalty of a customer (supplier) – customer (supplier) readiness to take certain damage to continue business relations.