How To Attract And Retain Customers

715 words - 3 pages

Maximizing your profit as a company can be done in two ways customer-wise; attracting and retaining them. The latter one can be done by creating a long-term relationship with your customer. One could argue that by maintaining this so-called loyalty a consumer will become dependent on his supplier. The question is whether a by impulse driven consumer really loses his independence or that long-term relationships do not imply loyalty.
Customer loyalty is often strongly linked with repeat purchases, however this is not the whole story. It is a two-dimensional construct containing behaviour, in this case repeated purchases, but also relative attitude. Relative attitude can be explained as an object appraisal function. Factors that create relative attitude can be split up into three categories. There are cognitive antecedents – associated with information like ‘brand beliefs’, affective antecedents – the feeling a consumer has towards a product, and a conative antecedent – think of factors as sunk costs or expectations. In this model the customers are divided in four loyalty groups. Those with high relative attitude and high repeated purchases, those with neither and a combination of both. The purpose of this is to see whether a customer is truly loyal and thus predict retention and defection. A consumer who purchases always at the same store, but has a low relative attitude is not someone who is dependent on that supplier. Moreover it will even abandon its supplier when it finds another brand or product where it does have a strong relative attitude (Dick & Basu, 1994).
In order to test if the effects of relative attitudes with respect to loyalty an experiment was conducted. Customers from different supermarkets in Britain and New-Zealand were given a loyalty survey. In this survey different households had to rate their supermarkets, where a high rating would imply a strong relative attitude and a low rating a weak relative attitude. Furthermore they also asked whether the households had ever recommended the supermarket and what proportion of the groceries was spend in that supermarket. Often recommending and a high proportion was linked to a high loyalty, while never...

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