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The power of customer loyalty and its measurement

Author

Listed:
  • Savica Dimitrieska

    (International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia)

Abstract

The most important asset of the company is the loyal customers, thanks to which the company ensures its functioning and the constant income. Loyal customers not only repeatedly buy company’s products and services but also are important ambassadors of the company who spread positive news about its offerings. It is known in the literature that retaining existing customers is cheaper and more profitable than attracting new customers. Hence every company should take care of existing customers. But how a company can measure their loyalty? A single measure cannot provide a complete picture of consumer loyalty. Therefore, this paper elaborates on several measures that provide insight into the strength of customer relationship. With the usage of secondary data, certain financial, engagement, behavioral and additional metrics of customer satisfaction and loyalty are processed. By using multiple measures, a company can track, build and maintain customer loyalty and satisfaction and ensure long-term success and growth.

Suggested Citation

  • Savica Dimitrieska, 2024. "The power of customer loyalty and its measurement," Entrepreneurship, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 12(2), pages 102-119.
    • Handle: RePEc:neo:epjour:v:12:y:2024:i:2:p:102-119
    DOI: 10.37708/ep.swu.v12i2.9
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    More about this item

    Keywords

    customer loyalty; financial metrics; engagement metric; behavioral metrics; customer satisfaction;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • M30 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - General
    • M37 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Advertising

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