Conclusion
Loyalty, in its most basic sense, leads to retention, repurchase, and a long-term commitment. Customer loyalty is the sum total of a customer’s satisfaction and his emotional attachment with the company or the brand. Both the aforementioned components of customer loyalty are largely determined by the way a company looks at its customers and the sincerity with which it serves them. While delivering satisfactory service is vital to retain customers, creating an emotional attachment with them is equally important to lower the risk of defection, negative word of mouth, unyielding customer stay and loss-making customer relationships. A high degree of customer satisfaction, coupled with the customer’s emotional attachment, forge an enduring association between the company and its customers, which transforms into a loyal relationship characterised by preference, patronage and premium.
