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Customer loyalty: How companies build long-term customer relationships

Customer loyalty is a key factor for the long-term success of companies. Studies show that acquiring new customers is on average five to seven times more expensive than retaining existing customers. It therefore makes economic sense for companies to prioritise customer loyalty as a strategic goal. Loyal customers generate stable and predictable sales. They buy more frequently, spend more per transaction and are less price-sensitive. According to a study by Bain & Company, a [...]

Effective customer relationship management: CRM for success

9 July 2024

Customer relationship management (CRM) is a central component of corporate strategy. It involves the systematic collection, analysis and use of customer data to optimise business relationships. CRM systems enable companies to track and control customer interactions across various channels. This enables companies to create individualised offers and improve customer service. Effective CRM has been proven to increase customer satisfaction and loyalty. Studies show that satisfied customers are more likely to make repeat purchases and that

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