Customer loyalty is the crucial factor which decides the future of a company. Gummesson identified that firms aim to cultivate repeat transactions with customers, which could be a starting point of customer loyalty. Buttle et al expressed that the customer interactions lead to develop a relationship between firms and customers, which, in turn, leads to the repeat purchase that creates a loyal customer. Companies spend billions of dollars to build brand value of products/services in order to woo consumers buy, consume, satisfy, stay and contribute to companies' exchequers. Jamieson identified that the customer retention brings quantitative benefits to the organization. The development of customer relationship ought to be mutually beneficial to both the parties (consumers and marketers) in terms of generating revenue.
The marketers connect with consumers in different ways. The rational and emotional are the two major connects through which the marketers make the consumers accept their products. The rational connect happens through the communication of potential value of products/services, namely attributes, functional value, quantitative benefits, etc. The emotional connect could be made through the perceived value of products/services viz., brand value, brand association, brand affinity, etc., which would help the marketers enjoy the brand equity. |