Brand loyalty refers to the degree to which a consumer consistently purchases a specific brand over other brands. It is influenced by several factors such as quality, price, consumer attitudes, family or peer pressure, and relationships with salespeople.
Customer capital refers to the value derived from an organization's relationships with its customers, which form part of the broader concept of intellectual capital.
Customer service is the department or function within an organization that responds to inquiries or complaints from customers. It ensures the resolution of issues through various communication channels and plays a crucial role in customer retention and satisfaction.
A former buyer is a customer who has not made any additional purchases within a specified period of time, typically a year. Former buyers are generally better prospects for additional sales than non-buyers because they have shown a willingness and ability to buy.
Lifetime Value (LTV) is a metric used to forecast the future profitability a customer will bring to a business over the entire duration of their relationship with the company. It is pivotal in making strategic decisions related to marketing, customer acquisition, and retention.
A one-time buyer is a customer who has made only one purchase from a retailer or service provider and has not returned for subsequent transactions. Understanding one-time buyers is crucial for businesses aiming to increase customer retention and repeat sales.
Relationship marketing is a strategy designed to foster long-term relationships with customers, suppliers, and distributors, aiming to enhance overall profitability and business success.
