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Importance of Customer Loyalty

In recent times businesses have seen a major downturn in the economy. Recession hit many small and large companies badly and drove some to bankruptcy. Building a strong business right from the start is important. It should be able to sustain bad economic weather however unexpected they are.

Quality of service or product and customer loyalty is the two most important factors that count during downturn. Customers would rather do business with people who give good quality service or with people whom they can trust.

Dr. Tom DeCotiis, founder of enterprise growth consulting firm CorVirtus "In a down economy people focus their spending on companies they trust. As consumers get choosy, mediocre choices fall by the wayside for one reason: These companies have not earned enough customer loyalty to survive a challenging economy."

Small business entrepreneurs need to stress the importance of customer loyalty and service to their employees. Each employee who is in direct contact with the customer needs to know that a happy customer is an asset to the company.

Focus on areas that customers are complaining about. Try to manage the problem areas effectively and in a timely fashion. Make the customer aware that his problem is being looked into and notify him when it is rectified.

Little steps taken regularly to ensure customer satisfaction will help build a strong bond with the customers who will stand by you at all times good or bad.

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