Loyalty Management can be summarised as a series of activities aimed at better serving customers. The concept explores the ways in which companies can acquire, engage and retain their customers and reviews the relationship between customer retention and the other aspects of the business.
Loyalty Management Definition
Loyalty is "the willingness of someone - a customer, an employee, a friend - to make an investment or personal sacrifice in order to strengthen a relationship" (Reichheld, 2003:48). Loyalty management encompasses "structured and effective actions to manage, select, relate and control customers' buying behavior" (Lara and Madariaga, 2007:38).
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Loyalty Management References (4 of up to 20) *
- Bayraktar, A., Yilmaz, E. and Yamak, O. (2010) Implementation of RFID Technology for the Differentiation of Loyalty Programs. Journal of Relationship Marketing, Vol. 9(1), pp. 30-42.
- Fredericks, J., Hurd, R. and Salter II, J. (2001) Connecting Customer Loyalty to Financial Results. Marketing Management, Vol. 10(1), pp. 26-32.
- Ho, R., Huang, L., Huang, S., Lee, T., Rosten, A. and Tang, C.S. (2009) An Approach to Develop Effective Customer Loyalty Programs: The VIP Program at T&T Supermarkets Inc. Managing Service Quality, Vol. 19(6), pp. 702-720.
- Lara, P. and de Madariaga, J. (2007) The Importance of Rewards in the Management of Multi Sponsor Loyalty Programs. Journal of Database Marketing and Customer Strategy Management, Vol. 15(1), pp. 37-48.
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