Why Loyalty Matters in Retailing

Timothy L. Keiningham (), Lerzan Aksoy (), Luke Williams () and Alexander Buoye ()
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Timothy L. Keiningham: IPSOS Loyalty, Morris Corporate Center 2
Lerzan Aksoy: Fordham University
Luke Williams: IPSOS Loyalty, Morris Corporate Center 2
Alexander Buoye: IPSOS Loyalty, Morris Corporate Center 2

Chapter Chapter 5 in Service Management, 2012, pp 67-82 from Springer

Abstract: Abstract Retailers have long known that their long-term success depends upon customer loyalty. In fact, legendary retailers were the first businesses to champion customer satisfaction as a source of competitive differentiation. In 1875, Montgomery Ward differentiated his mail order catalog by promising “satisfaction guaranteed or your money back.” By the early 1900s, Chicago’s Marshall Field’s department store and London’s Selfridges department store were championing “the customer is always right” (although it is not clear whether Mr. Field or Mr. Selfridge was first to coin the phrase). Today, these catchphrases and the ideals that they convey are ubiquitous throughout the business world (although some might question the degree to which most businesses actually adhere to these principles).

Keywords: Financial Performance; Customer Satisfaction; Customer Loyalty; Loyalty Strategy; Customer Experience (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-1-4614-1554-1_5

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