Garima Sharma , Sakshi Shahi
Abstract:
The contemporary competitive and dynamic market place has witnessed customer retention as significant as acquisition of new customers. In this paper a critical discourse is given on how brand loyalty is an essential consideration when it comes to customer loyalty in competitive markets. The research will also strive to grasp the connections that exist between emotional attachment, trust consumer, perceived quality and customer satisfaction and building a brand loyalty and vice versa with regard to repeat purchase, and long-term customer relationships. Research design is quantitative research design and primary data collected through ads, using questionnaire that is designed, distributed to consumers of various demographic groups. The statistical techniques that are employed are correlation analysis, the regression analysis and the factor analysis that determine the strength and type of relationship between brand loyalty and customer retention. The findings reveal that the relationship between brand loyalty and customer retention is very positive, which suggests that the loyal customers will repurchase, recommend the brand and remain with the brand regardless of any changes in the market. Besides, as the paper suggests, emotional branding, a consistent quality and adequate customer engagement strategies are key elements to a stronger level of loyalty. Brand loyalty may be considered a competitive advantage at markets of low product differentiation, where the brand loyalty causes the customer lifetime value to rise and the marketing costs to fall because of obtaining new customers. The research makes the inference that organizations have to center on establishment and sustenance of brand loyalty through customized experience, open dialogue and continuously creation of value. The study also serves as an important contribution to marketers, policy-makers and business plan strategists whose focus is on development of sustainable competitive advantages in a bid to develop better customer retention strategies.\\r\\n
