Page 266 - (DK) The Business Book

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IN CONTEXT
THERE IS FOCUS
Customer loyalty
KEY DATES
1891 Trading stamps are
ONLY ONE introduced in the US to
encourage repeat shopping.
Customers are rewarded with
stamps that can be collected
and redeemed for goods.
BOSS: THE 1962 Sam Walton opens
Wal-Mart, with the slogan
“Satisfaction Guaranteed.”
CUSTOMER 1967 The first toll-free 1-800
customer service centers are
launched in the US.
1981 American Airlines offers
the industry’s first frequent-
MAKE YOUR CUSTOMERS LOVE YOU flyer program to reward
customer loyalty.
1996 With the growth of
the Internet, live-chat and
email customer support is
introduced for online shoppers.

he idea that the customer
determines how successful
T a business becomes has
been accepted by numerous
entrepreneurs and management
experts since the late 19th century.
Logically, if customers are happy
with a product or service they
will make repeat purchases and
give recommendations to their
friends and family. This helps the
business to grow, and in effect
pays the wages of employees.
Like any love affair, the
intensity of a relationship between
supplier and buyer is emotional as
well as physical. The process
involved in building passion and
trust between the two parties