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Customer Loyalty Program As A Tool Of Customer Retention: Literature Review

Author

Listed:
  • Magdalena Hofman-Kohlmeyer

    (Faculty of Management, University of Economics in Katowice, Katowice)

Abstract

Customer loyalty is a highly valuable asset. To gain loyalty of current customers and create attachments, the growing ranks of entrepreneurs decide on implementation of loyalty programs. This article aims at providing a theoretical outlook on various approaches on loyalty programs derived from literature review and identifing the factors which lead to success of a company. The literature review offers some directives for managers which are useful in the preparation of rewarding programs and are also a source of valuable customer information that helps in building future marketing strategies. We concluded that loyalty programs impact customers using financial and psychological factors to maintain long-term loyalty. Furthermore, loyalty programs should include financial as well as affective components as only financial incentives don’t guarantee a long-term relationship.

Suggested Citation

  • Magdalena Hofman-Kohlmeyer, 2016. "Customer Loyalty Program As A Tool Of Customer Retention: Literature Review," CBU International Conference Proceedings, ISE Research Institute, vol. 4(0), pages 199-203, September.
    • Handle: RePEc:aad:iseicj:v:4:y:2016:i:0:p:199-203
    DOI: 10.12955/cbup.v4.762
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    Cited by:

    1. repec:arp:tjssrr:2019:p:1016-1024 is not listed on IDEAS
    2. Suharto* & Andriyansah, 2018. "Customer Loyalty Measurement Using Burnout and Confidence with Organizational Citizenship Behavior as Antecedent Variables," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 727-735:5.
    3. Michał Adamczak & Adrianna Toboła & Jadwiga Fijałkowska & Piotr Cyplik & Maciej Tórz, 2020. "Analysis of Incentives to Eco-Driving for Car Rental Companies’ Customers," Sustainability, MDPI, vol. 12(24), pages 1-20, December.

    More about this item

    Keywords

    loyalty programcustomer loyalty; customer retention;

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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