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Respect and Loyalty in Business

Customer loyalty has become increasingly more important as businesses provide more differentiated competing services. Campbell-Ewald, a marketing firm, studied the concept of respect relative to product loyalty claiming respect was a critical component in customer retention. The company’s study led to the development of five principles of respect in business; Appreciation of customers, performing highlighted actions, listening to customers, the superiority of customer needs to company needs, and admitting faults. Customer loyalty hinges on respect furnished to clients regarding the firm’s willingness to consider their customers’ needs, wants, and expectations. Satisfied clients offer better profitably margins for a company.

Construct of Respect in Different Industries

Loyalty in customers is brewed by respect for customers and is an essential ingredient of a company’s long-term performance. Different sectors may require different tactics to inspire customer loyalty. The insurance sector may find it beneficial to commit to transparency in communications and customer service excellence. There are three critical points in insurance; when clients apply for a policy, a policy change, and a claim.

Insurance companies should have clear contracts and transparent policies and processes when filing claims in a show of desire in providing excellent service to customers. The digital era has put pressure on insurers to differentiate themselves from a crowded industry, thus have to offer more personalized services. Automation of services speeds up the wait time to get a quote, positively impacting a company retention strategy (Andotra and Abrol, 2016). Insurance companies can deploy integrated customer-friendly experience to furnish clients with information regarding submission, inspections, and claims status. Customer service is critically applied during policy servicing as clients seek personalized needs and quick access to information. Preference is on face-to-face conversations rather than automated online communication as they seek policies covering specific needs shared with agents.

.           Air travel companies retain and pitch clients by focusing on employee relations and customer segmentation. For an airline to uphold an advantage in the market, a strong customer relationship management policy needs to be in place. The three points of customer relations include; before the flight, during the flight, and after the flight. The most common problems in air travel companies are the delay of flights, cancellation of flights, and loosing of luggage, which leads to increased dissatisfaction among the customers. The airline should admit guilt regardless of the cause and send a personalized apology message to their customers (Hapsari, Clemes, and Dean, 2017). The message can be in the form of email, text, or phone conversation. A relationship manager should always be present at the airport to communicate with the customers to be aware of what’s going on. Follow up with complaints, and any feedback should be taken seriously since such mistakes blow up to complex issues that can damage airline reputation.

Retail companies’ loyalty is mainly due to customer service strategy and returns policy. Customer service is expressed in terms of sharing information regarding a product. Most customers review products online before visiting the physical shop; thus, companies should simplify their websites to incorporate easy and more precise information sharing policies such as shipping costs, sale details, and payment options (Biscaia, Rosa, e Sá, and Sarrico, 2017). Multiple channels of communication make the information sharing process effortless by optimizing their experience. Optimization leads to the building of better customer relations on a personalized level. Assistance to customers is personal but directly answers the client’s questions. Return policies represent the scenario where most companies lose loyal customers. The return policy should be flexible and stated in the company’s policy. Returned goods cases are dealt with immediate concerns are raised.

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Respect and Loyalty in Business . (2021, December 17). Essay Writing . Retrieved September 26, 2023, from https://www.essay-writing.com/samples/respect-and-loyalty-in-business/
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Respect and Loyalty in Business . [online]. Available at: <https://www.essay-writing.com/samples/respect-and-loyalty-in-business/> [Accessed 26 Sep. 2023].
Respect and Loyalty in Business [Internet]. Essay Writing . 2021 Dec 17 [cited 2023 Sep 26]. Available from: https://www.essay-writing.com/samples/respect-and-loyalty-in-business/
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