Why is Customer Loyalty Important in Entrepreneurship?
In the world of entrepreneurship, customer loyalty is vital for several reasons: 1. Cost Efficiency: Acquiring new customers can be up to five times more expensive than retaining existing ones. 2. Brand Ambassadors: Loyal customers often become brand ambassadors, promoting the business through word-of-mouth, which is invaluable. 3. Feedback Loop: Loyal customers provide honest feedback, which is essential for continuous improvement and innovation.