Abstract
With the globalization of the world, competition is experiencing new heights. Competitors from emerging markets are entering into the developed markets. Attracting new customers has become an expensive strategy. Therefore the customer has become the most valuable asset of a company as a result of which quite a bit of money has to shelved to retain them. It can be 10 times more expensive for a business to find one new customer than to keep the current one. Increasing the customer retention rate can provide a terrific boost and help to accelerate growth. Additionally, not keeping your current customers will make you loose money and time. The first part of this paper will highlight the difference between the satisfied and loyal customers. The second part describes why it is worthwhile to transform your satisfied customers into loyal customers. In the third part we will advice on how to improve your relationship with the customer and how to turn them into loyal consumers.
