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Saturday, 26 July 2008
 
 

Customer Trust and Loyalty

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Customer Trust and Loyalty

Summary. Trust in business has plummeted and this creates new challenges for customer relationships. Suspicion and distrust are now pervasive so every business gets tarred by the same brush. They can't just sit back. While most business leaders tacitly believe trust underlies customer relationships they don't have a deliberate strategy to build this kind of trust. By design or by default, the majority of businesses build only "satisficing" trust, sufficient trust to buy a product or service. "Satisficing" trust works in a transactional, commodity based business, but does little or nothing for customer relationships and loyalty-in fact, it can be counterproductive.
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