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Cover Story
IMAST: Loyalty Solutions for Creating Brand Trust
Bestowed with the power to impact turnover directly and indirectly, customer is undoubtedly the most critical stakeholder for any business. Every ‘for profit’ organization in the world is single mindedly focused on attracting more and more customers to partake in their products and service. However, studies have often indicated that gaining a new customer is 25 percent more expensive than making a sale with an existing customer, which winches customer loyalty to be one of the prerequisites for keeping the turnover figures high. Unfortunately, in today’s digital era, where competition between brands has intensified and consumers have access to a plethora of options to pick from, customer stickiness is dwindling by the day. As a consequence, companies invest billions of dollars on...
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