This beautiful and simple infographic (created by the brand new Portugese branding agency "WHY") shows the two parts Consumer Loyalty is composed of:
Some experts will add, in the part of the company "duties", its behavior (Call it Responsibility, Ethics, Authenticity...) and some others think that loyalty doesn't exist in a market where most consumers just care about the price.
All this depends on the actual behavior of the consumers. Do consumers care about what's behind the companies they buy from? And even more important: Are consumers aware of how powerful their purchasing decicions are?
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