LOYALTY MANAGEMENT IN THE B2B MARKET

Abstract

The article examines the concept of «loyalty» and the evolution of its interpretation over time. It has been determined that there are many different definitions of the concept today, but the common feature is its characterization as an attachment or trusting attitude towards something or someone, and that in marketing, loyalty is often used in the context of brand loyalty. The article emphasizes the importance of retaining and gaining customer loyalty in the long term. This is demonstrated by an example where attracting new customers can mask problems with the loyalty of existing customers. Finally, the article examines the history of loyalty in the B2B market. The article also examines why loyalty programs are key to the success of companies in this market segment and how they affect customer relationships. Loyalty programs are considered by the authors as a marketing strategy aimed at strengthening relations with corporate clients and rewarding them for their loyalty and partnership. The article provides various statistical data that confirm the effectiveness of loyalty programs in strengthening relationships and achieving long-term success in the B2B segment. The authors emphasize in the article that the presence of loyalty programs in the B2B market allows companies to receive numerous advantages, which usually include the fact that regular customers spend more, can recommend the company to others, provide information necessary for improvement and stimulate the introduction of innovations, as well as constantly increase costs. The article also analyzes and defines the key factors affecting consumer loyalty. In particular, the authors investigated such aspects as the quality of products and services, customer satisfaction, final value for consumers, and switching costs. The article solves the important problem of determining the factors affecting customer loyalty in the modern business environment. The authors conclude that product and service quality, customer satisfaction, end value for the consumer, and switching cost are interrelated and jointly contribute to winning and maintaining customer loyalty, which is the key to success in modern business.