Price is not the most important factor contributing to customer loyalty, according to the latest chart from MarketingSherpa.
The top reason why customers move on from a certain company is customer service, followed by price. Vendors most often cut ties with companies because of price pressure.
According to the Sherpas, the survey revealed surprising information about customer loyalty:
“First, customers are less likely to leave for a competitor over price and will give you the opportunity to keep the business. Second, they are more willing to pay a premium to continue their relationship. Third, they are strong external advocates of the brand.”