THE “WOW” FACTOR FOR CUSTOMER RETENTION & LOYALTY

Abstract

The WOW factor for retaining customer and having them loyal to your brand is due to the flywheel effect. This business concept was introduced by Jim Collins in his book “Good to Great “which states that companies do not become great due to a single initiative but due to accumulation of a number of small wins .This starts when customers start experiencing the plosive effect with any brand which further increases the trust in that brand .This flywheel effect is due to various initiatives carried out by the respective organisations to improve their value chain.