Customer Loyalty
The likelihood that a customer will continue to buy from a particular company or brand over time. Crucial for maintaining a stable customer base and ensuring long-term business success.
10 topics found for:
“loyalty programs”
Brand Loyalty
The tendency of consumers to continuously purchase the same brand's products over time. Essential for driving repeat business and ensuring long-term brand success.
Endowment Effect
A cognitive bias where people ascribe more value to things merely because they own them. Useful for understanding user attachment and designing persuasive experiences.
Incentivization
The process of providing incentives or rewards to encourage specific behaviors or actions. Important for motivating user behavior and increasing engagement.
Incentive Theory
A theory of motivation that explains behavior as driven by a desire for rewards or incentives. Crucial for designing systems that effectively motivate and engage users.
Effort Justification
A cognitive bias where people attribute greater value to outcomes that required significant effort to achieve. Useful for designing experiences that recognize and reward user effort and persistence.
Customer Attrition
The loss of customers over a specific period, also known as customer churn. Important for understanding and addressing customer retention issues.
Discounted Utility
A concept in behavioral economics that describes how future benefits are perceived as less valuable than immediate ones. Important for understanding user preferences and designing experiences that account for time-based value perceptions.
LTV
Lifetime Value (LTV) is a metric that estimates the total revenue a business can expect from a single customer account throughout their relationship. Crucial for informing customer acquisition strategies, retention efforts, and overall business planning by providing insights into long-term customer profitability.
Diversification Bias
A cognitive bias where people prefer a greater variety of options when making simultaneous choices compared to sequential choices. Important for designers to consider user preferences for variety when designing choice architectures and product offerings.