 Creating customer loyal and retain the customer. Why it is important? So, if we have the loyal customers, if we have the satisfied customer, the satisfaction head that leads to loyalty and loyalty means that the customer would keep repeating its purchases. If there is a brand which he satisfied, for example, if there is a cell phone brand, for example, if there may be the brand of some other domestic appliance. So, if it satisfies the customer to instead of taking risk of another brand, he will try to buy the same brand next time. Or if there is an even allied or related product, he will prefer the brand which he satisfied. So, that reflects the loyalty of the customer. So, this is the ultimate objective of the every marketing firm to create loyal customers. And the customer's lifetime value is basically the value of the entire stream of purchases that the customer would make over a lifetime of patronage. If you have a loyal customer, you can estimate how useful his life is, useful from the point of view of your product. How many years he will buy this product and you can monetize it. Let's say next 10 years he will buy this product and he will buy this product in a month. So, in the next 10 years, how many products he will buy and what will be the value of it. This is basically the lifetime value of the customer. How important and how valuable one customer is, this way you can estimate. And then that reflects you that a loyal customer for a long term is so valuable for you and the more you create loyal customers, the more lifetime value it will have. The other concept is how and why to grow the share of customers. Share of customers basically is the portion of the customers purchasing that a company gets in its product categories. This be particular category that you are selling your product. Let's say if this is a Kola, you say that the market share of A Kola is 25%. If you sell a Kola of 1 crore, then the company will sell a Kola of 25 lakhs. That basically talks about the share of the customer and it is also the ultimate desire of every marketing firm to increase the market share. And that's how you want the market share to keep increasing and that increase is also only possible when you have a good relationship, a permanent sort of relationship, when you have a sizable number of loyal customers. The next potential customers are trying to increase and strategize for that. And it seems that the already customers are losing. So you can't increase your market share. You can increase the market share when you carry the loyal customers and try to make the potential customers more customers. Then there is another relevant concept which is called customer equity. We just mentioned the lifetime value of a customer. All the useful years, maybe 10 years, maybe 20 years, until the product is used, the product has to be purchased as much as possible. If it stays with you, if it is still loyal and will be loyal, then hypothetically we think that it will be loyal and will buy our product, then it will buy as many units of product as possible. Now what is customer equity? Customer equity is the total combined customer lifetime values of all the company customers. We just mentioned that one customer will buy as many units of product as possible. So whatever your customer is, 10, 20, 50, 100, 1000, 10,000, we will take their individual average and multiply it. So our total customer equity will come, that is our loyal customers will buy as many units of the product as possible in total. How to build customer equity? How to increase customer equity? How to take it to a sizeable and sustainable level? This is the real challenge to the marketing firm. Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized. You understand that your financial assets, through which you are doing business, your employees are your human resource, human asset. Similarly, the loyal customers will also have to treat you as an asset. The amount of care you give in maintenance of other assets, the amount of care you have to do is vital for the firm's growth and sustainability. Different types of customers require different types of relationship management strategy, but whatever they require, the only objective is to build the right relationship with the right customers. The right customers, you understand that they are profitable customers. With them, the right relationship and the right building, that is basically important in order to build the customer equity.