Final answer:
Customer loyalty refers to customers consistently choosing a particular brand and benefits businesses in customer retention. Other important metrics in today's competitive market include customer satisfaction scores, net promoter score (NPS), customer lifetime value (CLV), and customer churn rate.
Step-by-step explanation:
Customer loyalty refers to the act of customers consistently choosing a particular brand or business over others. It is a measure of the customers' satisfaction and commitment to the brand. The specific metric the author is referring to could be the measurement of customer retention rate, which shows the percentage of customers who continue to patronize the business.
Customer loyalty benefits businesses in several ways. Firstly, it reduces customer acquisition costs as loyal customers are more likely to make repeat purchases. Secondly, it leads to positive word-of-mouth marketing as loyal customers are more inclined to recommend the brand. Thirdly, it helps businesses withstand competition as loyal customers are less likely to switch to competitors even when faced with lower prices or promotions.
In today's competitive market, there are several other important metrics that businesses track. These include customer satisfaction scores, net promoter score (NPS), customer lifetime value (CLV), and customer churn rate. Each metric provides valuable insights into customer behavior and helps businesses make informed decisions to improve their performance and retain customers.