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What are examples of the different relationship levels companies can build with customers?

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Companies have various levels of relationships with their customers, typically centered around two major factors: quality of goods or services and price. Whether companies are selling to consumers (B2C) or other companies (B2B), these principles apply.

Companies that are able to develop a relationship with their customers build a level of trust. The customer trusts that the quality of the goods or services will be at least the same as it has been previously, which, over the long run, allows the company to raise its prices. Customers are willing to pay more for a good or a service that they’ve had a positive experience with previously.

Companies who strive to retain customers may employ loyalty programs. These programs give discounts or free goods or services to their customers in return for repeat business. If a customer is deciding between two goods or services which are equal in price and quality, they will opt for the company that they have a loyalty program with in exchange for...

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