Most businesses interprete loyalty by transactions. If you spend a lot of money with their company, you are loyal. What the don't realize is that they are actually leaving money on the table when they ignore the dimensions of loyalty.
Customers can increase their spending but that may just be a side effect of their growth. If you're not clued in, they may actually be spending more with your competitors at the same time! Retention (or longevity) and share of wallet are dimensions you have to consider. Finally, the customer can cease to need your product or service, and yet become your biggest advocate, sending you more and better referrals over time.
Inspect each customer relationship carefully and figure out which type of loyalty exists and could exist. Then make sure you're driving the customer behavior you want.
Inside CXM: Five CX Touch Points You Need to Improve, 2013-Sep-6 by Bob E Hayes
Grow your company by increasing different types of customer loyalty. Gaining new customers, expanding existing relationships and keeping customers around for the long-haul each require different efforts. To gain new customers, you need to make a solid product and make it easy to do business with you. To improve your up-selling and cross-selling capabilities, you need to know where you are headed and communicate that path effectively. Finally, to decrease customer churn, you need to hire the right people.
It is important to note that the results of this study address the "typical" B2B technology company. The top drivers of customer loyalty might be different for your specific company. So, be sure to conduct a customer relationship survey to identify what is important to your customers. Use this information when setting your company strategy to ensure you are working on improving the right CX areas of your business.