Why is consumer loyalty an important element in the success of a business?

Consumers are important to a business
for its survival.

A business realizes its goals through
the product or service consumers
purchase.

The consumer's satisfaction is very
important for repeat business.

Loyal customers tell others about
a business, which brings in more
profits, new customers.

It's called Word-of-mouth advertising.
Word-of-mouth advertising spreads
faster than a paid ad.