Building customer loyalty is crucial to maintaining a successful and profitable business. Especially today, where customers are more demanding and their expectations are rapidly growing, forcing businesses to deliver customer experience excellence.
These 10 facts about customer loyalty below, will help you better understand why building strong relationships with your customers is key to business success.
- Acquiring a new customer costs 5-7 times more than retaining an existing one, White House Office of Consumer Affairs.
- On average, loyal customers are worth up to 10 times as much as their first purchase, White House Office of Consumer Affairs
- 80% of a company’s revenue comes from just 20% of its existing customers, Gartner.
- 36% become frustrated when not treated as loyal customers, The Customer in Context report.
- 53% of shopping app users prefer using an app to retrieve account and loyalty card information over using a mobile site, ThinkwithGoogle.
- Loyalty program members tend to feel more valued; 65% of members feel like the brand rewards their loyalty, compared with only 28% of nonmembers who feel that way, Forrester Research.
- 57% spend more on brands or providers to which they are loyal, Accenture.
- 71% of US online adults belong to at least 1 loyalty program, and they belong to nine, on average, Forrester Research.
- Loyalty program members are likely to rate their customer experience with a brand 7 points higher than nonmembers, Forrester Research.
- 59% of US online adults who are members of a customer loyalty program say that getting special offers that aren’t available to other customers is important to them, Forrester Research.
Related: Why your customer loyalty program shouldn’t just reward purchases. Learn here.
Is customer loyalty a priority on your list? This mini-guide includes everything you need to know to start creating customer loyalty and boost the performance of your loyalty program.
