A company’s future worth rests on how it handles and treats its current customer base.
Industry research shows that increasing your customer retention rate by just 5 percent can increase profits by as much as 95 percent. And the commonly referenced "80-20 rule" tells us that 80 percent of a company’s future profits come from just 20 percent of today’s customers. Keeping your customers around for the long-term can prove to be far more beneficial than only focusing on acquiring new customers.
This is what’s at the heart of customer loyalty.
Building a successful customer loyalty program involves more than just asking customers to keep buying your product. It should be a comprehensive engagement program and, as with any engagement strategy, should involve a multi-faceted approach incorporating appreciation, recognition and incentives.
Our infographic provides an overview of five components that will help ensure success in a customer loyalty program, whether you’re starting a new program or doing an overhaul of your existing program.
For more information on customer loyalty programs, or to chat incentives and engagement, just reach out to our team. We can help you audit or develop a loyalty program specific to your industry needs.
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