![]() What’s more, research shows that 91% of customers say their trust in a company makes them more likely to buy more frequently. Research also shows that 95% of customers say trusting a company increases their loyalty. By contrast, when a customer walks away from your business, their income stream is lost forever.ĩ5% of customers say trusting a company increases their loyalty” Trends in Customer Trust Report | Salesforce Research ![]() And for every cent a business spends investing in a customer loyalty program, it is likely to reap multiples in return. Everyone loves receiving something for nothing. Throwing in an extra small product or service with a purchase is an excellent way to reinforce a buying decision your customer just made. Studies have found that members of customer loyalty programs typically spend up to 18% more than other customers. After all, psychologist Norbert Schwarz found that spending as little as 10 cents can create reciprocity between two people. Benefits may involve free merchandise, rewards, coupons, or insider perks like early access to new products.īusinesses can be wary of giving free extras - however, it’s a strategy that doesn’t have to incur huge costs. These incentives and specific benefits often result in the customer becoming a more regular consumer or the ideal - a brand promoter. A company may dole out points or perks, and graduate customers to higher levels of loyalty the more they buy. But first, let’s cover off on the basics.īy definition, a customer loyalty program is a marketing approach that recognizes and rewards customers who purchase or engage with a brand on a recurring basis. This article covers some common types of customer loyalty programs along with examples. Companies can also grow their customer base and deliver even more compelling rewards by forming innovative partnerships with related businesses. They use the purchase history and customer-provided data to present customers with timely and relevant offers and they improve overall customer experience. ![]() The study also revealed that 63% of high-performing marketers are already using loyalty program platforms.Ĭustomer loyalty programs aren’t just about offering discounts. The fifth annual “ State of Marketing” research report showed that marketers’ use of customer loyalty program platforms is projected to grow 80% in the next two years. That’s why investing in customer loyalty programs - and the digital technology and platforms to support them - is a growing priority. Studies have found that it’s at least six times more expensive for businesses to acquire a new customer than to keep an existing one. However, while creating new sales leads will always be part of the job, it’s equally important to convert existing customers into repeat customers. For a long time, marketing departments poured energy into messaging and product positioning to lure new people to their brands. There’s nothing like the rush of winning new business. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |