The very life’s blood for any business or company is the customer. Without them, you won’t have a business for too long. The challenge is, quite often, understanding why the customer is loyal to you and how to keep them forever loyal. Some recent research from Zippia, focuses in on that and has come up with some stats that just may help your company thrive going forward. The following is taken directly from that research:
- 65% of the average company’s business comes from existing customers.
- 75% of consumers prefer companies that offer rewards.
- Increasing customer retention by just 5% can increase profits by 25%-95%.
- 43% of consumers spend more money at businesses they’re loyal to.
- 90% of businesses have some form of a loyalty program.
- The probability of selling to an existing customer is up to 13X greater than it is for selling to a new customer.
- 56% of customers will stay loyal to a brand that “gets them.”
- 97% of American consumers are loyal to at least one brand.
- Unfortunately, 96% of consumers agree that loyalty programs can be improved.
- 75% of consumers would switch brands for a better loyalty program.
- 86% of loyal consumers will recommend a company to friends and family.
- A staggering 92% of consumers trust family and friends more than online reviews.
- At least 40% of consumers say quality products make them loyal.
- Customers in loyalty programs increase their spending by 20%.
- 83% of customers are more likely to continue doing business with a brand that has a loyalty program.
- 74% of loyal customers will switch brands if you don’t satisfy them.
- 80% of customers will likely switch brands after just one bad experience.
- 61% of retail companies cite retention as their biggest challenge.
- 73% of customers will stop doing business with a brand after three or fewer bad customer service experiences.
- The average company loses 23%-30% of customers each year to a lack of loyalty
- 82% of customers with a high emotional engagement towards a brand will always buy from it.
- 60% of loyal customers will buy more frequently.
- 77% of customers will recommend a brand after one positive experience.
-Written by Kevin Sawyer
