When it comes to customer loyalty, too many companies seem to just give it a passing consideration. Many companies, especially the big national brands seem to come out with new customer incentive programs on what seems like a weekly basis. What are they offering long time loyal customers? Usually nothing. This is a huge mistake as customer loyalty could very well end up as the backbone of your company’s survival. Here are just a few stats to ponder:
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About 80% of businesses still rely on email marketing to assist with maintaining their client retention rate. (Emarsys)
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The probability of selling to an existing customer is 60-70%.(Altfeld)
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The Pareto Principle shows 80% of your profits come from just 20% of customers.(Forbes)
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58.7% of internet users believe earning rewards and loyalty points is one of the most valued aspects of the shopping experience.(eMarketer)
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87% of Americans are willing to have various details of their activity tracked in exchange for more personalized rewards and brand experiences.(Bond)
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Over 70% of consumers are more likely to recommend a brand if it has a good loyalty program.(Bond)
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77% of brands could disappear, and no one would care.(Vivendi)
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Brands which are meaningful and viewed as making the world a better place outperform the stock market by 134%.(Vivendi)
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Nearly 50% of customers in the US say brands don’t meet their expectations.(Acquia)
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69% of US consumers say customer service is very important when it comes to their loyalty to a brand.(Microsoft)
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54% of consumers say they’ve had at least one bad customer service experience in the last month.(HubSpot)
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Revenues for businesses that prioritize customer service rise 4-8% above their market.(Bain)
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Satisfied US customers will share their positive experience with 11 different people.(American Express)
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77% of consumers say they stayed loyal to specific brands for 10 years or more.(InMoment)
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55.3% of consumers stay loyal to a brand because they love the product.(Yotpo)
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69% of US consumers do not trust advertisements.(HubSpot)
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93% of consumers are more likely to make repeat purchases at companies with excellent customer service.(HubSpot)
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More than 50% of Americans have cancelled a purchase because of bad service.(American Express)
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50% of US consumers have left a brand they were loyal to for a competitor that better met their needs.(HubSpot)
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61% of consumers think surprise gifts and offers are the most important way a brand can interact with them.(AP News)
- 77% of consumers say they favor brands that ask for and accept customer feedback.(Microsoft)
-Written by Kevin Sawyer
