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How’s your customer loyalty working out for you?

posted on March 18, 2020

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:

  • About 80% of businesses still rely on email marketing to assist with maintaining their client retention rate. (Emarsys)

  • The probability of selling to an existing customer is 60-70%.(Altfeld)

  • The Pareto Principle shows 80% of your profits come from just 20% of customers.(Forbes)

  • 58.7% of internet users believe earning rewards and loyalty points is one of the most valued aspects of the shopping experience.(eMarketer)

  • 87% of Americans are willing to have various details of their activity tracked in exchange for more personalized rewards and brand experiences.(Bond)

  • Over 70% of consumers are more likely to recommend a brand if it has a good loyalty program.(Bond)

  • 77% of brands could disappear, and no one would care.(Vivendi)

  •  Brands which are meaningful and viewed as making the world a better place outperform the stock market by 134%.(Vivendi)

  • Nearly 50% of customers in the US say brands don’t meet their expectations.(Acquia)

  • 69% of US consumers say customer service is very important when it comes to their loyalty to a brand.(Microsoft)

  • 54% of consumers say they’ve had at least one bad customer service experience in the last month.(HubSpot)

  •  Revenues for businesses that prioritize customer service rise 4-8% above their market.(Bain)

  • Satisfied US customers will share their positive experience with 11 different people.(American Express)

  • 77% of consumers say they stayed loyal to specific brands for 10 years or more.(InMoment)

  • 55.3% of consumers stay loyal to a brand because they love the product.(Yotpo)

  •  69% of US consumers do not trust advertisements.(HubSpot)

  • 93% of consumers are more likely to make repeat purchases at companies with excellent customer service.(HubSpot)

  • More than 50% of Americans have cancelled a purchase because of bad service.(American Express)

  • 50% of US consumers have left a brand they were loyal to for a competitor that better met their needs.(HubSpot)

  • 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

written by SearchPro Systems

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