Customer loyalty programs are ubiquitous, accounting for more than 3.3 billion memberships in the United States alone. And they can confer tremendous advantage: Members are more likely than others to buy from a retailer whose program they belong to, they visit the website or store more frequently, and they are more likely to download the retailer’s app, follow or otherwise engage with the retailer on social media, and recommend it to family and friends.
Did you know it costs five times more to acquire new customers than it does to retain current customers?
And did you know existing customers are 50% more likely to try a new product of yours as well as spend 31% more than new customers? Whether or not you currently have a loyalty program that encourages your customers to return and conduct more business with you, the above statistics clearly show the importance and impact of a successful customer loyalty program.