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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.
So…What is Customer Loyalty?
Customer loyalty is a customer’s willingness to repeatedly return to a company to conduct business. This is typically due to the delightful and remarkable experiences they have with that brand.
One of the main reasons to promote customer loyalty is because those customers can help you grow your business faster than your sales and marketing teams. There are a number of other reasons why customer loyalty is critical to your success.
Why is customer loyalty important?
Customer loyalty is something all companies should aspire to simply by virtue of their existence: The point of starting a for-profit company is to attract and keep happy customers who buy your products to drive revenue.
Customers convert and spend more time and money with the brands to which they’re loyal. These customers also tell their friends and colleagues about those brands, too which drives referral traffic and word-of-mouth marketing.
Customer loyalty also…..click to view full article