Everything You Need to Know About Customer Rewards Programs
News - 04/10/2020
Loyalty is what keeps your customers coming back to you and keeps them away from your competitors. Building up customer loyalty doesn’t happen by accident. It’s something you have to dedicate time, energy, and budget to if you want to succeed at it. Although building your customer loyalty programs take some effort on your part, they are more than worth it, but why? Firstly, it’s much more costly to acquire a new customer than retain an existing one, 6 to 7 times more costly. Secondly, you can vastly increase your profits by focusing on customer retention. One study found that by increasing your customer retention rate by as little as 5%, you can increase your profits by up to a huge 95%.