We all know the statistics: studies show that it costs at least 5 times more to attract a new customer than it does to keep an existing one. Not only that, but loyal customers spend more. Existing customers are 50% more likely to try new products, and spend 31% more than new customers, confirms a 2016 Customer Loyalty Statistics Research.
So, if retaining customers is less expensive than acquiring new ones, and if it’s proven that loyal customers spend more, it makes sense to work on building Loyalty with your existing customers, doesn’t it? In this article, I will give you 3 quick ways that you can beef-up your customer loyalty program during this International Customer Loyalty Month: