What is Your Current Customer Loyalty or Retention Plan?
Customer loyalty is challenging to gain, but easy to lose. Today, customers have a very different perspective of what defines a positive customer experience compared to twenty years ago—and it only takes one negative experience with your brand to lose them, sometimes for good.
This is why it’s imperative that you take action with your current customers to build and maintain their loyalty, along with simultaneously decreasing your annual churn rate and increasing their lifetime customer value by evaluating their purchase behavior.
When considering a customer loyalty program, it’s crucial to offer your customers something worthwhile. If you make your loyalty program valuable, customers will opt-in easily and be more likely to provide accurate contact details so more of your marketing communications reach them.
Curious to see how a loyalty program could work in your favor or what customers like to see?
Check out these useful stats:
- Discounts and coupons came in as the top-ranking tactic for driving loyalty with 61% of consumers saying they use them – Expedia Affiliate Network
- 76% of customers felt that receiving personalized discount offers based on their purchase history was important – Loyalty One
- The top three reasons for using a loyalty program include: Being easy to use (53%), gives great discounts (39%), easy to understand (37%) – Colloquy
- The top reason people abandon loyalty programs: It takes too long to earn a reward (57%) – Colloquy
- If a consumer is loyal to your business, he or she will spend an average of 66% more than customers who aren’t loyal – Accenture
- 55% of loyal customers recommend your business to family and friends, and 12% will publicly defend your company on social media – Accenture
- 66% of companies that saw a decrease in customer loyalty over the past year do not have a mobile app – Apptentive
Where to Start
If you’re ready to explore initiating a customer loyalty or retention program, PrintComm would love to help! Our experience with national brands and data insights can guide you in creating a program that will work effectively and efficiently.