Before we dive into steps and options you can take, let's see some related statistics:
According to a marketing agency called Inbrief
, 90% of US companies use customer retention strategy. As a result, there has been a significant increase of almost 27% in loyalty program addressed to customers over the past few years
• Also, 61% of the worldwide consumers have changed the way they buy products or services by participating in one or multiple loyalty program.
• Did you know that 61% of retailers identified customer retention as their biggest obstacle?
• Other shocking fact is that a 5% increase in customer loyalty can increase the average profit per customer by 25% to 100%.
• Around 58% of respondents buy from the stores and brands which held loyalty programs at least once a month.
• 69% of consumers say the choice of retailer is influenced by where they can earn customer loyalty/rewards program points.
• It is also known that 57.4% of consumers join loyalty programs to save money, and the other 37.5% to receive rewards.