20 Compelling Reasons to Double Down on Customer Loyalty

20V COMPELLING REASONS TO DOUBLE DOWN ON CUSTOMER LOYALTY There are two kinds of customers - transactional and loyal. Transactional customers buy once and never return. Loyal customers spend more with you over time and refer their friends and family. They are your best source of ongoing revenue and a free source of new customers. But is it really worth investing the time and effort to create loyal customers? We believe the answer is a resounding YES! - and we hope the stats below will prove to you that beyond a doubt, investing in loyalty programs, amazing service and asking for customer feedback is THE smartest business decision you can make. CUSTOMER LOYALTY STATISTICS 86% of consumers say loyalty is primarily driven by likability and 83% of consumers say trust f 77% of people ZZZZZ 2 are considered brand loyal...of these, 37% make repeat People who use Facebook more than five times a day are purchases and are loyal to a company 125% more likely to be Brand Loyalists than people and 40% make who use Facebook at least repeat purchases but are not necessarily "loyal" once a month. The same is true for Instagram (1.26x) IIII Women are 22% more likely than men to always buy the product or services regardless of price, quality, convenience, or brand promise Millennials 70% 70% 65% are more 61% brand-loyal than any $$$ other age group 7 )) 7. 77% of consumers like when Value for money is a more important loyalty driver for Baby Boomers (70%) and Gen X (70%) than it is for Millennials (65%) and Gen K (61%) brands demonstrate their appreciation 52% of consumers have switched providers in the past year due to poor customer service Customers who receive responses on Twitter from a business 10 are 30% more likely 32% of consumers to recommend the brand to others, and would turn on a brand if it doesn't treat or pay 44% more likely to its workers fairly share their experience online and off 25% of employers have seen 24 an increase in customer loyalty after increasing employee educational requirements 11 Existing customers are 50% more likely to try new products, and spend 31% more than new 12 customers A 5% increase in 13 customer retention IIII 14 can lead to an increase in profits of 25%-95% 15 47% of customers would take their business Companies lose 71% of consumers due to to a competitor within a day of experiencing poor poor customer service customer service 16 18 Customers are willing to spend anywhere from 3% to 20% more on items from a business that engages with them through Twitter The cost of bringing a new customer up to the same level of profitability as an old one is up tO 17 1,600% higher On average, loyal customers are worth up to 10x as their first purchase as much 41% 1% 20 of consumers say they purchase more $$$ from retailers that send them personalized emails based on 1% of a retail website's users 19 generate as much as 40% of its past behavior revenue Brought to You By: O Fieldboom Create beautiful forms and surveys in less than 5 minutes with Fieldboom. Try it free at Fieldboom.com. sources http://rare.consulting/loyalty/ http://insights.fb.com/2016/11/01/modern-loyalty-love-in-a-time-of-infinite-choice/ http://crowdtwist.com/report-battle-for-the-sexes-form/ https://www.theretailbulletin.com/news/new_research_why_it_pays_to_personalise_for_millennials_06-10-16/ https://mediaroom.tdbank.com/TDBankThanksYou2016 https://blog.twitter.com/2016/study-twitter-customer-care-increases-willingness-to-pay-across-industries https://www.accenture.com/us-en/insight-digital-disconnect-customer-engagement http://www.gtnexus.com/resources/infographics/why-millennials-turn-their-favorite-brands http://www.careerbuilder.com/share/aboutus/pressreleasesdetail.aspx?id%3Dpr940&sd=3/17/2016&ed=03/17/2016 http://www.blogarama.com/frame?siteld=274537&postid%=D18974813 http://www.brainsins.com/en/blog/5-customer-retention-strategies-for-ecommerce-stores-in-2016/4269 https://smallbiztrends.com/2014/09/increase-in-customer-retention-increases-profits.html http://info.247-inc.com/WS-NA-CE-Index-WS.html https://blog.twitter.com/2016/study-twitter-customer-care-increases-willingness-to-pay-across-industries http://www.socialannex.com/blog/2017/01/10/standout-customer-loyalty-stats-2017/ https://martech.zone/infographic-customer-retention-numbers/ http://www.e-tailing.com/content/wp-content/uploads/2013/02/MyBuys-Customer-Centric-Marketing-Ebook.pdf II