Maximizing your customer lifetime value is what will make your business profitable for years, not weeks. As you’ll see in the infographic, increasing customer retention rates by as little as 5% can increase your profits up to 95%!
Customer loyalty programs work, but most businesses get it wrong. Check out our The Beginner’s Guide To Customer Loyalty Programs to learn how to get it right.
Tweetable Customer Loyalty StatsThere are 3.3 billion loyalty program memberships in the US via @colloquy Click To Tweet The average US household has 29 loyalty program memberships via @colloquy Click To Tweet Loyalty program enrollment per person is on the rise. via @createabondClick To Tweet More than 71% of those making $100,000 or more a year are enrolled in a loyalty program @bhengagementClick To Tweet 76% of Americans think that loyalty programs are part of their relationships with brands @AspectSoftware Click To Tweet83% of members agree that programs make them more likely to continue doing business with certain companies via BondClick To Tweet It is 6-7 times more expensive to acquire a new customer than it is to keep a current one. via @helpscoutClick To Tweet 75 percent U.S. companies with loyalty programs generate a return on investment. via @bizjournalsClick To Tweet Increasing customer retention rates by 5% increases profits up to 95%. via @HarvardBizClick To Tweet Probability of converting: existing customer is 60 – 70%, new prospect 5 – 20%. via @RetentionSci Click To Tweet Current customers spend 67% more than new customers. via @HubSpot Click To Tweet 85% of retailers are in search of ways to add value to their retail offerings outside of discounts via @CapgeminiClick To Tweet 97% of loyalty programs rely on transactional rewards, 77% of these programs fail via @Capgemini Click To Tweet Only 25% of loyalty programs reward customers for some form of engagement via @Capgemini Click To Tweet 89% of social media sentiment on loyalty programs was negative among consumers via @Capgemini Click To Tweet 66 percent of marketers said loyalty programs are for consumers to show their commitment to their businesses. via @MarketinglandClick To Tweet 73% of consumers say that loyalty programs should be for brands to show customers via @MarketinglandClick To Tweet
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