The case for customer retention is usually framed as a negative: that acquiring a new customer is six to seven times more expensive than retaining an existing one.
However, there's also a strong positive case for keeping customers satisfied:
78% of happy customers are willing to tell their friends and family about a business,customers in their third year shopping at a business spend 67% more than they did in their first.
Retailers can retain customers by making an emotional connection with them:
64% of customers list shared values as the biggest factor behind brand loyalty. It's also a good idea to ramp up customer service: three out of five consumers will switch brands to get a better customer experience, and 86% will pay more.
credit by Spoton.
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