Too many businesses fall into the trap of spending all their time and money acquiring new customers, only to forget about the dozens, hundreds or even thousands of customers they already have.
When you stop and think about the world’s best, fastest-growing companies they all have one thing in common: an army of loyal customers.
But is it really worth investing in customer loyalty programs, amazing customer support and everything else required to not just keep, but knock the socks off your customers?
Well, the short answer is YES.
It pays (literally and figuratively) to shift your focus from “how can we get more customers in the door?” to “how can we make our existing customers so happy they never leave?”.
Customer Loyalty Statistics
Here are 20 compelling reasons why it’s time to double down on your customer loyalty efforts:
1. 86% of consumers say loyalty is primarily driven by likability and 83% of consumers say trust
2. 77% of people are considered brand loyal… of these, 37% make repeat purchases and are loyal to a company and 40% make repeat purchases but are not necessarily “loyal”
3. People who use Facebook more than five times a day are 125% more likely to be Brand Loyalists than people who use Facebook at least once a month. The same is true for Instagram (1.26x)
4. Women are 22% more likely than men to always buy the product or services regardless of price, quality, convenience, or brand promise
5. 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%)
6. Millennials are more brand-loyal than any other age group
7. 7.77% of consumers like when brands demonstrate their appreciation
8. Customers who receive responses on Twitter from a business are 30% more likely to recommend the brand to others, and 44% more likely to share their experience online and off
9. 52% of consumers have switched providers in the past year due to poor customer service
10. 32% of consumers would turn on a brand if it doesn’t treat or pay its workers fairly
11. 25% of employers have seen an increase in customer loyalty after increasing employee educational requirements
12. Existing customers are 50% more likely to try new products, and spend 31% more than new customers
13. Companies lose 71% of consumers due to poor customer service
14. A 5% increase in customer retention can lead to an increase in profits of 25%-95%
15. 47% of customers would take their business to a competitor within a day of experiencing poor customer service
16. Customers are willing to spend anywhere from 3% to 20% more on items from a business that engages with them through Twitter
17. The cost of bringing a new customer up to the same level of profitability as an old one is up to 1,600% higher
18. On average, loyal customers are worth up to 10x as much as their first purchase
19. 1% of a retail website’s users generate as much as 40% of its revenue
20. 41% of consumers say they purchase more from retailers that send them personalized emails based on past behavior
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If you’re looking for a quick primer on customer loyalty, make sure you check out this post on our blog.