By Carmen Villavicencio
Sep 22, 2023, 8:32 PM EDT
Every brand must worry about having committed customers, although it is true that attracting new ones is the initial challenge. Achieving a consumer experience that exceeds expectations is the key to building customer loyalty. Because it is important?
According to BIA/Kelsey, repeat customers generate more than 50% of small business annual revenue and spend 67% more than new customers. Additionally, loyal customers have a much higher conversion rate. However, according to a PwC survey, despite the fact that companies are investing more and more budget in loyalty programs and that 61% of managers comment that customers are more loyal than before the pandemic, only 20 % of consumers agree with this statement.
What can be done to make loyalty programs really work?
First of all, it is essential that they adapt to the pace of the market and address the changing needs of customers, including considerations related to ESG (environmental, social and corporate governance) and the preferences of new generations. Additionally, you can boost your success through strategies such as:
- Design personalized and secure experiences: According to the Customer Loyalty Survey 2022, 82% of customers are willing to share data to obtain personalized services. If what you are looking for is to generate leads, having effective communication and data security strategies is essential to growing customer trust and loyalty.