A loyal customer is a valuable asset to your business. In fact, 64% of loyal customers are more likely to purchase frequently, and 31% are willing to spend more to stay with their brand of choice. Since customers have so many businesses competing for their attention, investing in customer loyalty can give you a major competitive edge.<\/p>\n\n\n\n
Customer loyalty defines how willing a customer is to repeat business with a company. Positive experiences compel customers to engage with you again. After all, if you’re meeting their needs and expectations, they have little reason not to trust you. Meanwhile, one negative experience can be enough to drive them to your competitors. <\/p>\n\n\n\n
Loyal customers help your business by:<\/p>\n\n\n\n
Customer loyalty is crucial to business growth and sustainability. <\/p>\n\n\n\n
Loyal customers tend to spend more over time and refer new clients. They also require less marketing effort to keep them engaged compared to new customers. Since a repeat customer has a 60-70% chance of converting, you\u2019ll have to spend less on other conversion strategies.<\/p>\n\n\n\n
Building customer loyalty results in higher retention, increased revenue, and positive word-of-mouth, which helps you stand out in competitive markets. To see how you could maximize your business revenue and ROI with Pearl-Plaza’s voice of the customer (VoC)<\/a> tools, fill out the ROI calculator below!<\/p>\n\n\n\n