How to Become a Meaningful B2B Brand with Customer Loyalty Rewards
- A 5% increase in customer retention increases profits up to 125%
- Companies that prioritize the customer experience generate 60% higher profits than their competitors
- A 2% increase in customer retention has the same effect as decreasing costs by 10%
- On average, loyal customers are worth up to 10 times as much as their first purchase
- It is 6-7 times more expensive to acquire a new customer than it is to keep a current one
- 9 out of 10 consumers expect to receive a consistent experience over multiple customer contact channels
- In a post by Bill Bleuel, Professor of Decision Sciences at Pepperdine University, he makes the point that the most profitable firms enjoy customer retention rates of around 95% and that the average firm has a customer retention rate a good deal less than that at around 80%.
- Defecting customers will tell 8 to 10 people about their negative experiences.
- In most business-to-business markets, 40% to 50% of companies have not introduced any new suppliers of a product in the last five years.
- A referral from a loyal customer has a 92% retention rate compared with 68% for a customer acquired from advertising.
- Loyalty research in B2B contexts
- Gathering customer information to measure, understand, and manage customer relationships to achieve this “want to” continuity means more than simply tracking customer behavior. It means intentionally collecting detailed voice-of-the-customer inputs, and acting in targeted ways based on that information.
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