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In today’s competitive world acquiring a new customer is hard but retaining them for future purchases is even harder. Repeat customers should most definitely be rewarded because it costs much less to retain them vs. cultivating new ones however, studies show it costs much less to retain a customer. Just saying “thank you for your business” on the bottom of an invoice is no longer and effective method of retention.
Based on recent consumer studies, a repeat customer spends 67% more on any given purchase than a new customer spends. These customers should most definitely be rewarded because it costs much less to retain these customers than cultivate new ones.
Yes, some large businesses spend millions of dollars on customer loyalty programs but small businesses do not have to follow in their steps to achieve positive results. With mobile on the rise, cost-effective digital rewards programs are just as effective delivering excellent results at very affordable costs.
Learn how easy it is to start your reward program. Click Here.