I recently had the pleasure of co-presenting with Sam Kirkland of Epicor and Jennifer Hatalski of Calloway's about Customer Loyalty. What is it? How do you get it? And what the trends today are (my section... obviously.)
We learned that with so many competitors, it is tough for small garden brands to get ahead of the curve. Small brands often double up efforts to get recognized against more established brands. Why?
- 82% stopped dealing with businesses with poor customer service.
- It costs 5% more to acquire a new customer than to keep an existing one satisfied and happy.
- Loyal repetitive customers spend 33% more than new ones.
- 50% of millennials and Gen Zers believe earning rewards is more hassle than it’s worth.
Sam, Jennifer and I described how “Earn and burn,” or pure discount-based programs, are no longer enough. Consumers are looking for something more.
When it comes to loyalty rewards, it’s no longer just about the transaction at point of purchase; it’s about additional experiences and services that create new touchpoints.
Read more to learn the 5 Trends in Customer Loyalty sure to keep customers coming back.