It's more important than ever for small businesses to invest in customer loyalty. These statistics show exactly why.
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9 Reasons Why Your Business Needs to Invest in Customer Loyalty
- A 5% increase in customer retention can boost profits by 25% – 95%.
- Loyal customers are worth up to 10 times as much as their first purchase.
- Millennials are more brand-loyal than any other age group.
- The cost of bringing a new customer up to the same level of profitability as an old one is up to 1,600% higher.
- People who use Facebook and Instagram 5+ times a day are 125% more likely to be brand loyalists than people who use social media less often.
- The top 2 factors for creating brand loyalty are likability (86%) and trust (83%).
- Customers spend 3% to 20% more on items from businesses that engage with them through Twitter, and are 30% more likely to recommend the brand to others.
- Existing customers are 50% more likely to try new products, and spend 31% more than new customers.
- 41% of consumers say they purchase more from retailers that send them personalized emails based on past behavior.