Key Strategies to Retain Loyalty Program Customers
The CrowdTwist Team | March 21, 2016

As any marketer in an organization with a loyalty program knows, retaining customers is the low-hanging fruit and should be an integral part of the overall marketing plan. After all, understanding how to keep current customers actively engaged in a program is critical to your long-term success. Acquiring a new customer is four to 10 times more costly on average than keeping an existing one. Further, seven out of 10 service providers rated customer retention and loyalty as more important than acquisition to create reliable growth.

Experts recommend that brands spend 75 percent of their marketing budget to retain existing customers. But many brands are falling short. A quarter of brand marketers have no dedicated customer retention budget. While discounts and nurturing campaigns are effective strategies to retain customers, you must be careful to avoid using a one-sizefits-all approach. To be effective, you must reprioritize your loyalty program retention strategies and implement a customer-centric approach that aligns with company-specific goals and keeps customers engaged.

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