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Five Keys to Establishing a Successful Customer Loyalty “Race Track”

Customer loyalty is—and has to be—the top priority for any businesses. A 5% increase in customer retention can result in a 100% increase in profitability, according to Fred Reicheld of Bain and Company. And it’s seven times more expensive to acquire a new customer than to encourage an incremental visit from an existing customer.
But while merchants are giving out more than $50 billion in rewards each year, consumers aren’t holding up — after the first year, 58% of loyalty....

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