A Remarkable Truth Seldom Used About Customer Loyalty and Rewards Program

Monday, October 20, 2014

In an article by Veronica Maria Jarski in MarketingProfs, an online resource portal for marketing professionals, she shared a truth that is neglected or overlooked but if put into heart can become a goldmine for companies.

She said that, Companies that increase customer retention rates by 5% can increase profits by as much as 95%.”This she got from Sparked, a company specializing in predictive analytics platform.

If we are to marinate the idea in our minds for a while we can see clearly that customer retention is not a new idea and is based on the concept that you should take care or strive to take care of your existing customers. Most especially, to customers that have exhibited loyalty from your products and services.

The concept of Sparked is the same idea echoed by the book Loyalty Leap by Bryan Pearson.

If this is the case, customer retention can only be achieved by creating something that will engage the customers and make them feel they are valued.

Many industries and companies tried to search for the tool that will give them Midas’ Touch. The Airline industry became the first industry to discover it and the rest is history.

What is the best tool for customer retention? The answer is obvious - customer loyalty and rewards program.

I am now sharing this infographics of Sparked, simple and yet very powerful. The key takeaway from me on this infographics is focus on customer retention and growth is just around the corner.

Ergo, make a robust and attractive loyalty and rewards program. If you do this, you will keep your customers and be gifted by their continuous patronage. If this happens, you are on your way for reaping on high side 95% profitability.


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