When it comes to brand relationships, customers tend to have more than one. In fact, a 2016 report by ICLP, shockingly revealed 97% of consumers often cheat on their favorite brands.Customer loyalty and retention requires brands to focus on what really matters: THE EXPERIENCE
A study by Bain & Company has shown that increasing customer retention numbers by just 5% can boost a business’ profits by 95%.
Need more reasons to invest in loyalty? Take a look at these eye-opening brand loyalty statistics,
- A study by Accenture found that 77% of consumers participate in a retail loyalty program, 46% have joined a hotel program, and 40% are part of an airline program
- According to Accenture, customers today find financial rewards (61%) and programs highly tailored to their needs (58%) much more enticing.
- A typical U.S. household is enrolled in 19 to 29 different loyalty programs, it only actively uses five to 12 of them.
- Over 50% of accumulated points, with an estimated worth of $50 billion, are never redeemed
- 70% of customers are more likely to join an app-based loyalty program
- According to Wunderman, 56% of consumers feel more loyal to brands who personalise programmes to their priorities and preferences. Additionally, 89% are loyal to brands that share their values.
- Customer spend grows alongside trust with loyal customers spending 67% more than new ones
- Two-thirds of shoppers will either not shop without a discount or will look for discounts before they begin shopping, Retailmenot
- 53% of consumers expressed a desire for all loyalty and rewards programmes to be digital, Inmar
- According to Inmar, 43% of shoppers miss out on savings because they forget to use their loyalty and/or rewards programme at the point of sale