It is no surprise that fostering customer loyalty is predicted to be one of the most important tools in 2020. Customer loyalty alone has the ability to boost profits up to 95%, (smallbizgneius.net). The voice of the loyal (or disloyal) customer has the power to influence a company’s success or failure with a simple post, tweet or hashtag. In our digitally fueled world, evoking positive experiences and emotions in customers is more than just advice, it is a necessity. Customers are no longer limited to one brand and their expectations are constantly on the rise with 50% of US consumers reporting they left a brand that they were loyal to for a competitor that better met their needs, (hubspot.com).
Powerful Customer Loyalty Statistics to Know:
- 51% of Gen Z and Millennials tend to be more adventurous and less loyal to brands and products, (Morning Consult).
- 67% Gen Xers and 75% of Baby Boomers buy the same product over and over again, (Morning Consult).
- 29% of U.S. internet users that make $100K+ tend to be loyal to specific brands and largely buy from them repeatedly vs. 18% of those that make $50K-$100K and 18% of those that make under $50K, (Morning Consult).
- 59% of U.S. internet users that make $100K+ have some brand preferences that they will look at first, but will usually consider alternatives vs. 64% of those that make $50K-$100K and 52% of those that make less than $50K, (Morning Consult).
- 57% of 25-34-year-olds, 43% of those ages 18-24, 66% of 35-44-year-olds, 71% of 55-64-year-olds and 65% of 65 years and older participated in at least one loyalty program, (YouGov).
- 73% of consumers are more likely to recommend brands with good loyalty programs, (Bond).
- 79% of consumers say that loyalty programs make them more likely to continue doing business with brands, (Bond).
- 65% of a company’s business comes from existing customers, (smallbizgenius.net).
- 75% of consumers say they favor companies that offer rewards, (smallbizgenius.net).
The moral of the story, customer loyalty is important. At YCS Group, we understand customer loyalty and have the solutions to help you stay on top. If you’re looking for loyalty solutions, our robust loyalty and retention platform, API or certain select benefits and rewards can be suited for your needs. We are the industry leaders in providing exclusive white labeled/private branded digital rewards and benefits to retain your customers and keep them loyal.
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