Key drivers of customer loyalty
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Companies seeking to safeguard and grow their revenue should focus on driving the loyalty of existing customers. The best businesses identify drivers of loyalty and execute loyalty and engagement strategies that include them. The reason is simple: Loyal customers outspend other customers.
Invesp reports that 49% of consumers spend more after joining a loyalty program. Additionally, the longer the relationship lasts, the more they spend. Repeat customers, on average, spend 67% more over three years than they did in the first six months after purchasing from a brand.
Howdy! It is almost impossible to achieve high customer loyalty without Community Engagement and every company understands this. That is why many companies take part in community initiatives aimed at improving life in a particular community. Such activities of the company are very well seen by all consumers, and the company receives a positive response from them. In addition, it has a positive impact on the company’s reputation, as users realize that the company cares not only about its profit.
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