Developing a long-term relationship with customers can be a beautiful thing.
If a consumer loves your product and feels appreciated by your organization, they’ll continue to come back for future purchases and become loyal brand ambassadors.
Don’t take this love affair for granted, though. Even loyal customers will leave your organization for a competitor if they feel undervalued or experience poor customer service.
- The cost of getting new consumers to the same level of profitability as loyal customers is up to 1,600 percent higher.
- Repeat customers are worth up to 10 times more than their initial purchase, on average.
- Loyalists are 50 percent more likely to try a new product and spend 31 percent more than new buyers.
- Organizations lose 71 percent of customers due to a poor customer experience.
See the full infographic below to discover why it’s essential that you create mutually-beneficial relationships with your loyal customers.