A recent visualization by the folks at Merchant Warehouse highlights some of the big figures tied to loyalty programs, but essentially shows that there’s great utility in retaining current customers in comparison to seeking new ones.
In 2011, loyalty programs generated $300 million, and in 2015 they are projected to generate close to $1.7 billion according to the graphic. With roughly 2 billion loyalty programs in total, the market for customer-retention programs is ripe. Statistics include numbers such as “18 different loyalty program memberships per U.S. household.”
With so many loyalty programs vying for attention, attracting and retaining customers becomes an immense challenge for companies. Here’s a look at some data that should shed some light on using mobile technology for customer attraction and retention:
Apparently, Acquiring New Customers is 6 Times More Costly Than Retaining One
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