New customer acquisition is, necessarily, an important way to grow business, and tracking those acquisition costs is key to determining the success of your marketing efforts.
Once you get those customers in, keeping them is just as important, however; those repeat customers can have a big impact on your bottom line.
To say that loyal customers buy more is an obvious statement, but quantifying that amount can help marketers understand why this group is so important. After one purchase, a customer has a 27% chance of purchasing again, the infographic states. But after a third purchase, a customer has a 54% chance of returning. Those types of buyers also spend more with each purchase, and they are much more likely to make referrals to friends.
The big question then becomes, How does a brand turn shoppers into loyal customers? The infographic offers some tips on how a 360-degree loyalty rewards program can help.
For the full scoop on the benefits of a loyalty program, check out the infographic. Just tap or click to see a larger version.
Laura Forer is a freelance writer, email and content strategist, and crossword puzzle enthusiast. She's an assistant editor at MarketingProfs, where she manages infographic submissions, among other things.