Customer loyalty facts
Customer loyalty facts show consumers spend 43% more on brands they are loyal to. These economics should motivate any marketer to make customer loyalty a top priority. How should they develop a customer loyalty strategy and create a plan? What does this mean for their business?
Here are 30 customer loyalty facts in 2022 and 5 key takeaways.
#1. Retention trumps acquisition
- 82% of companies agree retention is cheaper than acquisition.
- 80% of companies rely on email marketing to help maintain their retention rate.
- 77% of consumers stay loyal to a specific brand for 10 years.
- 60-70% is the probability of selling to an existing customer.
- 65% of a company’s business comes from existing customers.
- 58% of companies pursue personalization strategies for customer retention.
- Customer acquisition cost have risen by more than 50% in the last 5 years for B2C and B2B companies.
#2. Outstanding customer service still accounts for a lot
- 93% of customers come back for another purchase if their previous experience was excellent.
- 57% of customers cease being loyal to a brand if their negative comments go unaddressed.
- 50% of customers tell their friends about a business.
- 50% of customers leave a favored brand for a competitor due to an inability to meet up with their needs.
- 37% of customers say it takes 5 purchases before they consider themselves loyal to a brand.
#3. Repeat customers expect rewards customer loyalty fact show
- 87% of Americans are willing to have various details of their activity tracked in exchange for more personalized rewards and brand experiences.
- 75% of consumers say they favor companies that offer rewards.
- 72% of U.S. adults belong to at least one loyalty.
- 70% of customers are more likely to recommend a brand if it has a good loyalty program.
- 58% of internet users believe earning rewards and loyalty point is one of the most important aspects of the shopping experience.
- There are 3.8 billion loyalty program memberships in the U.S.
#4. Loyalty program customers want to engage with emerging technologies, particularly gamification
- 95% of loyalty program members want to engage with their brand’s programs through new and emerging technologies.
- 61% of customers are hoping for interactions with offers and surprise gifts.
- 57% of customers engage in loyalty programs via mobile.
- 56% of programs employ game mechanics (gamification) in their loyalty programs.
- 54% of consumers consider dropping a brand that doesn’t do enough to engage them.
- 54% of companies aim for more emotional loyalty programs.
#5. Customer loyalty facts show gains by giving back
- Brands viewed as making the world a better place outperform the stock market by 134%.
- 89% of consumers say they will stay loyal to a brand if it shares similar values with them.
- 75% of consumers expect brands to make more of a contribution to their well-being and quality of life.
- 56% will abandon a brand that doesn’t share their belief.
- 56% of U.S. consumers believes brands do not have their best interest in mind when they use, share, or store their personal data.
- 50% of consumers in the U.S. say brands don’t meet their expectations.
Do these customer loyalty facts and key takeaways provide you with direction for your business.