- "Customer loyalty is the most important factor in the success of a business."
- "Brands that lead the loyalty game lead the market share game".
- "It costs eight times as much to recruit a new customer as it costs to keep an existing customer."
- "You, too, can turn your best customers into faithful brand evangelists."
- "Fourteen quick tips to launch your brand into loyalty heaven."
- You don't improve customer loyalty, on a long-term basis, by "running a campaign". In fact, loyalty seldom changes significantly, from year-to-year, and when it does improve for a few years, it is met with a one or two year decrease that resets loyalty back to historical levels. Seriously, this is true. Measure it sometime!
- We dramatically underestimate the importance of acquiring new customers.
Annual demand drops from $26 million to $18 million in just one year. And it keeps getting worse, by year five, demand is just $4 million.
I'm not saying you shouldn't worry about customer loyalty. You should!
I am saying that, proportionately, customer loyalty is a three on a scale from one to ten, while new customer acquisition is an eight on a scale from one to ten.
And because nobody talks about new customer acquisition, there is a business opportunity awaiting you ... your competition doesn't understand just how important this topic is. Take advantage of the opportunity that is in front of you.