In response to a request from a dear friend (and we could never refuse a request from such a friend!), we’re dedicating this Five For Friday to customer loyalty programs. Below are five stats you may not have seen before about the industry.
- Businesses can boost profits by almost 100% in five years by retaining only 5% of their customers (Harvard Business Review)
- 50% of customers surveyed said they would be more likely to patronize a restaurant that had a loyalty program (National Restaurant Association)
- In a well constructed loyalty card program a customer will spend between 20% and 25% more each visit (The Loyalty Myth)
- Over 68% of U.S. households said that loyalty card programs were important in their shopping decisions (AC Nielsen Survey)
- 82% of Americans participating in customer loyalty programs have referred friends and family to their favorite loyalty programs (2007/2008 Customer Loyalty Research Report by Parago)
And because this friend loves herself some Starbucks Gold loyalty card, here are a few interesting articles authored on the program: