Never underestimate the effect of the customer retention rate on your actual, bottom-line.
Winning a new customer is hard. Keeping them is even harder. We call this the ‘bath-tub conundrum’, how to acquire new customers and stop them from falling out of the plug-hole.
A well designed and run loyalty program provides practical, tangible reasons for continuing to shop.
The real value of a loyalty program lies in the information we can gather about the customers that allows their needs to be met more efficiently and effectively. Their shopping basket actually tells us more about the customer than their registration form.
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