As we close out the second decade of the 21st century, the disruption levels in all aspects of the retail industry have never been higher. The old world is rapidly giving way to new and emerging ideas, while consumers are enjoying more and more power.
Never before have people had this much influence on what others will buy or use, which makes customer retention and loyalty more important than ever.
All the latest customer loyalty statistics, however, show that holding on to your existing customers while attracting new ones is becoming increasingly difficult. In an era of plentiful great choices, the quality of the product is becoming less and less impactful compared to the quality of customer service and user recommendations.
Here’s the deal:
The internet has allowed many businesses and products to become successful without ever investing into advertising. Instead, they rely on word-of-mouth recommendations. This is why established brands are starting to reward customers for their advocacy in addition to the traditional loyalty programs.
What this means is:
Source – Small Biz Genius