One of the benefits I try to talk about the most if that one about getting the benefit of the doubt. If you’ve provided an excellent experience consistently, when that bad day appears (and it always does), the customer will give you the benefit of the doubt and give you another chance. If they don’t have that loyalty, they’ll be gone at the first sign of an issue.

Those are some compelling numbers, aren’t they? It’s funny how many companies don’t think about loyalty and focus all their energy on getting new customers. Certainly prospecting is important, but focusing on existing customers can be much more profitable - as your numbers demonstrate. Do you have studies you can reference that those numbers come from?

Studies have shown that loyal customers:
Purchase your products and services again and again over time
Increase the volume of their purchases
Buy beyond traditional purchases, across product lines
Refer your company’s products and services to others
Become immune to the pull of the competition
Give your company the benefit of the doubt when something goes wrong
A few things to keep in mind:
It costs 7-10 times more to recruit a new customer than to keep an existing one
A gain in customer loyalty of only 5% can lift lifetime profits per customer by as much as 95%
An increase in loyalty of just 2% is, in some sectors, equivalent to a 10% cost reduction