Generally speaking, retaining customers is always significantly cheaper than acquiring new ones.
Marketing costs, advertising, time spent with sales staff and third party expenses all add up. Surprisingly nearly 50% of businesses focuses on attracting new customers vs. retaining existing customers.
The customer experience in the retail industry is vitally important to both increasing your customer base and maintaining relationships with existing customers.
While it’s easy to dismiss loyalty programs as something for coffee shops or big supermarket chains that can afford to give away 4c for every the litre, discount or VIP offers increase your revenue while creating a sense of worth for the customer.
Brand like Myer, Mimco and Mecca Cosmetics are taking their loyalty program one step further by offering its top member ‘money can’t buy’ experiences.
To see how these brands are building great customer experiences while generating shareable moments i.e. free PR, click here.