Loyalty Insights From The Experts
A really good retailer knows his customers, recognises them and does something about it.
Andrew Mann, Marketing Director, Tesco
“Most retailers who have a loyalty scheme experience a 1-4% sales uplift.” Crawford Dividson, MD, Tesco Personal Finance
“A 2% increase in customer retention has the same effect on profits as cutting costs by 10%” BBC, Oct 2008
“Increasing customer retention rates by only 5% can boost average customer value by 35% to 95%.” Bain & Company, Major Consultancy
“The way successful small businesses grow fast is by selling more of the same to their existing customers.” Gerald Burke, Director, Cranfield school of Management
“Customer loyalty matters because selling more to existing customers is easier and cheaper than finding and selling to new ones.” Institute of Directors
“It is six or seven times more expensive to gain a new customer than retain an existing one. If customer loyalty is increased by just five per cent, profits can increase by 25 per cent.” Harvard Business Review
“Local businesses have an edge the big players don’t have; their relationship with their customers. Reward them properly, and they'll keep coming back.” Steve Wyllie, MD, Savvy UK Ltd
“The top 20% of customers give 80% of the profit.” Merlin Stone, IBM