Importance of a customer loyalty program
There is nothing like the rush of winning new business or getting a new client on board. That’s the reason why marketing departments across industries are pouring energy and resources in developing communication and product positioning that can lure new people to their brands. For long, it has been the underlying basis of their growth strategy. However, studies have shown that the cost of acquiring a new customer can be 5-25X more than retaining an existing one? That’s why investing in customer loyalty programs — and digital technology and platforms to support them — is a growing priority.