Three Statistics on Customer Loyalty Every Small Business Owner Needs to Know About

With technology becoming easier to access and easier to use, the world has seen a huge growth in the number of people founding a company and running a small to medium business. Anyone who has a passion can make something of it! With COVID changing the face of many industries and a recession on the horizon, many small business owners are worried about the future. Here are three statistics on customer loyalty every small business owner needs to know about.

82% of companies agree retention is cheaper than acquisition

The key advice from industry experts is to ensure your customer comes back to you – customer retention is always easier than customer acquisition and especially so in hard times. If people have less cash, they are less likely to look for new businesses to support and more likely to support businesses they already know. How are you encouraging your customers to come back to your shop?

65% of a company’s business comes from existing customers

Often small business owners are very focused on growing their business through spreading the word to new people. Whilst this is, of course, the key to growth, existing customers are much more reliable! It’s important for a small business owner to not take the customer for granted and keep thinking about how we can make them happy and feel valued – which brings us onto our next stat!

75% of consumers say they favour companies that offer rewards

Customers love feeling valued and want to get as much for their money as possible – so it makes sense that they favour companies with rewards. Most businesses now turn to loyalty programmes to encourage customers to come back to them. These typically entail collecting stamps until a certain amount and getting a product for free or discounted as a reward.

At Reward Stamp App, we help businesses grow and generate more revenue with a customer reward program. We take the typical stamp reward system and make it easier, smoother and more sustainable by providing an app for your customers. Since it’s estimated that 6.2 million people pay with their phone, it makes much more sense to collect your loyalty stamps on your phone. Incentivise your customers and reward them for their loyalty with a modern, sustainable solution. Get in touch with us today to book a demo!