When organizations take stock of which practices do the most to boost or protect the bottom line, customer loyalty programs should be near the top of the list.
Industry logic says that it typically requires five-to-seven times more investment to acquire a new customer than it does to retain an existing one. An important way to keep customers coming back is to offer them incentives and rewards for doing so.
But a successful customer loyalty program can’t be created in a vacuum. It should be part of a broader customer service and engagement commitment.
