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However, studies have shown that the cost of acquiring a new customer can be 5-25X more than retaining an existing one?
Good customer loyalty program ideas can contribute a lot towards business growth; according to Hubspot, 40% of online shopping revenue comes from repeat customers in the U.S, though they make up only 8% of site visitors.
Sephora goes an extra step and uses the data it has about its customers’ physical appearance, like eye color and skin tone, to offer personalized product recommendations.
It is a part and parcel of the human psyche as well as an underlying principle of our society that people care more for tier-based systems which regularly offer coveted things at each progression.
Also, most people are subscribed to several loyalty programs under different brands, and they are likely to forget yours if there is a huge time gap between their purchases and gratification.
A warmth-filled customer loyalty program that offers to do something nice may be more attractive to people than a run-of-the-mill option with points-for-purchase.