There are many compelling statistics that prove the importance of customer retention. Loyal customers are more likely to return to your business for future purchases. Think about how you can encourage customer retention to help grow your business. Customer retention can also in turn lead to the promotion of your business for you.
Locate Local brings the values of your business available to everyone. This makes it easier for customers to start a personal connection with you before they even come to your business. Developing a connection with customers improves the likelihood of them returning.
Let’s look at the data!
The probability of selling to an existing customer is 60-70%. [Altfeld]
There’s a reason why a majority of customers come back. Not only do they like the product/service they are getting, but a big part of it is the experience they receive.
77% of consumers say they stayed loyal to specific brands for 10 years or more. [InMoment]
It is no surprise that people like connection, feeling a sense of community and belonging. Providing that one on one service to customers is a great first step into building a deeper bond.
86% of consumers say loyalty is primarily driven by likability and 83% of consumers say trust. [Rare]
As a small local business, there are things that you can provide that big businesses cannot. That is, connection, connection creates trust and likability which leads to loyalty!
On average, loyal customers are worth up to 10x as much as their first purchase. [Marketing Tech Blog]
Building loyalty quickly is the key – that’s why we made Locate Local!
61% of SMBs report that more than half of their revenue comes from repeat customers, rather than new business. [BIAKelsey]
It’s easier to retain customers than acquiring them. But how are you going to find those loyal customers who hold the same values as you? Easy, let us help you!
A 5% increase in customer retention can increase a company’s profitability by 75%. [Bain & Company]
Not only does loyalty bring about community but also profitability!
61% of loyal customers go out of their way to buy from them, and 60% will make more frequent purchases [InMoment]
Customers can be friends too, and wouldn’t you go out of the way to see your friends?
77% of people are considered brand loyal…of these, 37% make repeat purchases and are loyal to a company. [Facebook]
Small local businesses are more than just a company, it’s the people behind the business that makes it. It’s easier for people to stay loyal to a person rather than a business entity.
Loyal Customers Love Local
As you can see, customers tend to remain loyal to the companies they love the most! But what’s in it for you? There are numerous benefits for the company to have a loyal customer base. Not only do sales go up because customers want to make frequent purchases and will go out of their way to do so. Retention is also good for price competition. If customers are already going out of their way to be from you, saving a few dollars from a competitor is unlikely.
The more loyal customers the stronger the position in the marketplace you hold. Customers are coming to you rather than your competition. People like to talk and are very social. Word of mouth spreads things more quickly than any marketing technique. By having loyal customers, it is likely they tell their friends and family about your company. Having your company spread by word of mouth reduces costs associated with marketing.
So what’s stopping you? Join Locate Local, and let us find those loyal customers for you!