According to Invesp, just an increase of 5% in customer loyalty can lead to a 25%-100% increase in profit per customer, and on average, loyal customers are 10X more valuable than first-time customers. Therefore, it is clear nothing beats customer loyalty and retention when it comes to guaranteeing business continuity. In a competitive marijuana market where customers can make snap decisions to switch their dispensary providers or delivery suppliers, customer retention programs can make all the difference.
The idea behind customer retention emphasis is simple: there are only finite number of customers any given business can serve. But returning and loyal customers is what makes it possible for the business to perpetually make sales and stay profitable. If we may borrow Pareto’s principle, 80% of your sales come from only 20% of your customers.
It is time for you to set up a loyalty program
If you haven’t set up a loyalty program then you are missing out on huge businesses because 83% of customers say loyalty programs can influence them to make a buying decision. Almost any business can implement a loyalty program. Although setting up reward programs requires effort, it is worth it. Loyalty programs can help improve your brand recognition, increase growth and improve customer service.
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Loyalty Up In Smoke 