Bill Hanifin
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NG Data, a customer experience management solutions company, recently announced its list of must-read blogs covering strategies and tactics for customer loyalty, customer experience, and customer retention.
We’re pleased to announce that Loyalty Truth was acknowledged at #28 on the list and highlighted as a thought leader in the customer loyalty industry. Of course, “we” know that LoyaltyTruth.com ranks higher than #28, but the list was published in alphabetical order, so we’ll live with the results!
In today’s digital age, customers need reinforcement to use a service or purchase a product and to repeat that behavior a second time. In sharing its list of top blogs, NG Data pointed out that “increasing customer retention by a mere 5% can lead to a 25 – 95% increase in profits”. They went on to say that “while the odds of converting an existing customer to a repeat customer are between 60 – 70%, the likelihood of converting a new lead is only between 5 – 20%.”
Keeping these statistics in mind, it’s clear that focusing on customer retention and loyalty deserves higher priority than acquisition-only strategies. Increasing customer retention is a cost-efficient use of marketing funds to drive your business forward, while increasing the value of customer relationships over the long term.
Head on over to visit NG Data’s Top 50 Customer Retention Blog list and bookmark your favorites. We think it wise to give special attention to sources on the list offering an independent and unbiased view on trends and best practices in today’s customer loyalty market, our core mission since our launch in 2006.
You might also be interested to read the top 3 posts on Loyalty Truth that caught the attention of NG Data:
- Has Loyalty Marketing Lost Its Way?
- Designing Your Loyalty Program With the End in Mind
- Taco Bell’s Mobile Ordering a Winner with Millennials, Generation Z
View the full list here.
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