You’ve always known that repeat, long-term customers are a good thing for your business. But did you know how good?
This month we’ve gathered statistics that tell the true story of the impact customer loyalty has on a small business’s development in the SCORE Infographic, “Customer Loyalty: Winning Them Over is the Key to Growth.”
According to survey data presented visually in the infographic, 82% of small business owners said that loyal customers are the key to an enterprise’s growth. This response is supported by the facts that:
Loyal customers are worth up to 10x their first purchase
Finding a new customer is 6-7x more expensive than keeping a current one
The infographic also offers recommendations for small business owners looking to build loyalty in their client base including:
Fix Problems: Resolve complaints in the customer’s favor – 70% of the time, they will do business with you again.
Treat Them Right: 70% of buying experiences are based on how the customer feels they’re being treated.
Be Personal: Ask for and use the customer’s name.
Take their call! In the last year, 67% of customers have hung up because they could not talk to a real person.
Download this month’s SCORE infographic for statistics on how small businesses compare to large companies in terms of providing great customer service, specifically the areas of: understanding expectations, anticipating needs, thanking customers and following up.