New Infographic Illustrates Importance of Customer Loyalty to Small Business Growth, Gives Tips for Fostering Loyalty
WASHINGTON, June 25, 2014 /PRNewswire-USNewswire/ -- SCORE, – www.score.org - mentors to America's small businesses, has gathered statistics reflecting the impact customer loyalty has on small business development and tips for entrepreneurs to improve the allegiance of their buyers in this month's 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.