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According to a study by Nielsen, businesses that invest in loyalty programs see a 20% increase in brand awareness.
A study by Bain & Company found that acquiring a new customer costs 6-7 times more than retaining an existing one.
According to a report by McKinsey & Company, loyalty programs can drive up to 25% of a company's revenue.
Common Mistake to Avoid | Effective Countermeasures |
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Not segmenting your audience | Create targeted campaigns based on customer demographics, interests, and behavior |
Failing to personalize the experience | Use data to tailor rewards, communications, and offers to each customer |
Ignoring customer feedback | Regularly gather and act upon customer feedback to improve your program |
Overly complex membership tiers | Design simple and straightforward membership tiers to avoid confusion |
Industry Insights | Case Studies |
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McKinsey & Company: The Value of Customer Loyalty | Link to McKinsey & Company study |
Bain & Company: The Loyalty Imperative | Link to Bain & Company study |
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