Loyalty programs can boost customer loyalty and drive repeat business. Depending on which study you believe, acquiring a new customer is 5 to 25 times more expensive than retaining an existing one.
A 2021 study found '87% of consumers typically travel 15 minutes or less to make their everyday purchases.' Targeting and retaining customers within your local community is crucial.
While attracting new customers is essential, incentivizing them to return is equally important. A loyal customer can be a consistent revenue stream.
Many small business owners believe marketing is their only path to increased revenue. However, focusing on converting local customers into regulars is key.
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