GITNUX MARKETDATA REPORT 2024

The Most Surprising Customer Loyalty Statistics in 2024

Statistic 1

"57% of consumers are willing to spend more on brands to which they are loyal."

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Statistic 2

"95% of customers share bad experiences with others, while 87% share good experiences."

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Statistic 3

"74% of consumers identify word of mouth as a key influencer in their purchasing decisions."

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Statistic 4

"Businesses lose up to $1.6 trillion per year due to customers switching brands."

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Statistic 5

"67% of consumers will remain loyal to a brand if its loyalty program is well-structured."

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Statistic 6

"Providing positive experiences and solving issues on first contact can lead to a 65% decrease in customer churn."

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Statistic 7

"48% of consumers say that the most critical time to gain their loyalty is when they make their first purchase or begin service."

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Statistic 8

"80% of future profits will come from just 20% of your existing customers."

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Statistic 9

"73% of consumers say friendly customer service representatives can make them fall in love with a brand."

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Statistic 10

"82% of companies agree that retention is cheaper than acquisition."

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Statistic 11

"The probability of selling to an existing customer is 60-70%, whereas the probability of selling to a new prospect is 5-20%."

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Statistic 12

"50% of loyal customers will make more purchases after one negative experience given quick resolution."

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Statistic 13

"43% of customers spend more money on brands to which they are loyal."

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Statistic 14

"71% of consumers who have had a good social media service experience with a brand are likely to recommend it to others."

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Statistic 15

"65% of a company's business comes from existing customers."

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Statistic 16

"Loyal customers are 5 times more likely to repurchase, 5 times more likely to forgive, 7 times more likely to try a new offering, and 4 times more likely to refer."

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Statistic 17

"63% of consumers only buy from brands they have a good relationship with."

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Statistic 18

"59% of customers say that personalized engagement based on past interactions impacts their loyalty positively."

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Statistic 19

"Increasing customer retention rates by 5% increases profits by 25% to 95%."

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Statistic 20

"Customer retention boosts profits by an average of 25% to 95%."

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