As far as cost savings are concerned, investing in your existing loyal customers is more profitable than acquisition. That’s why we’re kicking off our travel and hospitality webinar series by discussing all things loyalty.
Reducing your customer defection rate by 5% can increase your profits by 25-125%, and return customers are likely to spend more over time or even refer others.
According to Skift, loyalty programs are shifting from being an incentive to being a strategic imperative. Points are no longer the only draw. So to get that all-important customer loyalty, travel brands need to rethink their offers and reframe them as an integral part of a company’s growth strategy. But if you want to see an increase in revenue, loyalty can’t stand alone. You need to consistently deliver value throughout every interaction with your customers to build that relationship and get them to stay.
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