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As per a report by Reichheld of Bain & Company, a 5% increase in customer retention can result in at least 25% profit. It happens because retained customers invest in more products/services offered by a company. However, more than 60% of businesses see retention as a big obstacle to overcome. Loyalty programs in Australia can help businesses in keeping their right customers. How? Experts believe that acquiring new customers is at least five times more expensive than convincing the existing ones to make a purchase again. It makes sense: you don’t want to spend your resources on finding new leads and converting them into sales. One, it is an expensive process. Two, it takes a lot of time to reach potential clients and turn them into buyers. Three, you need to follow the same steps again and again, which results in slow business growth. The bottom line is: Focus on retaining the existing customers. Importance of Loyalty Programs Turning buyers into loyalists is a complex process, whi...