MarketLine Blog

Posts tagged to Targeted Marketing

Loyalty programs utilizing big data analytics to improve CRM for retailers

MarketLine

Loyal customers are indispensable if retailers are to succeed. According to the Chartered Institute of Marketing, it can cost between 4 and 10 times as much to acquire a new customer (primarily through marketing costs) than it does to retain an existing one. Recognizing the benefit of loyal customers, responsible for around 55%-70% of revenues according to the Center for Retail Management at Northwestern University in the US, retailers developed loyalty programs very early on. From early beginnings in Germany to get around a government ban on price competition, to… Read more