Are you wondering how to measure customer loyalty and retention scores?
Use our free loyalty metrics calculator to measure customer loyalty and customer retention rates.
No, the calculator is free and you can use it without signing up.
We highly recommend investing in or creating your own CRM platform to keep track of your customers’ activities to easily calculate the loyalty metrics above.
Data suggests that 40% of revenue comes from returning or repeat purchasers and that the top 10% of your customer base spend 3x more than your average customer. Besides increase in revenue, loyalty marketing builds engagement opportunities throughout the customer lifecycle adding to trustworthiness and influence of your services.
If that's the case, there is a number of ways how you can improve your score. You can boost your social media presence and start a conversation between your brand and customers to create a faithful community or improve customer satisfaction rates. However, what we think is best is the loyalty program that rewards your customers and offers them great real value. Go here to learn more about launching a loyalty program with Voucherify.
They measure similar metrics, however participation rate tells you only how many customers signed up to your loyalty program, whereas the engagement rate excludes dormant loyalty program members and takes into account only those customers who actively take part in it.
There are many ways on how to boost your loyalty program performance. These include: offering new, personalised rewards that offer true value to your customers, conduct a survey to learn more about your customers’ impressions, or make point collection easier by rewarding not only purchases, but also activities of your customers. Check our ultimate guide on loyalty program best practices to learn more.