Customer retention is important because it measures how good your restaurant is at making your customers happy and keeping them coming back (or ordering food at home). Customer retention is one of the most cost-effective ways to grow your business. A study conducted by Bain & Company determined that a 5% increase in the customer retention rate can lead to an increase in profits of 25 to 95%. It's a wide range, but even at the lower end, a significant amount of money will be returned to your business.
Use qualitative and quantitative prediction models to forecast customer retention based on current customer behavior. Historical profiles are used as input to predict how your current customers will interact with the brand based on the characteristics they currently exhibit. Save time and get better deals with a 360° view of your refunds. With your own data, you can easily identify loyal and valuable customers for your company.
A customer loyalty program can reward customers for their ongoing support. The more they buy and interact with your company, the more they'll be rewarded. This makes customers happy because they get more from the experience than just from your product or service. Plus, since the richest 10% of your customers spend on average three times more than the rest of your customer base, you'll want to make sure that they're more than satisfied.
The voice of the BI and analysis community was officially spoken after the publication of The BI & Analytics Survey 23, conducted by experts in strategy and software selection, BARC, last week. Reward-based loyalty helps create a symbiotic relationship between you and your customers. Customers do business with you and accumulate loyalty points (refunds) that they can redeem on their next purchase. While customers tend to select a preferred supplier in some categories of products and services and stick with it, the search for variety is more common in fast food.