Web 2.0 can be used effectively to raise the levels of customer engagement, which, in turn, is known to help increase loyalty. There are sufficient statistics available to prove that retaining customer loyalty is imperative for any brand.
The following should help to illustrate this further:
1. An increase of customer loyalty of 1 percent is equivalent to a 10 percent cost reduction (source: Bain & Co.)
2. The probability of selling to a new prospect is only 5 percent to 20 percent while the probability of selling to an existing customer is 60 percent to 70 percent (source: Marketing Metrics)
3. Customer loyalty accounts for 38 percent of margin, 40 percent of revenue growth and 38 percent of shareholder value (source: Accenture Research).
Employing Web 2.0 to gain greater loyalty from customers:
Increasing the degree of engagement with the customer can lead to an increase in customer loyalty. Among the ways and means that are available in this day and age, for engaging successfully with the customer, Web 2.0 is among the most effective ones. So, the marketers who build their strategies around it, along with other marketing tools,...
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