As brands incentivize acquisition, study shows customer retention efforts bolster company revenue an average 40%
PORTLAND, Ore., June 9, 2021 /PRNewswire/ -- Today Bumped — the tech company on a mission to create an ownership economy — released data from their two-year pilot study indicating that there is still incredible value to activating, engaging, and retaining existing consumers. As more brands incentivize their Marketing teams to acquire new customers, Bumped brings data from a number of industries exemplifying the power of retention and loyalty.
Telecomms (mobile phone carriers), Club Warehouses, and Restaurants are the focus of Bumped's latest report, but a broad study looked at retention efforts across about 85 brands on the Bumped platform and found that the average revenue increase across all of them was 40%. As more and more companies are incentivizing their Marketing teams to increase customer acquisition, the Bumped team highlights the following retention results:
"This could be because we lack the mechanisms to create true loyalty. But if data shows that there is a solution that results in 53% top line revenue growth by leveraging your existing client base, or gives you the ability to steal 24% of market-share from a competitor (like we saw in the case of Lowe's and Home Depot), it's a true loss to focus only on acquisition," says David Nelsen, Founder and CEO of Bumped. "The consumer ends up on a merry-go-round of incentives without ever building a true relationship, and the brands miss out."
You can read the full account of Bumped's Acquisition vs Retention insights on their blog.
Bumped is a tech company on a mission to create an ownership economy. The Bumped app gives consumers the power to turn their everyday spending into free stock ownership, and their suite of tools helps businesses reward their customers in fractional shares of stock. Bumped believes that we all create the economy together, and we all should have the opportunity to benefit from it. Learn more and sign up at Bumped.com
The Bumped app and website are operated by Bumped, Inc. Brokerage services are provided by Bumped Financial LLC, member FINRA /SIPC . More about Bumped Financial LLC on FINRA's FINRA BrokerCheck website.
Investing in securities involves risk, including possible loss of principal: Not FDIC Insured • No Bank Guarantee • May Lose Value. Nothing here should be construed as an offer to purchase or sell securities.
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SOURCE Bumped Inc