WVC 91st Annual Conference
Rewarding existing clients is 5x more profitable that acquiring new one. The average consumer belongs to over 10 reward programs and 79% of millennials prefer to do business with a brand that has a loyalty program. When you receive a reward (tangible, praise, monetary) endorphins such as Oxytocin and Cortisol are released. These hormones influence the trust and bonding part of the cortex. Reward programs, popular in many other industries, are gaining traction in veterinary industry but do they work? We will evaluate the stats.