Study after study shows that existing customers are a company's most valuable asset. Marketing Metrics found that the likelihood of making a sale with a current customer is 60% to 70%, while selling to a new prospect is only 5% to 20%. MarketingProfs reported that loyal customers spend about 10 times more during their lifetime. And, according to IBM’s 2013 Global Survey of Marketers, “Retaining existing customers and improving loyalty and satisfaction” is marketers’ biggest challenge—right behind acquiring new customers. At last year’s Content Marketing World, Ardath Albee of Marketing Interactions discussed customer retention. She pointed to a critical marketing continuum: - Happy customers become advocates. - Advocates result in referrals. - Referrals turn into highly qualified leads. This article features the four key components of an impactful customer loyalty program. Consider them when working to turn paying customers into advocates with a deep brand bond. Get the full story at PR 20/20