In a world of endless options, it is increasingly tougher to gain the loyalty of a customer. However, the effort invested to build the loyalty and keep them coming back is absolutely worth it. Studies have shown that it costs 6-7 times more to acquire a new customer than to provide service to an existing one (Ciotti, G.). According to a study done by Consumer Insight Group, those existing customers who develop a sense of loyalty to your brand will show their love in different ways: 78% will spread the word, 68% will buy more, and 54% will refuse to buy other products. Does that sound like something you’re interested in?

CSR…that’s when large corporations donate huge sums of money to social causes, right? Well, not exactly. Corporate social responsibility is a deceptive term, as it includes that scary ‘C’ word, but essentially it means a business is operating ethically and responsibly across the triple bottom line (socially, environmentally, and financially). It is also something that is absolutely achievable for your business…without the overwhelming price tag associated with this type of strategy. In fact, entrepreneurs are some of the most powerful people to implement socially responsible strategies. This is because as passionate people, entrepreneurs rarely start a business with the sole purpose of making a lot of money, but rather they are usually committed to fulfilling some kind of social need, making them of the mindset to limit social grievances.