Most businesses have already executed, or are at least thinking of executing, campaigns and initiatives which sow the seeds of loyalty. Over time this will help you to mould your customer behaviour. […]
Nearly everyone has or wants to have a customer loyalty rewards program. Rewards programs operated by large businesses are fairly successful. But, this does not apply to majority of small and medium businesses. I believe that every positive aspect of a rewards program almost always has a negative side. Here are the major pros and cons of rewards programs. […]
Proper devotion to the 8 Cs of Customer Retention will go a long way toward preventing the dreaded ninth C – Cancellation. It has been said time and time again that it costs more to find new customers than to retain existing ones. And even though this maxim has become somewhat cliché, the fact behind the statement holds true – quality customer service leads to retention, and customer retention is the key to establishing any healthy business. […]
Tips for maximizing on evolutionary trends to stimulate loyalty.
Most important lesson for managers is that loyalty schemes have a life cycle. Although they may be an effective sales strategy when introduced into a market, over time they lose their effectiveness as saturation occurs and customers become habituated to the loyalty schemes. Attitudinal loyalty seems to last longer than behavioural loyalty, but as behavioural loyalty is the only form that translates to dollars; this is not good news for business. However, the solution is to scrap the tired old loyalty scheme and come up with some innovative untried initiative that will capture the imagination of customers and stimulate both attitudinal and behavioural loyalty.
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