You don’t need an MBA to understand that keeping existing clients is less expensive than attracting new ones. While the Harvard Business Review tells us it’s five to 25 times more expensive to acquire a new customer than keeping a current one, there’s something logically intuitive that tells us that customer loyalty just makes sound business sense. And yet, so many companies today are not living up to their lip service when it comes to customer service. After all, customer service isn’t just the agent on the other end of a phone call or a chatbot. True customer service is much broader, encompassing an organization’s process, philosophy, structure and execution.
There are a variety of metrics organizations use to determine how their loyalty programs are running. Some program managers may look at industry report cards, others evaluate reward consumption or purchases made following a service remediation. If your organization is looking to revisit its customer service remediation program, arm yourself with insights that may help your program be more effective.
We all make mistakes, and while most people believe that everyone deserves a second chance, brands often find that a single foul-up can result in the loss of a customer. So how can your organization fight that response? In our latest survey, we set out to answer that question, and, in particular, the role compensation plays in customer recovery.
One trillion dollars. Well, $1.6 trillion to be exact. That’s the estimated loss from customers switching to another company due to poor service, according to research from Accenture. Keeping customers happy -- and loyal! – isn’t just the right thing to do, it’s essential in protecting your bottom line.
An international travel industry leader serving 180 million customers annually in more than 300 locations, the company’s annual revenues top $40 billion, making it the largest player in the industry by both asset value and market capitalization.
A Fortune 500 community bank nearing its 150-year anniversary has hundreds of billions of dollars in assets and operates thousands of financial centers across several states.
Loyalty program members, especially those in the financial services industry, expect those companies to guard their personal information in the most robust way possible. And while 72 percent of loyalty program managers report experiencing fraud, many are challenged to build a case internally for this type of protection.
What if a specific type of reward could create the ultimate travel experience, one that’s exciting, memorable, something your customers have never experienced before? Would you consider it a nice-to-have or need-to-have?
In our final episode of the Art of Loyalty series, we show you how it all comes together. If you’re new to the series you can catch up on episodes one through four here. In this video we reveal the final painting and hear Breann and our Connexions team reflect on their experience with the project.