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to Tom Talks list What’s the price of loyalty? This is certainly a popular subject with anyone in business today. At times, it seems that the least loyal customers are those we do the most for. Some we carried when cash was tight. And there was the complaining customer who asked if we could find a summer job for a teenage son. Which we did. How surprised we were when they left for a lower price. “Whatever happened to loyalty?” we ask. Then came an almost endless stream “loyalty programs” with all their “points” that could be applied to a trip, a grill, or a free something or other. Car buyers have come to expect some type of “rebate” or “discount” before they buy. “Shoppers are spoiled,” comments Mark Goldstein of the Loyalty Lab. He points out that customers want to know what they are going to get if they give us their business. Now, a study by Juniper Research reveals that most loyalty programs aren’t very good at either building loyalty or returning profits. Those loyalty builders that seem to work best focus on customer experience. Neiman-Marcus offers its best customers invitations to parties and special events and free wrapping. Some casinos ply high rollers with free food, shorter lines and free rooms. One retailer notifies its favored customers with price specials that are available only to them. These companies seem to have taken time to find out what their customers want and not just throwing “points” at them. In the final analysis, loyalty (like so many other things) depends on giving customers the best possible experience when they do business with us. Tom is president of Mosinee Insurance Agency, Inc. 715-693-2100; tomh@mosineeins.com Back to Tom Talks list |
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