Tag: customer loyalty

Customer Engagement

Two Kinds of Loyalty Programs

There are two types loyalty programs that a brand can run: Bought Loyalty: All loyalty programs that rely on points and freebies against the points are trying buy loyalty through these freebies and lock-ins. For example, flight operators want to lock people in with their Frequent Flier Plans. This is the reason, that you find customers of these organizations complain about the service provided but at the same time continue to use their services. These kinds of programs are in reality not creating loyalty. All they are doing is dangling the carrot in front of the customer and thereby encouraging repeat […]

Customer Engagement

Customer Loyalty is Not Just About Having Loyal Customers

Whenever someone talks about customer loyalty, the first thing that comes to mind is “Loyal Customers”. However, people forget that this is just one side of the coin. The other side is “being loyal to your customers”. It is so surprising to see that almost all organizations forget this and just focus all their energies on trying to increase the loyalty of their customers. Just as trust is a two-way street, so is Loyalty. In fact, more so than trust. How many times have we seen organizations give freebies & excellent offers to lure customers away from their competitors and […]

Customer Engagement

An Example of True Customer Centricity – When Banking is No Longer Just About Banking

Fifth Third Bank and NextJob came together to address a challenge faced by most retail banks – Mortgage defaults. According to the press release from the company, Steven Alonso, executive vice president and head of Fifth Third Bancorp says – “Up to half of mortgage delinquencies are due to job loss. With NextJob, we immediately recognized an opportunity to go the extra mile to assist our customers. This is specific, one-on-one training that helps people identify their transferable skills and re-gain the financial stability of a new job.” Mortgage defaults can eat up a banks profits very quickly, hence most banks look inwards […]

Customer Engagement

The secrets to building fierce loyalty

I have been following the blog post series by Sarah Robinson – “28 days of building fierce loyalty”. She has some really good folks come and talk about the secrets to building fierce loyalty. So far, we have had some very interesting posts. When I started thinking about folks who have inspired fierce loyaly, people like Mahatma Gandhi, Martin Luther King, Steve Jobs, Lady Gaga, Madonna and a lot of others. I realize that they all shared a few characteristics: Fiercely passionate: They were all fiercely passionate about a cause and were totally committed and driven by the cause, a […]