Y's View

Loyalty is a two-way street

Why is your new customer getting a better deal than your existing ones?

Do the math. It’s a lot cheaper to retain a customer and increase their share of wallet than to acquire a new one.

By incentivising only new customers, you tell customers and prospects that you only care about the initial sale. Your existing customers will feel the neglect and walk away at the first opportunity, tell all their friends about the mistreatment, and leave you looking for new ones to replace them.

Break the cycle. Treat an existing customer better than they expect, and they’ll spend more with you and sing your praises to anyone who’ll listen.

And by the way, I don’t care what your justification is; if your ‘loyalty points’ expire, my loyalty will have an end date too. It is indecent to force customers into buying from you on your timetable or being cheap about the rewards once they’ve bought from you.

Loyalty is a two-way street with no strings attached.

Discuss this on LinkedIn.

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