Banks are under-leveraging their loyal customer bases, missing out on opportunities to increase top-line growth by cross-selling additional services, according to findings of a comprehensive survey of U.S. bank customers conducted for FICO.
Consumers today use 6.05 banking services on average, but use only 3.37 of these services from their primary bank (where they keep their checking account). Only 30% of consumers surveyed have relationships with their primary bank that extend beyond checking, debit, and savings.
Some 78% ...
Dove, Adidas and JetBlue get high marks for loyalty program satisfaction, according to a new report from Bond Brand Loyalty, which has changed its name from Maritz Loyalty Marketing. In its fourth-annual study of more than 6,000 consumers, the agency found that 69% of participants in loyalty programs are satisfied with them.
"There aren't too many brands without some sort of loyalty program in place," said Scott Robinson, consumer loyalty strategist at Bond.
Do you remember when being “out of the box” actually meant something?
Plenty of fads in the business world have come and gone. In the early 2000s I remember how the loyalty industry was going to be reinvented with the advent of one-to-one marketing. Never mind the complexities of managing a million individual conversations systemically; it was where loyalty marketing was going.
If we only knew then that Twitter was around the corner – we could have saved countless hours in system designs that went nowhere.
More recently, the word “engagement” has ...
If a bank operates a credit card loyalty program and no one knows about the benefits it offers, does the program really exist?
The old “tree fell in a forest” question came to me recently when reading this statistic, courtesy of J.D. Power: One third of consumers are unaware of the benefits available through their credit cards. So to those customers, the benefits do not exist. (This could include the benefits associated with their cards’ rewards programs.)