Money can't buy you love – Part 1: The importance of loyalty
While retention is as important as ever, the approach to encouraging loyalty has changed. Oliver Matejka investigates how marketers are keeping their best customers coming back for more...
A magnum of Moët and a box at Lord's Cricket Ground might have been the gifts laid on for loyal customers of yesteryear, but times have changed. Before the age of instantly accessible reviews, candid case studies and increased competition, this approach to currying favour made sense: customers weren’t as fickle, so one-off loyalty incentives seemed to cut the mustard. Indeed the constant strive for ROI and tightening laws on bribery means marketers must now work harder.
In the first of two 'Money can't buy you love' features, Oliver Matejka explores the importance of loyalty and how businesses can identify who to reward.