Lets Talk about Loyalty
I walked into my bank this morning and for the first time in the history of dealing with this bank I was actually thanked for my business. The teller, while completing a transaction noted the length of time I have been with the bank (14 years) and said “wow you’ve been with us a long time. Thank You!” She was the only one who’s ever thanked me, and that was the only instance where the length of time I had been with the bank had ever been referenced.
This got me thinking… about how often this actually happens.
Additionally, I heard a story on the radio not too long ago about some guy that had been a lifelong seasons ticket holder for a major Toronto team. It was a tradition passed down by his father. One year he ran into financial difficulty (having kids in University and other financial stressors) and had to make the difficult decision not to renew his tickets. He received not one solitary phone call or letter. 25 years of attending games in the same seats and not one person thinks to ask WHY.
Sure everybody wants new customers, more customers, brand longevity, and loyalty. But what are you doing to thank the customers you currently have? What are you doing to let them know that you appreciate them, that you think about them every now and then, and that they mean something? My guess is, not enough.
There are companies who do an outstanding job at this, but most, reduce this relationship to direct mail or email spam which, isn’t really a “thank you” and is more of a “here buy more stuff”.
Sometimes, when I finish a project with a client, I write them a hand-written note on a thank you card and send it along with some candies just to say thanks. This clearly wouldn’t work on a large scale (and not suggesting it should), but why not reward customers for staying with you the same way you reward employees for staying with you. Have 3, 5, 7 and 10 year milestones, each with it’s own reward.
These days loyalty is fleeting, consumers are looking for MORE out of their brands, and it is increasingly harder to compete with other brands. Companies have to get crafty in a variety of ways, including loyalty. If a customer isn’t feeling the love, they’ll run for the hills into the arms of another.
Ironically, before I got the “thank you” this morning I was thinking about switching my banking over to another institution.
