Customer Loyalty

by Banking.com Staff December 21, 2010   Insights

A small gesture of gratitude can go a long way, especially when it comes to recognizing customer and members. Rewarding customers for their loyalty is common practice in the retail industry, but should not be a forgotten practice in the financial services industry. Bank and credit union customers have ample choices when it comes to choosing a financial institution, so it’s important to remind them why they’re an integral part of your institution.

Jim Bruene at NetBanker suggests that financial institutions take time to recognize their loyal customers.

“In the pre-Internet days, it was expensive to create custom marketing programs for specific segments. But today, with the cost of communicating to online customers essentially zero, you should be sending messages to your customers at least once each year thanking them for their continued business. And on the bigger milestones, 5 years, 10 years, and so on, send a something a little extra. It doesn’t have to be expensive. Find a special perk and offer an “upgrade” on their anniversary.”

To read Bruene’s full post, visit NetBanker.

Do you reward your customers and members? Let us know how you recognize your loyal customers in the comments section below.

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