Customer Loyalty Roundup, March 29, 2019

It's Friday and that means it's time for another roundup of articles, news, and insights about customer loyalty, retention, and rewards programs. First we jump into some very practical customer retention strategies for banking, next we analyze retentions impact on customers with a real-world e-commerce example, and last but certainly not least we delve into building, satisfying and maintaining customer loyalty. Get more details below.

7 Effective Bank Customer Retention Strategies
(Payments Journal)

"...the market cap of the global banking industry amounted to €6.9 trillion in 2018, which makes it a highly lucrative business opportunity for banks of all sizes.But it also means that the banking industry is extremely competitive. Attracting clients in this field is both difficult and expensive as the cost of acquiring new customers is 7 times higher than retaining the existing one."

Analyzing the Impact of Customer Retention on Profits

"Customer retention is a good indicator of an ecommerce business’s potential for long-term growth and success. With this in mind, ecommerce owners and managers should consider making customer retention a top key performance indicator."

3 Simple Ways You Can Build Customer Loyalty

"The customer is always right -- even when they're wrong?" As a business owner, this can be one of the hardest concepts to grasp -- because it means you may have to maneuver through some tricky situations in order to make your customers happy."

To Maintain Customer Loyalty, You Have to Listen

"The fact is, trust can be earned, and loyalty is very much alive — for brands that understand and embrace customer expectations surrounding these two essential, yet often misunderstood tenets of retail relationship."

4 Keys to Satisfying 21st Century Customers

"Statistics show that customer loyalty to brands and businesses are dropping at an alarming rate. This is largely because the internet has bombarded the 21st century customer with a plethora of choices, each promising to do things a little better than the last. Customer loyalty has therefore become a more difficult task to pull."

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