A new report by Javelin Strategy & Research looked at the relationship between banks, merchants and consumers to determine how recent financial regulatory reform, including the creation of the Consumer Financial Protection Bureau and the Durbin Amendment, will affect customer loyalty in banking.
The report found that customer satisfaction fell to 79% in 2010, down from 92% in 2004. Banks will need to increase customer service and, according to Beth Robertson, director of payments research at Javelin, "assume a more visible and tangible pro-consumer stance."
Continue ReadingLoyalty 360 recently asked its members on what should a loyalty program be based. The results:
These results clearly show how the loyalty programs have evolved. Customer loyalty programs were first implemented on a wide scale basis by S&H Green Stamps in the 1930’s. Consumer purchases were rewarded with stamps which could be redeemed for products. The simple idea of encouraging repeat business by rewarding customers for their loyalty has been played out by companies industry wide over and over and over.
But in the last few years, things changed ---- dramatically.
Continue ReadingLoyalty Expo 2010 kicks off in just 5 days!
Loyalty 360’s 3rd Annual Loyalty Expo
June 6-8 at the Omni ChampionsGate in Orlando, FL
We’re nearly sold out … so please visit www.loyaltyexpo.com to register NOW and secure your spot at this not-to-be-missed event.
Continue ReadingWe are looking forward to the upcoming Loyalty Expo 2010 on June 6-8 at the Omni ChampionsGate in Orlando, FL. It’s not too late to join us! This year’s expo will bring together hear many of the greatest minds in marketing to delve into today’s most pressing business issues.
The expo agenda is jam-packed with thought leaders who will share insights and experiences on how to build the strong bonds and emotional connections that drive the loyalty of their customers and employees and deliver sustainable bottom-line results.
Continue ReadingAs the economy rebounds, what factor is the most important driver of employee engagement?
We recently posed that question to our members and found that “career development opportunities” ranked first (27%), followed by work-life balance (23%), compensation (17%), seeing direct link between one’s job and the bottom line (13%) and trust in management (13%).
With employee satisfaction at historically low levels ---- a Conference Board survey of 5,000 households found that fewer than half of U.S. workers (45%) are satisfied with their jobs, the lowest level since record-keeping began 22 years ago ---- employers need to take a good hard look at what they are doing to re-engage their employees and stop them from walking out the door. That’s right, 60% of employees intend to...
Continue ReadingCouponing, a strategy to build loyal customers?
