The Customer Engagement Recap – March 21

By Brandon Carter | Updated on Mar 21, 2014 2:16:00 AM

Finish off your week (the last part of which was very productive, with no basketball involved) with the most important news (and news you may have missed) from the customer engagement and loyalty marketing world.

In this week's customer engagement recap:

  • SORRY BANKS, MILLENNIALS HATE YOU
  • Pizza pays off for Planet Fitness
  • These Credit Cards Are Desperate to Give You $400
  • Customer Retention: Cheaper than Acquisition; Still Not Easy
  • US consumers twice as vocal about poor service
  • Reshaping Timeshare for a New Generation
  • Delta unveils major changes to SkyMiles for 2015

As if the whole "occupy" thing wasn't enough of a hint, a three year study from Scratch showed that banks are in for some trouble with millennials - trouble, or a big opportunity to win some hearts and minds. Banks made up 4 of the top ten most hated brands, and 71% of those surveyed said they'd rather go to the dentist than listen to what their bank is saying. Ouch.

(For more stats on millennials and their money, and why they may not be so into banks, click here)

  • Pizza pays off for Planet Fitness (PR Daily)

What brings more people to the gym than...pizza? In an appeal to the 85% of Americans who aren't intensely into fitness, Planet Fitness hosts monthly pizza parties for members (not to mention bagel breakfasts on occasion). The strategy has paid off - they're the fastest-growing gym chain in the US.

 

  • These Credit Cards Are Desperate to Give You $400 (TIME.com)

Desperate to bring in people with good credit in the rebounding economy, credit cards are pulling out the stops on rewards. Beware though - many of them come with hefty yearly fees and high percentage rates.

 

The "it costs 5 times more to bring in a new customer..." stat is nice, but don't confuse it with easy. Customer retention takes an organizational commitment that isn't easy or cheap.

 

In more evidence that your company should invest in keeping your current customers happy, research shows that 49% of US consumers will tell friends and colleagues not to use a business following a cruddy service experience. 53% will outright seek revenge online. Beware.

We humbly offer our suggestions for how an industry intensely focused on an aging customer base might make itself more attractive to millennials and other young folks.

  • Delta unveils major changes to SkyMiles for 2015 (Wise Marketer)

It's big news to us when one of the biggest miles programs in the world changes it's policies. Points will be earned based on price paid, not actual miles traveled, and a new tiered redemption system designed to give more options.

 

We'll leave you with some creative product positioning. Happy weekend to all:

branding

(image via)

 

 2016 loyalty stats

Topics: Customer Engagement, Customer Incentives, Mobile Coupons, Member Benefits, Viewpoints, Weekly Recaps, millennials and money, loyalty programs, customer loyalty

Written by: Brandon Carter

Brandon is a writer and marketer for Access Development. He's a frequent blogger on customer and employee engagement & loyalty, consumer trends, and branding.

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