How loyal are your members?
Whether or not you have a program that specifically encourages and rewards loyalty, you probably focus a lot of effort on growing your share of wallet among current members. After all, most experts agree that it’s easier and more cost-effective to deepen existing relationships than to attract new consumers to your brand.
But do you know how loyal your members really are?
Research published recently in McKinsey Quarterly shows that only 10% of financial services decisions are driven primarily by loyalty. The rest of the time, consumers are shopping around – even your current members.
When you think about it, it’s not surprising that so many of your members are considering other providers. Today’s digital environment offers quick access to an abundance of information online, through apps, and via social media. It has become easier than ever to compare options, rates, and experiences. That means it’s harder than ever to retain current members or customers.continue reading »