Businesses ‘failing to maximise customer retention and acquisition’
Jul 04 2011
Categories: Database Marketing
There is more businesses could be doing to boost customer retention and acquisition, a new survey has found.
According to research by Collinson Latitude, while the majority see both areas as a high priority, only one-third offer any enhancements or add-ons to help market core products.
Of the 61 per cent that do provide them, 33 per cent said that doing so differentiates them 'very much' from the competition, while 28 per cent said it has somewhat of an effect.
Janet Titterton, director at Collinson Latitude, said there are so many options available to companies which can improve customer retention and acquisition that the news so many are not taking advantage of them is a concern.
"From loyalty reward programmes and subscription-based membership programmes, through to online auctions and prize draws, the range of innovative products to improve customer engagement is wide and varied for almost every business sector," she added.
Jairam Sridharan, head of consumer lending at Axis Bank, said that he believes the organisation's new web-based customer acquisition solution will be the shape of things to come.