A recent posting on Adrants featured a bank promotion that’s getting some bad press in the blogosphere. It’s one of those promotions that offers a great premium to (attract) new customers, while offering ‘bupkis’ to existing customers. A great lesson in How to Alienate Current Customers 101.
It’s a business development dilemma for most companies — how to recruit new customers and not alienate current customers in the process. The challenge is current customers are likely to notice ads from companies they deal with, and when they see a promotion for new customers, they’re likely to ask the company “So what have you done for me lately?”
Delivering customer value on an ongoing basis is key. The smart companies are driven to continually ask: “How do our loyal customers know we value their relationship?” and they focus on delivering that value.