Why are loyal customers penalised? How does it make you feel to know that, on average, customers that stay loyal to a company pay an extra £877 a year?
Citizens Advice looked across markets for savings and mortgages, as well as three other “essential” markets including home insurance, mobile and broadband, finding that British consumers are paying a £4.1bn “loyalty penalty” by staying with their providers.
Loyalty should always be rewarded with not just better deals but product suited to the customers needs and circumstances.
Yet, the commercial marketplace always seems focused on recruiting new customers rather than looking after those they already have relationships with.
Has this created a fickle customer base? How can loyalty be won again?