When Less is More

Most customers only remember up to five benefits offered at services says retail consultant, Fred Thompson. Considering this fact, when it comes to customer loyalty, less is more. Therefore knowing and fulfilling customers’ key wants effectively will increase customer loyalty. In a study of a major fashion retailer, it was found that customers did not realize some of their extra benefits like valet parking. “There's a propensity to load programs with benefits and features, assuming that customers will remember and value a broader offering.” However this is not the case, time and money put into benefits that aren’t remembered or important to customers is a lost cause. If companies were to reduce the number of benefits offered, which ones should they choose? Fred Thompson emphasizes pinpointing the needs of your customers and to seek to understand them. A customer journey that maps out all the key painpoints can help to identify which areas need focussing on.

Read more of this article and Fred Thompson’s tips.