Wednesday, August 3, 2011

Day 64: If I Ruled Liechtenstein...Customer Loyalty Would Be Rewarded

Phone companies, cable companies, gyms, credit card companies...etc all have incentives to join their customer base. However, the rarely, rearely have incentives to keep your business. You will most likely pay the same rate throughout your life with the establishment, while they offer better and better deals to new customers. That is, not until you threaten to leave.

Personally, I can't stand being a member of a gym, for example, paying out of the ass for membership for years, then seeing an introductory rate for 20 dollars. It's simply not fair. With health being such a big part of everyone's lives, why 1. make it so damn expensive to stay healthy, and 2. not reward someone for staying with you for so long?

It ends now. Now, certain membership-based industries will have to reward your loyalty with either lower "Thank You" rates or loyalty gifts. For example, after 5 years with a credit card, you will now receive a catalog with free gifts. You present selection will be based on a complex point system which factors in how much you spend, how often you spend, length of memership and other factors.

Cable and gym memberships will have to give you a certain percentage off your rate after a certain amount of years which will eventually top off at a certain year at which point you will be eligible for other promotions.

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