We seek loyalty in our business relationships as employers, and certainly from our customers. The people who work for you are your internal customers — the problem is we think of them as employees and treat them accordingly.
For our customers, rewarding frequency of purchase is a myopic way of looking at customer loyalty. Loyalty is not something you can buy.
Provide incredible value to your customer by keeping your promise and going the extra mile. Make your customers lazy, so that the thought of switching brands becomes work for them. If you compete only on price, you don’t have a value proposition. And yes, there is the occasional exception. But just remember it’s an exception.
For the rest of us it’s about doing the right thing. Money should be the reward, not the purpose of your business. Think differently about your people and customers, be loyal to them and they will keep coming back, or stay with you forever. And the rewards will come aplenty.
About Hemant Rustogi