Refer a friend
In the past few days, I've come across the topic of customer loyalty programs several times.
Rewe (a large German retailer) has withdrawn from Payback (biggest German loyalty program - cross industries). But now you can collect Payback points at Edeka (another large German retailer) and the Payback app is barely usable without the Edeka logo blocking access to the functions for several seconds.
A business friend from a bank told me that he gained 45,000 new customers last month through a "refer a friend" program, although he had only expected 15,000.
And I've recruited my daughter as a customer for a free Mastercard Gold credit card because she needs one now and I had already gotten one for testing purposes last summer. We both have now each received 60 euros after the card was used for the first time within a few days.
We talk a lot about individualization, AI-supported marketing and advertising, hyper-personalization, and much more... to gain new bank customers.
But isn't it actually much simpler?
A simple product with clear benefits for customer, such as the free Mastercard Gold (€0 annual fee, including travel insurance) and a simple incentive system.
This seems to be working for Advanzia Bank and its customers, see also my case study from July 2024.
And for those who also interested in such a credit card and 60 EUR from the referral program, here is my referral link
🔗 https://refer.gebuhrenfrei.com/e8xucq (Germany 🇩🇪 only)
I'm very excited to see the result...
Case study 🔗https://bit.ly/4cVZU56
#friends #loyalty #sales #marketing #banking #digital #customer
#SundayThoughts
FrankSchwab.de
Published in SundayThoughts, all on 26.01.2025 9:30 Uhr.
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