Tag Archives: repeat business

Shouldn’t loyalty work both ways?

It’s coming up to the end of the tax year in UK so banks and other financial institutions are encouraging their customers to take advantage of products with tax breaks.

I got a letter from the Building Society  have been a customer of for approaching 40 years suggesting that I use my ISA [tax-free saving scheme] allowances before the end of the tax year. They highlighted the returns that I am getting on my scheme and enclosed a brochure with details of their current schemes. I was shocked to find that the rate of interest for new customers was almost 6 times that I was getting – so much for loyalty.

Obviously I can transfer but it needs me to take action – surely a customer focused organisation would ensure that their most loyal customers always get the best possible deal. I know I do that for my customers.

It seems to be becoming more prevalent to treat loyal customers badly – the best customers get the worst deal.

I’ve noticed similar issues with:

  • Utilities
  • Communications providers
  • Insurance companies
  • Mobile phone companies

This flies in the face of the advice I give my customers on developing their businesses – focus on the 3Rs:

  1. Repeat Business
  2. Referrals
  3. References

I strongly recommend that you treat your most loyal customers well – especially in the good times: if you want them around in the tough times!

What do you think?