Co-Opetition by Adam M. Brandenburger & Barry J. Nalebuff

Author:Adam M. Brandenburger & Barry J. Nalebuff
Language: eng
Format: mobi
ISBN: 9780307790545
Publisher: The Crown Publishing Group
Published: 2011-07-12T14:00:00+00:00

3. Say thank you in a way that builds your business. Often, businesses give potential customers a free trial. That’s a fine strategy for increasing sales. But even better may be to give loyal customers a guest pass and encourage them to bring someone else along. Health clubs often do this.

You can also reward loyal customers with products that encourage them to do more business with you themselves. For example, the long-distance phone companies could reward loyal customers by giving them free, or at least sharply discounted, voice mail. With voice mail, no call goes unanswered. Thus, the phone company doesn’t lose the business because someone wasn’t home. Even better, someone has to make a call to pick up the message and perhaps even another call to answer it—or leave voice mail in return. Just as voice mail solves the problem of no answer, call waiting solves the problem of a busy signal. Now more calls get through, and so again there’s more business. We suspect that giving free three-way calling to loyal customers would further stimulate phone usage.31

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