Co-Opetition by Barry Nalebuff

Author:Barry Nalebuff [Nalebuff, Brandenburger]
Language: eng
Format: epub, mobi
ISBN: 9780307790545
Publisher: Random House, Inc.
Published: 2011-07-13T05:00:00+00:00

2. Save the best thank-you for your best customers. Many companies offer the best deals to new customers. That’s backward. You want to treat your best customers the best.

New customers are an unknown quantity. You don’t know how profitable they’ll turn out to be. With your existing customers you know how things turned out. Figure out who are your most valuable customers and don’t ever lose them. Reward them to ensure their loyalty. It’s like remembering to send flowers even after you’ve turned a romance into a relationship.

The cellular-phone carriers could take this message to heart. There is currently tremendous excess capacity in the business that could be used to create much more loyalty among customers. For example, carriers could give their best customers free weekend and evening calls. Or they could give customers free incoming calls in proportion to the time spent making outgoing calls.

Some cellular carriers do give free weekend and evening benefits, but only to new customers. Others offer fantastic discounts on the new digital phones, but again, only to new customers. Wrong approach. This practically invites customers to keep switching service back and forth to get the promotions. It actually undermines, rather than builds, loyalty.

Once again, frequent-flyer—and especially Gold and Platinum card—programs get this right. The best customers are treated the best.

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