Articles for September 2014

Renewal Marketing Done Right – Rewarding Repeat Business

Walking away imageWe’ve all been there. Every year, renewing your car/home/whatever insurance, you’re hitting the comparison sites because your current provider’s 2nd+ year quote has leapt up a notch. One year, instead of ‘renewing’ the traditional way, it was cheaper for me to leave my car insurance provider and rejoin the same company immediately(!) than it was to straight-up renew. Absolutely absurd.

Too many companies focus on rewarding new business, not on trying to keep what they have. Bearing in mind that it’s supposedly 6-7 times cheaper to keep a current client/customer happy than to win a new one, you realise just how crazy that is. I always used to laugh whenever I received direct mail from BT… the new customer/crosssell/upsell materials would be nicely printed, colourful and on nice glossy paper, while your bill would be printed on rough paper and look cheap (in the days before they went paperless/online).

So it was a nice treat to be wowed by a genuine exception to the rule recently…

I own am a slave to three cats and we use VetProtect as our pet insurance provider, which also includes check-ups, jabs, flea treatments, etc. at our vets (Heath Vets, who run VP) for free on top. I recently received a letter thanking me for continuing to use VP and I was offered a thank you gift. When I read that the thank you gift was worth £160, my jaw hit the floor. A company rewarding loyalty, and by doing something like that? What the hell, right?

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