You are here: Home Press 08/07/2014- Loyalty programmes achieve a customer retention rate of up to 30%

08/07/2014- Loyalty programmes achieve a customer retention rate of up to 30%

• Value-added services that complement utility services, financial institutions or retailer services, among others, help companies to attract and retain customers

Madrid, July 8th 2014. The incorporation of value-added services that complement the services provided by companies such as utility companies, insurance companies, financial institutions and retailers, among others, makes it possible to achieve customer retention rates of up to 30% and higher than the 25% in campaigns for attracting customers, according to data from Multiasistencia. The company, a leader in the management and repair of claims, with more than 700,000 services per year, is a specialist in the design and provision of value-added services. 

In the case of electricity retailers, last year Spain witnessed a "switching" rate or change of supplier of 12%, the highest in Europe. In order to avoid increases in this figure while at the same time attracting new customers, companies are introducing various loyalty strategies. For utility companies and financial institutions, among other sectors, the additional services package offered through Multiasistencia, which includes benefits such as a virtual secretary, medical advice, key protection, access to VIP lounges, discounts on goods and services or legal and tax advice, has enabled companies to attain retention rates of end customers of between 10 and 30%, depending on the sector. 

"In the context of the economic crisis, it is essential for companies to be able to offer a bonus to their customers that allows companies to connect with them and generate income from unique useful products that also enable them to stand out from their competitors" said Santiago Mata, commercial director of mga, part of the Multiasistencia Group. 

Evolution of loyalty models

Since their inception, loyalty programmes have evolved from general models towards others which are more segmented depending on the type of end customer: self-employed, SMEs, senior citizens, etc.

"The customer is increasingly demanding and wants something that is really new, stands out and will provide them with solutions. Based on our experience, for products to work, they should be free for customers or highly discounted; but above all, they should be tailored to the profile of the customer", stated Santiago Mata.

Listening as a key to analysing results

The ability to measure the results from implementing a loyalty programme / programme for attracting customers is essential in order to obtain return on investment data. For this reason, constantly listening to the end customer is the key. "Constant but not excessive communication with customers and surveys are very important for monitoring the results attained with the plans. For example, this constant listening enables us to pick up on the fact that, although the telepharmacy service is not one of the most used, it is of great value to the beneficiaries, due to the peace of mind that it provides for them", noted Mata. 

Loyalty products will continue to evolve in line with consumers and also depending on the commitment that companies make to this customer retention system. 

Multiasistencia offers utility companies, banks, insurance companies and other entities more than 300 different services that are tailored to each of the different groups. In the case of SMEs, Multiasistencia has made a programme of business support services available, from legal and tax assistance to IT support through an agency and searching for financial aid and subsidies.