Brands offer add-ons to drive loyalty and revenues

Research by Collinson Latitude has revealed that 70 per cent of all brands are now offering enhancements or add-ons to their core products and services to drive customer loyalty and revenues.

The study suggests that an increasing number of brands are diversifying their core offerings by forming valuable brand partnerships or developing new products and services in order to differentiate themselves from the competition and become more relevant to consumers.

It reveals that 49.6 per cent of respondents from global brands across eight different sectors cited 'adding extra value' to the customer proposition as the main reason for developing products that enhance their core offering.

This was followed by 25.4 per cent that said creating additional revenue for their business was the main motivation.

Airlines were found to be most likely to offer enhancements to their core business than any other sector (85.7 per cent); followed closely by travel (83.3 per cent) and financial services (69.2 per cent).

Retail brands are the most likely to believe that add-ons and enhancements 'very much' differentiate its business (100 per cent), followed by the utilities (63.2 per cent) and the telecommunications industries (66.7 per cent).