70% of all brands are now offering enhancements or add-ons to their core products and services in order to drive both customer loyalty and revenues, according to new research by global incremental revenue specialists Collinson Latitude.
The research 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.
49.6% 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; followed by 25.4%, who said that 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%); followed closely by travel (83.3%) and financial services.
Janet Titterton, Business Development Director at Collinson Latitude, comments: “In today’s commercial environment, businesses across every sector need to think about what their customers value and how to adapt their core offering to become relevant to every aspect of their customers’ lives, extending the opportunity to realize a greater share of customers wallet. Incremental revenue programmes are gaining popularity as an increasing number of brands recognise the opportunities to provide customers with products and services that will differentiate them from the competition, and drive both loyalty and revenues as a result.”
Over 180 marketing and brand professionals from a range of industries, including airlines, financial services, hotels, publishing, retail, telco travel and utilities, took part in the survey, which sought to identify what value-add products and services brands have in place and whether brands believe that these are beneficial to their customers.
Collinson Latitude™ – creating profitable customers for life
Collinson Latitude™ is the leading global provider of incremental revenue products and services for businesses, designed to make customers more active, more loyal and more profitable.
Our innovative products and services help you realise the profit potential of your customers by generating new, sustainable revenue from non-competing, complimentary products and by rewarding loyalty. We also offer engaging promotions to enhance your marketing activity.
We are part of the Collinson Group, meaning that all of our products are supported by a full global service network, with more than 20 years of partnership and marketing expertise across every sector.
Collinson Latitude™ provides brand differentiation through our unique combination of partnership marketing expertise, scalable software development and 24 hour multi-lingual online and call centre customer servicing support for all products – across the globe.