FNB offers new smart device rebates

Clever, so you get use to that type of usage for the first half of paying the device off and then you have to fork out for the next 12 months :D
 
New clients only - boring!

Maybe if I close my account and then go back again?
 
FNB are going to start annoying existing customers by only offering the good deals to new business.
It seems they just want to get new blood rather than looking after loyal existing customers.
 
It is a very clever idea. Essentially they are looking to provide services to suit all your needs. The problem at the moment is that their requirements are vey high. But I assume that is the only way they can amke money off it.
 
How many companies actually still shows loyalty to their existing customer base?

FNB could at least reward their existing customers in regard with new promotions, products and services.
 
Fulcrum29 said:
How many companies actually still shows loyalty to their existing customer base?

FNB could at least reward their existing customers in regard with new promotions, products and services.
Click to expand...

How are you expected to grow by just lathering up your existing customers? Either you charge them more or take on new customers. I agree though, it's unfair. It's like magazine subscriptions that only offer specials to first time subscribers while those who have been reliable income for years are ignored.
 
Fulcrum29 said:
How many companies actually still shows loyalty to their existing customer base?

FNB could at least reward their existing customers in regard with new promotions, products and services.
Click to expand...

As per the article existing customers get:
For example, FNB said that Personal Cheque Account holders get access to uncapped ADSL data, and existing clients who take up a smart device can get access to 3G data (up to 500MB). Existing clients can also receive a rebate on 200 minutes talk-time.
Click to expand...
 
Fulcrum29 said:
How many companies actually still shows loyalty to their existing customer base?

FNB could at least reward their existing customers in regard with new promotions, products and services.
Click to expand...

I think they already do, what other bank gives me free adsl data every month, offers me a mobile device over two years at a price better then the stores?
 
AlmightyBender said:
As per the article existing customers get:
Click to expand...

This is based on eBucks reward levels, all related to rebates which change month to month depending on the customers movements between eBucks reward levels.

Where the new client can pick between 3 rebate options, without any existing eBucks reward levels, the problem however is that you must choose to buy a smartphone, tablet or notebook PC when signing up in order to claim the rebate.
 
Fudzy said:
How are you expected to grow by just lathering up your existing customers? Either you charge them more or take on new customers. I agree though, it's unfair. It's like magazine subscriptions that only offer specials to first time subscribers while those who have been reliable income for years are ignored.
Click to expand...

Very much true, my concern is the value and loyalty existing customers provide to an organisation, existing customers are the reason that the organisation can promote an existing service/product to new customers.
 
AlmightyBender said:
Is providing you with eBucks and all the associated rewards not enough?
Click to expand...

Yes it is, but not only does the new customer get prompt access to a rebate promotion, he also get the standard eBucks system with all associated rewards. Thus putting the new customer in a reward position above the existing customers which can only claim a rebate depending on his/her month to month eBucks reward level.
 
Fulcrum29 said:
Yes it is, but not only does the new customer get prompt access to a rebate promotion, he also get the standard eBucks system with all associated rewards. Thus putting the new customer in a reward position above the existing customers which can only claim a rebate depending on his/her month to month eBucks reward level.
Click to expand...

The day they start handing out free stuff to existing clients without expecting anything in return (no change in behavior or increase in spend of those clients or cost savings) is the day I jump ship to another bank because that will be the day signalling the imminent implosion of FNB.

Same goes for any another company. I know it's not fair, but what you're suggesting is financial suicide.
 
AlmightyBender said:
The day they start handing out free stuff to existing clients without expecting anything in return (no change in behavior or increase in spend of those clients or cost savings) is the day I jump ship to another bank because that will be the day signalling the imminent implosion of FNB.

Same goes for any another company. I know it's not fair, but what you're suggesting is financial suicide.
Click to expand...

In this perspective I share a similar perspective.

All I am concluding is that FNB already have an incentive program (eBucks) to award the consumer based on month-to-month reward levels, but that a new customer can claim a rebate with no reward level history by signing-up.

So is it better to reward existing customers due to their loyalty or spend the marketing budget on attracting new ones? It is a question about punishing or rewarding existing customers. All reward (incentive structures) is based on tier levels so that the best customer is being rewarded appropriately depending on the structure.

Not all markets are the same when comparing say retail, communication and banking, many examples includes introductionary pricing which is totally acceptable, especially with cellular networks. Then there is membership card, couponing etc. This discussion can go on and on…

But with this FNB promotion, the new client is set above the existing client on a rewards program already implemented with existing customers.

So what suggestion did I made?
 
It's nice, but I'm not tempted.

I get my cellular deals from a regular cellular service provider and pay just R385pm for my Samsung Galaxy S4 with free R200 talk time, 200 sms, 200MB 3G data. I also earn R250pm+ through my bank's rewards program that I can pay directly into a regular savings account and I don't even spend that much. I also get better interest rates on my accounts than at FNB.
 
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