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The latest news in the world of customer experience and customer loyalty.
Netflix Raises the Roof on Marketing Spend to Showcase Content
Some companies aren’t afraid to make substantial investments. Just ask Netflix. Last April, Netflix CEO Reed Hastings said the company planned to spend more than $1 billion in member acquisition. According to an article in The Wall Street Journal this week, Netflix CFO David Wells said that the company plans to increase its marketing spend by a whopping 54 percent, to $2 billion. During the fourth quarter, Netflix garnered a record 8.3 million customers, raising the number of total paying subscribers north of 110 million. Those marketing dollars help showcase the company’s content, which we referenced in an article last September.
2018: The Year of Unified Commerce
What will 2018 look like for retailers? Streamlining the retail experience this year will focus on unified commerce. According to an article in Sourcing Journal, retailers plan to increase their overall IT spending for 2018 by 5.6 percent. Many retailers either have, or plan to accommodate customers who want to buy an item in one store—or channel—and return it through another. We spoke with DataCandy CEO Lorne Schwartz last April about making customer loyalty work for you and how a push for unified commerce will enable marketers to examine a 360-degree customer behavior profile.
Backlash at the Bank
Bank of America, the nation’s second-largest bank in terms of assets, is facing another customer loyalty backlash, according to a story in the Wall Street Journal. Earlier this month the North Carolina-based bank eliminated its free checking accounts, switching members to an account that charges a $12 monthly fee if they don’t utilize direct deposit or have a minimum daily balance of $1,500. The accounts were popular with lower-income customers. In protest, a petition was created on Change.org and to date more than 45,000 signatures have been collected. The banks says its client satisfaction scores are at an all-time high. In 2011, it faced a similar reaction when it announced a plan to charge a $5 monthly fee for making purchases with a debit card. It eventually dropped the plan.
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