Where have all the switching deals gone?

bigadaj

jonesMUFCforever wrote: »

Market share is one thing - keeping a profitable customer is better than keeping 10 who are not.

In reality yes, in the corporate world of media, spin and marketing maybe not, after all this is where all the misselling started, getting people to sign up to loans they couldn't afford, defaulting, then get fined and compensated to meet bonus targets for staff.

alternate

jonesMUFCforever wrote: »

Market share is one thing - keeping a profitable customer is better than keeping 10 who are not.

Tell that to the insurance companies.

Nebulous2

jonesMUFCforever wrote: »

Market share is one thing - keeping a profitable customer is better than keeping 10 who are not.

It's the old Henry Ford story about advertising. "I know that of every 100 dollars I spend on advertising 50 will be wasted. Now all I need is someone to tell me which 50."

Not everyone who gets 100 quid free will cut and run or prove unprofitable.

Numbers of customers matter, particularly where you are planning to sell. I got 50 quid and a year's free broadband from O2 when they were selling to Sky. Probably because the payment for the business depended in part on the number of customers and it was worth doing to keep the numbers up.

Stopping incentives wont work as long as other companies are still willing to pay them.

alternate

Nebulous2 wrote: »

It's the old Henry Ford story about advertising. "I know that of every 100 dollars I spend on advertising 50 will be wasted. Now all I need is someone to tell me which 50."

Not everyone who gets 100 quid free will cut and run or prove unprofitable.

Numbers of customers matter, particularly where you are planning to sell. I got 50 quid and a year's free broadband from O2 when they were selling to Sky. Probably because the payment for the business depended in part on the number of customers and it was worth doing to keep the numbers up.

Stopping incentives wont work as long as other companies are still willing to pay them.

They will have detailed figures on how many people they expect to cut and run vs. those that will stick.

It is one reason some of the banks also offer a regular saver or similar perk with their current accounts. Hook them with the switching offer, keep them for a year with the savings account and hope that they stick around after that.

I am glad of the switch offers if only because I get to sample the CS of multiple banks before committing and moving my main account. So far I have ruled out YBS and any HSBC backed account - including FD who are the most recommended.

bigadaj

alternate wrote: »

Tell that to the insurance companies.

Anecdotal but maybe this is changing. Renewed both car and house insurance this year with different companies and their renewal quotes were both well below the best alternate quotes I could fund working through the mse method for comparison.

Annoying really as it means I miss out in the cashback!

jimjames

alternate wrote: »

I am glad of the switch offers if only because I get to sample the CS of multiple banks before committing and moving my main account. So far I have ruled out YBS and any HSBC backed account - including FD who are the most recommended.

Same here. I've done a lot of switches over the last 18 months which has really shown me which banks have apps and websites that I like to use. So far Tesco has been one that I've been most happy with and Nationwide a close second.

colsten

bigadaj wrote: »

Anecdotal but maybe this is changing. Renewed both car and house insurance this year with different companies and their renewal quotes were both well below the best alternate quotes I could fund working through the mse method for comparison.

Annoying really as it means I miss out in the cashback!

I made the exact same experience this year.

mrochester

Well my application for a Co-Op bank account was rejected, so that knocks that one on the head.

surfsister

mine was too as apparently i had an old smile account years ago never closed - despite asking them to. applied again later and ok this time!

20aday

surfsister wrote: »

mine was too as apparently i had an old smile account years ago never closed - despite asking them to. applied again later and ok this time!

In my experience The Co-Operative Bank/Smile are incredibly slow at closing down bank accounts.