Tan
Sri Dato' Francis Yeoh, Managing Director
of YTL Corporation Berhad unveiled for the
press ahead of its May 1 2001 official
launch, a preview of the YTL Community and
Rewards Programme which will be delivered
to YTL customers on the platform, www.ytlcommunity.com.
In his speech, Tan Sri Francis referred to
a Chinese saying, "To open business
is easy; to keep it open is very
difficult" alluding to the importance
of retaining customers' patronage and
loyalty and working hard to keep them by
offering quality, value for money products
with friendly and efficient service. He
further stressed that the challenge today
is not only to meet but to surpass these
expectations in order to satisfy
discerning customers.
Companies generally spend six to 10 times
more on acquiring customers than in
retaining them. A 5% increase in customer
retention can translate to increasing the
bottom line by as much as 75%. A survey of
11 banks in the UK found that a 5%
increase in customer retention chalked up
an 85% gain in deposit and a 75% rise in
credit card profits while a similar study
for the insurance industry showed a 60%
profit improvement. Quoting the management
guru, Peter Drucker who once said,
"The only profit centre is the
customer", Tan Sri Francis said this
profound statement is well illustrated by
the value of a lifetime customer. In the
USA, the lifetime value of a single loyal
Cadillac customer is US$332,000 (RM1.2
million) and on the other end of the
scale, a Pizza Hut customer is valued at
around US$8,000 (RM 30,400).
YTL already has a significant
"real" customer base estimated
conservatively at 500,000 people coming
from guests of YTL chain of hotels and
resorts, customers patronizing YTL
eateries and restaurants, buyers of YTL
property development and shareholders.
This does not include shoppers in Lot 10
and Starhill and passengers on the Express
Rail Link which will commence operations
from KLIA early next year.
In order to stay close to our customers,
YTL is launching a pervasive Community
website to provide them with value-added
services and products and to say thank you
by rewarding them for their loyalty
through a Rewards Programme. By spending
at YTL participating outlets, members are
awarded one point for each Ringgit spent,
and these points can be accumulated to
redeem a wide range of attractive rewards
from Dream Packages, Holidays to Dining
Experiences and Variety Packages.
The YTL Community website is YTL's main communication channel with its Community and is designed for its ease of usage and navigation. As Community members surf the website, containing very interesting, informative, educational and entertaining content, YTL welcomes everyone to experience and "Celebrate Life Always" by becoming a member at no cost when the site is officially launched on May 1 2001. Full Text! |