1 in 5 select their provider based on perks and benefits

Echo's recent research, based on a nationally-representative sample of 1,000 UK adults, revealed that a quarter of all consumers are significantly impacted by perks and benefits that businesses offer, with around one in five remaining loyal to a service provider for this reason.

That's not all. Perks can also be beneficial for brand reputation as one in ten customers stated they significantly improve their perception of a company, while 7% said they remember a brand based on the perks they offer. 4% told us that they're only with their provider because of their perk offering.

A word of warning thought - a one size approach will not suit all. 53% of consumers revealed that they are immune to the perks and benefits offered by companies. In addition, a further 17% told us they found perks annoying and would rather they were not offered.

Perks and benefits packages can attract new customers and strengthen the loyalty of existing ones, all while bolstering brand awareness, perception and recall. Evaluating key customer touch points, such as bills, and utilising customer behavioural data can really help here.

But, companies mustn't forget that half of the customers we surveyed have said they're unaffected by perks and benefits. Therefore, whilst it's crucial to understand customers as individuals and attune offerings accordingly, brands should not put all their acquisition and retention efforts into shiny benefits packages. It's the consistent delivery of great customer service which will build reputation and result in increased referrals in the long run.