Building blocks to brand loyalty – Part 2

Businesses need to understand how customers feel about their institutions, why customers select and defect from institutions, reasons for customer churn and customers’ preferred communication channels.

Verint Systems Inc conducted interviews amongst 18 000 consumers in Germany, France, Netherlands, Poland, UK, South Africa, U.S., Australia and New Zealand. The research uncovered deep divisions over attitudes to how personal data is used.

It’s all about the attitude
In building solid customer relationships it is important to understand what consumers want and expect.

In today’s more demanding and customer centric world, revamping customer service is essential to maintaining long lasting client relationships. The key is to balance the customised and impersonal service that is delivered. Clients want their lives made easier. When they present a problem, you need to have a solution and fix it. This is the basic and most common need.

Looking at this, it is essential that frontline staff are trained and have all the information at hand readily available to help clients and to ensure a positive experience by going the extra mile when they are required to do so.

Off the research, it is clear that customers just want solutions and questions answered. Some clients think that when requests are dealt with quicker it makes for a positive experience. On the other hand, customers can be driven away by cheaper prices, rude staff and too many mistakes.

Understanding your client

Customer service is among the top factors for switching institutions, even for younger and more tech-savvy customers.

Accordingly, institutions should use their existing branch networks to their advantage to provide the customer service customers want and expect. They should strive to differentiate themselves from the competition by providing customers with what is most meaningful and important to them, whether it is rewards, technology or exemplary customer service.

Another fundamental step to gaining a client’s respect and trust is to understand their past and present experiences, goals and concerns. This will give you a clearer picture of what is important to them regarding their personal and financial future.

It is important that advisers offer this type of treatment at all points of the transaction, in order to build long-term relationships. Strong relationships lead to loyalty, and loyal customers are more likely to use additional products and services and to refer new customers.

Going the extra mile

The research indicates the importance of meeting complex customer expectations head on, by arming your organisation with the right information and tools to provide the speedy service that your customers demand, empowering and educating your employees to make the best use of the available resources and information, getting personal and going the extra mile where appropriate and relevant, giving your customers the option to engage with you whenever and however they want and earning their trust by being transparent and open about the security and use of their data. 

The research suggested that by going the extra mile, 79% of clients would tell friends and family about their experience, 49% would write a positive review and 46% of customers would renew or upgrade products or services even if it was not the cheapest option.