Customers would pay more--if banks would learn what customers want.
Author | Triplett, Ted |
Position | CUSTOMER RETENTION |
T'S NO SECRET THAT BANKS ARE BEING FORCED TO DEAL WITH NEW GOVERNMENT REGULATIONS. They're also searching for answers on how these new regulatory measures will impact their customer relationships. Many banks assume that eliminating free checking or charging a fee on debit cards would negatively affect customer retention and loyalty.
But evidence suggests otherwise. According to recent research, bank customers actually reported that they would be inclined to pay higher fees if they would get better service in return. In fact, a recent American Express customer service survey showed that three in five customers said they would try a new brand or company to receive better service. [San Francisco Chronicle, June 18,2011]
What's the value proposition that would make your customers be willing to pay more? Is it extended hours? Convenient locations? Better customer service? To respond effectively and profitably to new government regulations, banks need to find out what's important to their customers.
Effective communications
One of the best ways to find out is simply to ask. Customers are more than willing to tell you what they like and what they don't; what works and what doesn't; what will cause them to come back; and what leads them to leave and never come back.
This requires a dialogue and constant two-way communication between the bank and vour custom-ers. Effectively communicating with customers will help you develop deeper more trusted relationships. As a result, you won't have to rely so heavily on suppositions.
By soliciting feedback, you'll be able to test your assumptions on how your customers feel about such things as fees and customer service levels. There are lots of effective ways to encourage feedback from custom-ers--through surveys and questionnaires; front-line staff; focus groups; needs assessments; blogs; and by creating online communities.
Remember to follow up on surveys
Be sure to follow up with any customer who provides feedback. Most of us...
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