To create a cadre of customer advocates, focus your efforts on “the three Rs”
By : Nancy Michael
ABA BANKING JOURNAL, FEBRUARY 2007
Factors driving loyalty in retail and small business banking :
Retention, All of the above plus:
1. Convenience
2. Product quality and fit
3. Satisfaction with problem resolution
Repurchase, All of the above plus:
4. Ease/simplicity
5. Transparency
6. Trustworthiness
Referral, All of the above plus:
7. Emotional connection
The rapid adoption of online banking,
electronic bill payment, and
remote deposit capture is accelerating
the movement away from personal
contacts. Customers like the choice and
convenience, but what happens to relationships
as they increasingly transact via
machine? How can a bank build customer
loyalty in this environment?
In a business context, loyalty equates
to a willingness to sacrifice on the part of
the customer: a loyal customer may forgo
a lower-cost solution from a competitor
or give you time to improve capabilities
because they value other aspects of doing
business with you. Truly loyal customers
can become advocates—they will put
their reputations on the line to recommend
you to friends because they trust
you to deliver that value to others.
To put some numbers to it, the Council
on Financial Competition estimates it
costs between five and ten times more to
attract a new customer than to keep an
existing one. With mortgage and home
equity lending on the decline; diminishing
margins on commercial loans; reduced
fees from NSFs and ancillary services; and
increased competition from non-banks in
all areas, customer retention and crosssell
remain vitally important as sources of
revenue. Customers who are loyal believe
the bank acts in their best interest on a
regular basis and are most likely to remain
with the bank, to make additional purchases,
and to become advocates.
How to go beyond “satisfied”
Enormous amounts of resources have
been spent by banks in measuring and
improving customer satisfaction, but satisfaction
alone does not imply loyalty.
Analysis referenced by Business Week in
October 2006 shows that between 60%
and 80% of defecting customers describe
themselves as “satisfied” or “very satisfied”
just before they leave.
The degree to which a customer is loyal
can be determined by a hierarchy of
behaviors: retention, repurchase, and
referral. Any single behavior alone does
not mean a customer is loyal—repurchase,
for example, may be a sign of inertia
or indifference, particularly when ....... . . ... (baca_selengkapnya)
Artikel
lengkap dikompilasi oleh/hubungi :
Kanaidi, SE., M.Si (Penulis, Peneliti, PeBisnis,
Trainer dan Dosen Marketing Management).
e-mail ke : kana_ati@yahoo.com
atau kanaidi@poltekpos.ac.id
HP. 08122353284
HP. 08122353284
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