In a recent Qualtrics survey of more than 550 banking customers, poor service and poor financial advice emerged as top reasons why people leave their banks and credit unions. Quality of customer experience has emerged as a top driver of choice and on-going retention, and if consumers are unhappy, they will switch providers. As banking services become commoditized, how do financial institutions differentiate to keep existing customers while attracting new ones? Customers today have access to hundreds of options when deciding who will care for their money, and institutions compete for customers by offering lower fees, higher returns, and new digital services. An old saying goes, "Sell the benefit, not the product." Focus on what your product or service allows your customer to do, rather than on the product itself.Providing an excellent customer experience is important for any company, but it’s crucial in the financial services industry.For instance, if you're selling solar panels, you might help customers estimate the savings they'll have on their electricity bill.
If the thing you're selling is intangible or something you can't let customers touch before buying, think of another way to show customers its value. For instance, car dealers let customers go on test drives and guitar salesmen let customers play on their instruments - even department stores let customers try clothes on before they buy them. Whether it will save them money and time, give them peace of mind, or simply make them feel good, make sure your customer understands exactly how the item you're selling benefits him in real, practical terms. To really get the customer on your side, show your customer how the thing you're selling will make their life better. When it comes to convincing a reluctant customer to make a purchase, flowery, glowing praise for your product or service is only going to get you so far. Demonstrate your product/service's value.
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