Want Customer Loyalty? It’s The Experience, Not Price!


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A great customer experience beats price when it comes to loyalty! That’s according to new research from Aspect. Apparently, it’s particularly evident in areas such as banking where the emphasis is on ‘relationships’!

Aspect’s research found that the standard of customer service is the highest influencing factor for almost 40% of consumers when choosing a bank. Price came in second with 25%

This reinforces recent research from Accenture that found that more than 20% of shoppers had swapped their regular retailer for a rival in the past year and 14% had swapped banks. In a similar study, Aspect’s research asked UK consumers how satisfied they were with the customer service from their banks and insurers. Almost half claimed to be dissatisfied with their banks, with 43% having considered switching. Of these, 8% actually moved banks.

Maybe that’s why Metro Bank (one of our 3D Challenge 100 Examples) are doing so well?

Aspect also discovered that poor customer service from banks and insurers affects cross-selling and upselling opportunities, resulting in loss of customers!

OK, you could argue that there’s nothing surprising there, but I’m still not sure that the news is reaching the right people – if it is, then we should be seeing a difference in the way banks and the like deal with us.

Are you ‘experiencing’ it?

Republished with author's permission from original post.

Andy Hanselman
Hi there! I help businesses and their people create competitive advantage by 'Thinking in 3D'! That means being 'Dramatically and Demonstrably Different'! I research, speak about, write about and work with businesses to help them maximise their sales and marketing, their customer service and their customer relationships.


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