Businesses that rely heavily on customer satisfaction surveys as a gauge of overall customer happiness, without an evaluation of total customer engagement, run the risk of losing valuable sales opportunities.
The banking industry has a lot to teach us about how not to get stuck in a rut of perceived customer satisfaction.
According to a recent Gallup poll, “research shows that banks that only consider customer satisfaction — even extreme “top box” satisfaction — are leaving significant cross-selling and up-selling opportunities on the table.”
Additionally an Ernst & Young Survey noted “understanding customer behavior, attitudes and requirements is more vital than ever for banks’ strategic thinking….banks need to reevaluate their assumptions and fundamentally change how they interact with their customers.”
HMS National, the Florida home warranty marketer, used Voice of Customer Insights to increase customer engagement and boosted renewal rates by over 50%. VoC learnings helped them develop more effective strategies for engaging customers throughout the customer lifecycle, starting at the moment of enrollment.
Another company which understands that engagement equals customer loyalty is Discover Card, which has led the credit card industry in customer brand loyalty for 17 consecutive years, according to an annual study by the independent research firm Brand Keys, Inc. The research found that emotional engagement is the dominant driver of purchase decisions and brand loyalty.
This is evident in Discover’s Cashback Connection page, which notes “for every reward there’s a story. We want to know what Cashback Bonus means to you.” This tactic humanizes a company benefit and ties it directly back to the consumers using it.
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