Building Trust, One Customer at a Time
It's pretty common sense -- customers who trust you are likely to be more loyal and ultimately more profitable than those who don't. But it's surprising how many companies treat their customers in ways that undermine trust. In today's 1to1 Weekly lead story, we discuss the state of customer loyalty in financial services, and what banks can do to improve loyalty and trust.
According to research from Peppers & Rogers Group and Carlson Marketing, customers with high relationship strength are 75 percent more likely to recommend than those with low relationship strength. Those with a high level of relationship strength are also 42 percent more likely to remain a long-term customer, and are 57 percent more likely to purchase other products or services.
As Martha Rogers states, it's all about building learning relationships. That involves customization and differentiation, as well as general good will and common sense when it comes to customer interactions. What does your company do to foster learning relationships with customers?
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