Invest in the Customer Experience Instead of Advertising
Marketers continue to be challenged in getting through to consumers. With digital TV recorders (DVRs), do-not-send lists, pop-up blockers, and spam blockers, consumers are doing everything possible to tune out advertising. At the same time, word of mouth continues to rise. Twitter, Facebook, blogs, Linkedin, and other social media sources enable immediate broadcasting of positive and negative experiences, influencing the buying decisions of others.
The best way to influence consumers is to focus on your customer experience. What are you doing to delight customers? What are you doing that creates negative word of mouth? Invest your money in improving the experience and let your customers do your advertising for you.
One industry that has embraced this approach is the credit unions. Having the opportunity to work with them over the past couple of years, I have been quite impressed with their commitment to customers and focus on differentiating through improved “member” experience. This article, The Successful Nearly $0 External Marketing Budget tells the story of how San Francisco Fire Credit Union has achieved increased retention and new member acquisition while growing their Net Promoter Score from 65% to a world class 79%.






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Hey Deb!
Gotta love Diana Dykstra (CEO of SF FIre CU). If you take a quick look at her Yelp reviews you’ll see that a key driver of promoters is the fact that she rebates ATM surcharge fees. When she started doing NPS she found that because her CU only owned a couple of ATMs, her members were incurring surcharges from bank ATMs. They hated that. So she convinced her board to incur this expense and that it would pay off. It certainly did – and if you think about it has become a marketing campaign of sorts.
You can’t buy the kind of love you read from her members on Yelp.
Cheers!