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Let Customers Do Your Marketing—It Takes Performance and Trust

Performance

I have written in the past about the high percentage of customers who give referrals. Our research indicates that between 30-40% give referrals depending on the market in question.

In preparing for a presentation to a group of bank executives, I discovered that referring customers in the banking industry are not that unusual either.  An E&Y study from 2014 (“Winning Through Customer Experience,” E&Y Global Consumer Banking Survey, 2014) found that 77% of banking customers were very likely or likely to recommend their banker.  Furthermore, if the customer expressed “complete trust” in the banker, the percentage of those very likely or likely to refer shot up to 95%.

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Customers Want Something in Return for Their Feedback

Customer Feedback

We have been in the customer feedback business for a long time.  For many surveys, especially those designed to measure a company’s service quality, the act of contacting the customer alone, not counting what was said on the survey, can raise customer expectations.  What are some of these expectations and how can you best manage them?