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Let Customers Do Your Marketing—It Takes Performance and Trust

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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Effortless Customer Experiences Aren’t Possible Without This Key Ingredient

Imagine for a moment you run a package delivery business.  Now picture what the most effortless customer experience might look like.

I’m willing to guess your vision includes a simple, mobile friendly online system for customers to schedule pickup, track delivery, and pay.  Just push a button.  Consider it done.

I’m also willing to guess your vision doesn’t include the customer inspecting every inch of your delivery van, then insisting to drive it.  That’s your job, right?!

Yet this is what happens when trust is lacking in a business relationship.  If your customers do not trust you, their experience will be far from effortless.

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Trust as a Competitive Advantage

I have written in the past about the importance of trust between customer and provider.  I ran across a book, Extreme Trust: Honesty as a Competitive Advantage (by Don Peppers and Martha Rogers).  The book was published in 2003 but a lot of the findings still apply. 

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