Saturday, 16 December 2017

Information and commentary for the small business banking industry

3 questions to ask your customers

Ask, or they won’t tell you

As a bank, there are three questions it’s important to ask your customers. Not only will their responses help to drive your business, but they’re the kind of things people often don’t tell you unless you ask them.

  1. Why do you enjoy banking with us?
  2. As a bank, what else do you wish we did?
  3. Who should you tell about us?

Acting on the responses to these three key questions will not only help your customers to become even better customers, but they’ll tell others about you, and there’s no substitute for the effectiveness of word-of-mouth.

Why do you enjoy banking with us?

It could be that you approved a business loan when other banks wouldn’t, one that specifically meets their needs, lifestyle and financial. They might have had a fantastic experience with one of your small business specialists regarding start up, credit cards or insurance, and their business has been successfully launched as a result.

Whatever the reasons are that your customers enjoy banking with you, you need to find out. And it’s the kind of feedback they won’t generally give you unless you ask. Once you’ve found out what you’re doing so well, you can then:

  • Do it more often
  • Identify patterns within your customer demographic
  • Encourage them to do more business with you

As a bank, what else do you wish we did?

You know you’ve got some satisfied customers, because you’ve asked them what they enjoy about doing business with you. Now it’s time to find out what else you can do. Consider the transactions your customers are working through with you, and ask them what else you can provide. They might provide you with an idea for a service that no other bank is offering, and this will boost your competitive advantage with a minimal effort on your part. But you won’t know unless you ask.

Who should you tell about us?

It’s all about the power of word-of-mouth. It’s the most effective – and cheapest! – advertising you can engage. If people like doing business with you, chances are pretty good that they’re thinking about friends, family or colleagues who would also benefit from becoming your customers.

So make it easy for them to spread the word about you. You can:

  • Offer them incentives for bringing in new customers
  • Encourage them to network with potential clients through industry events

If you’ve given your customers a good reason to spread the word about you, it enhances your brand and attracts new customers.

So put some effort into asking your customers these three questions. They are simple, you can act on the responses effectively, and strengthen your existing relationships while creating new ones.

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