Looking into the Consumer Mind

Emotional engagement and preference drive business success. It’s as simple as that, as recognized a century ago by banker J.P. Morgan when he wrote, “A man makes a decision for two reasons: the good reason, and the real reason.”

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Consumers no longer march in lockstep to trend dictates. Nor do they rush lemminglike to wherever advertisers point them. It used to be that if a company could offer the next big thing to their customers just a few steps ahead of the competition, they were assured of market supremacy and brand loyalty. Not so any more.

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The following excerpt discusses the influence of a single word. While reading, consider how because could benefit your financial institution. How could providing more reasons for your actions help to deepen the connection with customers and members? How could employee engagement be improved if you enacted a similar policy internally?

We are all vulnerable to the vitality of “customer” relationships. In business, they leave us economically vulnerable. But we are even more fragile in our private lives. Our mental, emotional and spiritual sense of wellbeing is deeply tied to the quality of our personal relationships. After all, our loved ones are “consumers” of us — our thoughts, moods, values, interests and personality. And each day they, these loved ones, vote their feelings by the quality and level of intimacy of attention they give us.

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Let’s face it. The consumer today is clearly in charge — and this reality could not be more apparent than in financial services. Customers and members are highly skeptical and selective, and emotions often trump reason in where they direct their business.

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Don't ever underestimate the power of sounds in shaping the customer experience.

A regional bank leverages Deluxe ID TheftBlock to build competitive advantage and drive business to one of its most profitable levels of service.

Over the last year, Collaborative members worked on a new problem-resolution approach for branches and call centers. They conducted internal audits and extensive field research to meet their objective, which included carefully evaluating the current experience for customers and members, and ultimately designing a new problem-resolution experience.

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Consumer behavior continues to evolve in unexpected ways. Who could have guessed we’d one day be attending to a prevailing desire for openness and authenticity? Consumers today are well informed, unwavering and scrupulous. But they also vary widely in their expectations of authenticity. One size does not fit all.

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