Converting customers into advocates

A few weeks ago I was having lunch with a banker friend from a top Malaysian institution. I asked him what he believed to be the most effective form of promotion for a bank. Without hesitation he said customer advocacy. Although that was what I was thinking—I did not expect this to be his first answer. I am not sure why I was surprised, after all, a recommendation from someone we trust is the way most of us prefer to make any vendor choice. When we are faced with two or more options we feel safer following in the footsteps of a friend or a peer who has had a positive experience. It just struck me as an uncharacteristic answer coming from a banker because the traditional bank marketing approach relies heavily on mass communication through traditional advertising mediums. One-to-many communication doesn’t go far in cultivating advocates.

So what does? Focusing organizational resources (personnel and infrastructure) to:

• Consistently deliver exceptional quality products – that are personalized, relevant, intelligent
• Consistently provide exceptional quality service – know your customer
• Consistently create exceptional experiences on all channels – especially the channel of each customer’s choice
• Build a marketplace reputation for consistently providing a WOW experience – exceed customer expectations

There’s clearly a theme here—consistency. When customers can rely on the fact that they will get responsive, personalized service every time they interact with your bank, and that you are offering them products that will make their lives easier as well as help them to meet their financial objectives, loyalty will follow. The act of providing them with offers and service that enhance their positive feelings about your products will “convert” customers into advocates or ambassadors for the institution.