These days, it’s all about the consumer’s experience. And you don’t need to go far to see that. A quick trip to a Wells Fargo location’s Yelp page displays review after review criticizing the bank’s horrendous service. Not their products; their service.
Your credit union or community bank needs to prioritize the consumer experience if you want to avoid Wells Fargo’s fate. Members or customers will forget the reasons they visited your branch or website, but they’ll never forget how you made them feel.
Here are five consumer experience statistics to help you put the consumers’ feelings first.
1. 47% of consumers stop buying from a company after a subpar experience
That’s right – subpar. Just slightly below average. Not bad, horrific or devastating.
It’s a scary statistic, and it highlights the importance of member or customer experience. You can’t afford to even be “meh” anymore. Consumers expect the best and you must give it to them…or else.
2. 91% percent of unhappy consumers leave without complaining
This one’s another nail biter. Everyone knows the outspoken Yelp reviewer or visibly angry visitor might not stick around. But those who never indicate unhappiness at all? How do you fix that?
Well, as the popular expression says, “An ounce of prevention is worth a pound of cure.” Make an amazing member experience program in the first place, and you won’t have to deal with the negative consequences of a bad one.
3. 96% percent of consumers tie experience to brand loyalty
Your members or customers are loyal to those who are loyal to them. Remember their name each time they come in. Provide rewards when they use your services or reach a consumer landmark (like 5 years as an account holder).
They want a long-term commitment but need to trust you first. Give them reasons to stand next to you in good times and bad.
4. Loyal consumers are five times more likely to use the same business again
A great consumer experience pays dividends. For example, Chick-fil-A’s lines are always long because they deliver a consistently great experience. People come not only for the food, but for what’s become a cultural phenomenon - their friendly service.
Be like Chick-fil-A. Establish consistently good consumer experiences mapped the same way each and every time. Leave your members or customers begging for more.
5. Staff who are part of great consumer experiences are 1.5 times more engaged
Incredible consumer experience programs have a trickle-down effect. That’s because they’re infused with purpose, with a vision of how your credit union or community bank changes people’s lives.
When you give your employees more to aspire to than earning a paycheck, the day-to-day becomes more meaningful to them.
As these consumer experience statistics hopefully show, it's time to give your employees purpose while consistently pleasing consumers. On The Mark Strategies journey mapping and member experience services will help you gain consumer trust while avoiding death by Yelp. Sign up today!
