The banks have often been on the receiving end of my tongue for providing lousy non-customer focused service. The first bank that really gets switched on to service in ANY country will make millions.
However, I came across a survey that may indicate why “lip service” is more often the case than real down-to-earth service.
The survey was done in the banking industry and it noted that if a customer had only one of the bank's products, the likelihood of them remaining a customer in 5 years was just 15 per cent (in other words, on average, 85 per cent would have switched banks.)
When the customer used two of the bank's products, the chances of them being a customer in 5 years time jumped to 45 per cent.
And when the customer used three of the bank's products, the chances of them remaining a customer for 5 years leapt to 90 per cent.
In the banking industry, this is referred to as “the glue of multiple products.”
I guess these figures might make sense across a lot of other industries too. Basically, the more frequently people deal with you, the harder it is for them to change.
So, product development to “glue” the customer to you seems like a good idea, and when you do develop the product, do be sure to involve the customer in designing it with you. After all, who knows better than a customer how you could serve them better.
As specialists in business development too, we can help you build yourself a better business. So give us a call. We can start off simply with a planning session before deciding to go on. That way you are under no pressure, and the choice to go forward is totally under your control. And remember what we said about our guarantee.
