Customer retention comes down to one simple thing: Having a good reason to stick around. In this presentation for the banking / finance industry I argue how brand and design strategy is not only underused in the category, but also, if used properly, can represent a cost effective way of creating loyal and motivated customers.
Some core arguments:
- Online is the most important interface in the relationship between the client and the company (especially in banking and finance). Still many companies waste this opportunity by adhering to sterile, engineered calculators.
- It’s not about tools or applications, but the bigger picture. Helping the customer achieve a goal through tailored, specialized applications delivering on the brand promise – and by that differentiating oneself in the marketplace.
- Emotions and aesthetics are about motivation – inspiring people to learn and use what is offered. Services often disappear because they lack the ability to motivate use.
- Visualizing existing data sets creates meaning where there was none, but also learning and even new services.
- Personal banking should think of itself as a membership platform, committing itself to fill the customer relationship with valuable offerings and services.
- It’s not about creating a psychological value-layer “outside” the product or service. But having the brand strategy define and guide the development and design of the services and/or offerings themselves. The brand is the promise, the service is the proof.