The simple meaning of French philosopher, Rene Descartes’ phrase is that if someone is wondering whether or not he exists, that is, in and of itself, proof that he does exist. However, too many banks and credit unions ignore the inherent value of the voice of the customer (VOC) in their product development and marketing processes.
Consumers want a marketplace that is in direct parallel to their lifestyles, and one that puts them more in control of their buying experiences. They want to share their personal insights so that companies will be better equipped to respond to their specific needs. Consumers don’t want assumptions made about their needs and preferences. They want companies to hear their voice and to make more relevant decisions in their product development. And their personal preferences are the deciding factor in the choice of products they deem to have relevance to their lifestyles.
Consumers want to be part of the process. They want to participate in the creation of their products. They have the power because through technology they already know what many of their options are before they walk into your financial center.
Who do we talk to?
Current customers are the first source of information if the product is aimed at the current market. Potential customers are the primary source of information if the product is aimed at a new market. In addition, talk with competitor’s customers. They provide a good source of information on the strengths of competitor's products and why they don't buy from you.
During customer discussions, it is essential to identify the basic customer needs. Frequently, customers will try to express their needs in terms of HOW the need can be satisfied and not in terms of WHAT the need is. This limits consideration of development alternatives. Development and marketing personnel should ask WHY until they truly understand what the root need is.
Challenge, question and clarify requirements until they make sense. Document situations and circumstances to illustrate customer needs. And then address the priorities related to each need. Not all customer needs are equally important. Use ranking and paired comparisons to aid in prioritizing customer needs. Fundamentally, the objective is to understand how satisfying a particular need influences the purchase decision.
Incorporating the VOC is the key to deepening existing relationships and gaining new ones. Whether it’s through focus groups, customer advisory boards or surveys, banks and credit unions need to be more proactive in order to stay relevant to their customers. Consumers are more than willing to share their insights and needs.
As Rene Descartes once said, “Divide each difficulty into as many parts as is feasible and necessary to resolve it.”
Carpe Diem,
Nick Vaglio, CFMP
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