Other Ways to Gauge Customer Satisfaction: Don't Limit Yourself Strictly to Direct Customer Surveys. You Can Also Gather Useful Information Indirectly through Social Media and Regulatory Agencies Such as the Consumer Financial Protection Bureau (CFPB)

By Ramirez, Steven J. | ABA Bank Marketing, September 2013 | Go to article overview

Other Ways to Gauge Customer Satisfaction: Don't Limit Yourself Strictly to Direct Customer Surveys. You Can Also Gather Useful Information Indirectly through Social Media and Regulatory Agencies Such as the Consumer Financial Protection Bureau (CFPB)


Ramirez, Steven J., ABA Bank Marketing


Building your bank's reputation for exceptional service can help you to maximize the impact of your marketing budget. When customers have a positive experience, they deepen their relationships. When they deepen their relationships, they increase their balances and are more likely to consider cross-sell offers--and are less likely to leave. These customers can also generate word of mouth and drive revenue growth by recommending your bank to others.

Every bank wants happy customers, but you cannot effectively grow the number of these customers until you start systematically assessing the strength of their satisfaction. So are there easy ways to measure customer satisfaction?

Gaining customer intelligence

Banks can now transform a wealth of data into actionable insights to enhance their business and improve overall customer satisfaction. Making sense of this data requires banks to strategically gather information throughout the entire customer lifecycle.

You can think about the customer lifecycle across five stages: awareness, pre-sales, sale, customer service and advocacy. Effectively managing the lifecycle requires banks to focus on monitoring and constantly improving the customer experience at each stage.

A diversity of different types of data makes for richer customer insights. As you develop your approach, you should consider:

* Internal data (customer feedback, calls, surveys).

* External data (social media/public message boards).

* Regulatory data (CFPB).

There are three strategies your bank can pursue to gather the customer data needed to build stronger interactions. Each strategy can leverage traditional feedback mechanisms, such as person-to-person interactions or phone calls, as well as digital channels.

Strategy 1: Customer Satisfaction Surveys

Even the smallest financial institution has the capacity to develop and implement an effective customer feedback survey. Surveys can help you learn more about the customer experience and establish a benchmark for measuring customer loyalty over time.

Your approach to developing a survey, including what questions you ask and when you ask them, will depend on your marketing priorities. For example, with a personal line of credit customer, you might solicit feedback after an initial meeting with a banker, gather input on how they felt about the closing process, and months later survey how well your bank is meeting their ongoing financial needs. Open-ended questions are especially valuable, giving you meaningful, descriptive data in the customer sown words.

An effective customer satisfaction survey should address a variety of common interactions that consumers have with the bank. The survey should measure customer perceptions of the bank's effectiveness in delivering on key metrics across the institution, such as sales, service and product direction.

Strategy 2: Social Media Analytics

Facebook and Twitter have become public forums for customers to share their experiences and opinions, both positive and negative. Banks not paying close attention to what their customers are saying about them online are missing out on an invaluable opportunity. Analyzing feedback via social media allows banks to pinpoint specific customer concerns and proactively address them much faster than ever before.

What should you look for when you review social media feedback? Monitor social networks for disgruntled customers, both yours and those of your competitors. Try to identify and track comments that refer to specific products, channels or customer segments.

You should also monitor social networks to learn from your competitors. A social media case study illustrates how JPMorgan Chase & Co. maximized the value of the banks community sponsorships. For the past 35 years, Chase has hosted the Corporate Challenge, a series of 3.5-mile footraces in cities across the globe that raise money for local nonprofit organizations. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Other Ways to Gauge Customer Satisfaction: Don't Limit Yourself Strictly to Direct Customer Surveys. You Can Also Gather Useful Information Indirectly through Social Media and Regulatory Agencies Such as the Consumer Financial Protection Bureau (CFPB)
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.