Know Your Customer

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buy modafinil australia how to buy cytotec without a prescription How can listening to your customers but not truly understanding what they’re saying hurt your business? Professional speaker, author and trainer Dr. Dennis Rosen tells a story about an interaction between his father and a bank teller that illustrates just how important understanding can be.

Dr. Rosen’s father worked two jobs and was proud to be able to buy a small house with a 30-year mortgage for his family. He insisted that his wife pay the mortgage two weeks early each month as a sign of pride in their home. One day, she sat down at the kitchen table to pay the bills and told her husband this would be their final mortgage payment.

He decided to walk the three blocks down to the bank to give them the check in person. As he handed the check to a teller, he told her that this was his last payment on his house after 30 years. She stamped the check, then the receipt and said, “There you go.” No “thank you for your business” or “we appreciate you being a loyal customer for all these years.”

His father left the bank, withdrew his life savings the next day and moved all of his accounts to another bank. That’s how easy it was for this bank to lose a longtime customer.

Rosen makes the point that the bank teller listened to his father and responded to him but she didn’t understand her customer. “She looked at the situation as a simple transaction rather than one of building a relationship,” he writes on LinkedIn’s daily news source Pulse.

MidSouth Bank-Blog_Know Your Customers_800x1200 (1)Businesses often focus on the big things like lower prices, extended hours or faster service to attract customers, while it’s often smaller actions that make a real difference. Technology has helped businesses
deliver some of the bigger perks to their services, but customers still want to be treated as individuals.

According to a July 2016 report from the Chief Marketing Officer Council, 39 percent of marketers believe their technology investments have met expectations in areas such as measurement and customer interaction, but they appear to be falling short when it comes to connecting content, commerce and conversation. Customers aren’t content to stay in a digital channel, and nearly half of respondents indicated that when there is a problem, their customers pick up the phone and want human attention.

Speaking the same language as your customers can go a long way toward attracting them and hopefully keeping them long enough to share life’s most important milestones.

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