Customer satisfaction is a desired result for companies, but to truly achieve an emotional relationship they need customers to also be fully engaged.
A recent Gallup survey of the U.S. Retail Banking Industry revealed that customers who are extremely satisfied with their bank are more likely to consider their bank for a host of products, services, and increased deposits. But, the survey also shows that satisfaction without emotional engagement winds up missing the true value of the customer.
Less than half (45%) of customers surveyed who are satisfied said they would consider their bank the next time they needed a product or service. But that figure nearly doubles to 83% for customers who are both satisfied and fully engaged. These types of customers are also more likely to open new accounts, switch an account from another bank, increase their balances, add ancillary products and services, or obtain financial planning advice compared to customers who are just satisfied.
According to the survey, companies that rely on customer satisfaction surveys as their main gauge of the customer experience are missing out on several other cross-sell and upsell opportunities.
Gallup research has shown that starkly different customer behaviors emerge when the customer is not only rationally satisfied, but also emotionally attached. Emotional attachment starts with satisfaction, but adds elements of confidence, integrity, pride, and passion.
Customer satisfaction can help build strong customer relationships, but shouldn’t be a brand’s cornerstone for success.
Emotionally satisfied customers are extremely satisfied with the products and services the company provides and have a strong emotional attachment to the company.
Rationally satisfied customers are also extremely satisfied with the company, but lack the strong emotional connection of customers who are emotionally satisfied.
According to the Gallup survey, 54% of satisfied and fully engaged customers would increase balances in existing accounts, compared to only 30% of satisfied, but not fully engaged customers. What’s more, 27% of satisfied and fully engaged customers would add another account, compared to 17% of satisfied, but not fully engaged customers. Also, 25% of satisfied and fully engaged customers would open an investing account, compared to just 12% of satisfied, but not fully engaged customers.