How To Top Up The Increasingly Important Emotional Bank Account

If you examine your current customer service and customer experience… Is it amazing and blowing people away or is it pretty average? Do your customers experience the same consistency between different team members or is there a vast difference?

To understand our customer experience we need to look at something called the "emotional bank account". Every one of our customers has an emotional bank account, and just like a normal bank account you can make deposits or withdrawals.

Much like a real bank account, you can’t go to the emotional bank account and try to make a withdrawal when there has been no deposits made...

How does this relate to customers? Every interaction you have with your customer is either going to make a deposit into or a withdrawal from their emotional bank account. Positive experiences, delivering value and showing you care are deposits because they make the person feel good. A poor interaction, sending them something irrelevant, asking for something and trying to sell are all examples of withdrawals.

The key to business success is designing a customer experience that ensures that lots of deposits are being made into our customers’ emotional bank accounts so that we can make a withdrawal from time to time.

How Do You Make Deposits?

There are some really basic things you can do to boost the deposits, and these are really just basic customer service. Smiling, being upbeat and using people's names will give people are good experience and give you some quick deposits into their emotional bank account.

But other than basic customer service, where you really need to work on as a business is figuring out what the critical moments are in the sales process, buying process and post-purchase stages. There are critical stages which give you massive opportunity to create deposits and if you get them wrong can actually be quite costly.

For example, once a sales has been made, buyer’s remorse might set in and people may start second-guessing their decision. To combat this you could make a deposit by reassuring their decision. For example in my business, shortly after joining one of our mentoring programs or mastermind groups we send a gift basket and a note congratulating them on the great decision they made. Then they get a call from my Client Care Coordinator saying "Congratulations on one of the best decisions of your life!" All these deposits are engineered into the post-sales process at those critical moment.

Another key deposit we make is at our community events, we make sure prospects get the opportunity to come and meet other business owners in the community and hear stories of people who have been creating results from working with us.

I want you to think about your customer experience. What are the keys stages that are happening in your business where you need to be making stronger deposits into the emotional bank accounts of your customers? That way, if anything ever goes wrong, you’ve got enough goodwill saved up that you can make a withdrawal if you have to?

I’m hoping this video is a perfect example of a deposit, I’m providing value to you, helping you out without asking for anything in return. If you need assistance in this area consider getting in touch to see how we can help you. Alternatively you can come along to one of my business workshops and seminars such as Profit or Perish to learn the 7 Success Strategies to Ensure Your Business Thrives in Perth’s Slowing Economy.

Comments are closed.