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Table of Contents

Lead Story

Agents of change

News

Industry Update

Private label, public dilemma

Fed insures open loop cards

Reading Black Friday tea leaves

PCI help on the way

Boost online loyalty with new tales

Features

From restaurants to revenue streams

The archetype in the mirror

The archetype in the mirror

The archetype in the mirror

The archetype in the mirror

ISOMetrics:
The spend of Holidays past

Views

Consumers' new mantra: Shop smart

Patti Murphy
The Takoma Group

Embracing PA DSS compliance

Dave Faoro
VeriFone

Gear up now for PCI PED compliance

Biff Matthews
CardWare International

The case for collecting fees

Ken Musante
Humboldt Merchant Services

The case for collecting fees

Ken Musante
Humboldt Merchant Services

Education

Street SmartsSM:
E-commerce essentials

Jason Felts
Advanced Merchant Services

Shifting focus for 2009

Christian Murray
Global eTelecom Inc.

Recruiting top college grads

Curt Hensley
CSH Consulting

A little analysis, significant rewards

Jeff Fortney
Clearent LLC

Looking beyond PCI

Tim Cranny
Panoptic Security Inc.

Preparing risk departments for the holidays

Deana Sellens
Take Charge Business Consulting LLC

10 ways to prevent credit card loss

Gino Kauzlarich
MerchantService.com

Company Profile

On-line Strategies Inc.

New Products

Lift that tradeshow burden

Rotolift
Jelco Inc.

POS in a box

HP rp3000 POS bundle
Hewlett-Packard Co. LP

Inspiration

Ditch the holiday roller coaster

Miscellaneous

POScprit

Departments

Forum

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

December 08, 2008  •  Issue 08:12:01

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Boost online loyalty with new tales

In an Aite Group webinar, Senior Analyst Ron Shevlin discussed ways in which financial institutions should reevaluate their marketing philosophies to strengthen customer loyalty. "Whatever it is they're doing, it isn't working like it used to," Shevlin said.

According to Shevlin two factors negatively affect customer loyalty:

"Self-proclaimed advertising gurus" mislead businesses, Shevlin said. "A customer's level of engagement grows when they are allowed to tell themselves stories in order to rationalize and justify their behaviors, which is critical for payment professionals to pay attention to."

Story time

Shevlin explained that successful brands tell stories that consumers buy into. Consumers then make purchases online based on those stories. "It wasn't so much the advertising message that got people to buy time and time again," he said. "What got them to stay loyal to a particular product or company was the internal story in their head."

Customers had gone through positive experiences at their financial institutions and "consequently were in a better position to tell these stories, not only to themselves, but to others as well," Shevlin said.

"In my research, it came down simply to three things: customer service over and above what was expected, assistance in helping customers make the right financial decisions and being really easy to do business with," he said.

Shevlin noted that the perception financial institutions want to foster is that businesses do what is best for customers and not the other way around. "We've all heard stories about why customers stay loyal," Shevlin said. "Sales agents lived up to the values portrayed in a company's ad or Web site. They listened to a merchant's problems or concerns and, most importantly, responded quickly to their inquiries."

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | USAePay | Super G Capital LLC | Humboldt Merchant Services | Impact Paysystems | Electronic Merchant Systems