Saturday, January 17, 2009

Brand loyalty and client satisfaction

Brand loyalty is the level of a client's committment to repurchase the brand. For MFIs, profitability tends to come in later loan cycles, so committment to take another loan is critical. I've talked a bit about client satisfaction, but frequently clients who claim to be satisfied with the loan product switch to another MFI. Making clients feel "satisfied" isn't enough to retain clients, and it isn't enough to generate positive word of mouth, either.

Loyalty is created when MFIs go the "extra mile," for example with spectacular service. What do your loan officers do to make clients rave about your MFI? Comment below and let us know!

Action item:
Spend a day observing your top loan officers - the ones who produce the most loyal clientele. How do they create that "wow" factor that delights clients? Can their techniques be replicated?

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