Columbia Financial Customer Satisfaction Strategy

Columbia Financial 20 Customer Satisfaction Strategies

Today almost every country measures the level of customer satisfaction in one way or another, Columbia Financial is no different. It measures customer satisfaction both directly by asking its customers and indirectly through various data points in the customer journey experience.

20 Customer Satisfaction Strategies that Columbia Financial can use are -

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Be fair

Customers expect to be treated fairly, regardless of their circumstances. Make sure Columbia Financial policies are clear and that it enforces them consistently.

A Understanding What Columbia Financial Customers Expect

Customer expectations are often grounded in the value proposition that Columbia Financial is offering to its customers. The key to keep high customer satisfaction is to provide a customer with slightly better offering than what she is paying for. Customers are intelligent to assess when they are getting more than what they are paying for. If they perceive that they are getting more for what they are paying for then the satisfaction level is higher than a scenario where customers are paying premium prices for premium offerings.

Be reliable

Customers need to be able to rely on your business to deliver on its promises. Make sure Columbia Financial meet its deadlines and that it deliver the products or services that Columbia Financial have promised.

Be responsive

When customers contact Columbia Financial with a question or problem, be sure to respond promptly. A quick response shows that Columbia Financial value their business and that it is committed to resolving their issue.

Be transparent

Customers want to know what to expect from Columbia Financial. Be transparent about your pricing, policies, and procedures.

Appreciate Complaining Customers

In the Regional Banks industry, most companies treat complaints as annoying that take time and resources to manage. But research has shown that customers who complain are often more invested into the future of the company. Secondly if the firm successfully handles the complaints of the customers then the customers tend to more loyal to the firm in long run. Third resolving complaints can help the company to fine tune its offering, build better value proposition, innovate, and increase the rate of future success.

Be flexible

Things don't always go according to plan, so be prepared to be flexible and accommodating. If a customer is unhappy with something, do your best to find a solution that works for them.

Be helpful

Customers want to feel like they can get help when they need it. Make sure Columbia Financial employees are knowledgeable and that they're able to answer customer questions and resolve problems.

Be positive

A positive attitude can go a long way in customer service. Make sure Columbia Financial employees are friendly and helpful, and that they make customers feel welcome.

Fixing Company Customers Disconnect

Companies today actively measure, monitor and manage customers’ experience. Columbia Financial needs to map the whole customer journey and look for areas where it can improve the customer experience. Fixing the company customer disconnect can help the Columbia Financial to fix smaller bumps on the customer journey rather than doing the big ticket items such as product innovation, product re-development, building new distribution channel etc

Be proactive

Don't wait for customers to come to Columbia Financial with problems. Reach out to them regularly to see how things are going and to offer assistance

Stick Around and Be Loyal

Customer loyalty has increased across the board over the last decade and half. According to research millennials, customers born between 1981 and 1996, are comparatively more loyal to brands than the previous generations and the later generations. So if companies stay longer in the game, actively resolve customer complaints, and inculcate suggestions in the product and services development then the customer satisfaction grows gradually.

Satisfied Customers Drive Financials

Customer satisfaction is highly related to the financial performance of the companies. According to ACSI research the companies that consistently feature on higher customer satisfaction compare to its competitors deliver better financial returns. Based on ACSI research between 2000 and 2014 the stock portfolio of high customer satisfaction delivering companies outperformed the S&P 500 more than 17 times.

Satisfaction is always comparative

Customer satisfaction is also highly correlated with the macro economic growth and a nation’s economy. If the economy is doing well then customers have higher spending power and they have more scope for diverse spending. In such a scenario, customer satisfaction across the board is comparatively higher if the economy is going through a recession. So Columbia Financial should focus on customer satisfaction in a comparative sense – how the Columbia Financial is doing compare to its competitors. And secondly how satisfied customers are with the players in an industry that it operates in. For example customer satisfaction with oil brands overall is not positive but among brands customers still show loyalty in the whole sector.

Be personal

Customers want to feel like they're dealing with a real person, not a machine. Use their names, personalize your communications, and make them feel like they're valued

Customer Satisfaction as a Strategic Asset for Columbia Financial

Columbia Financial needs to treat customer satisfaction as a stragetic asset. Customer satisfaction is infact more critical than all the other factors in the VRIO analysis, a strategic tool to assess the importance of resources, imitation ability of the competitors, and organizational competence.

The strategic goal of the company should be to optimize the customer satisfaction level, not to maximize it. Customer satisfaction requires certain trade-offs. For example when the company is small it initially attracts customers who are looking for specific features and who become brand evangelists if they like the products. So the customer satisfaction levels at this stage are high. But once the brand attract heterogeneous customers then the satisfaction level come down as different customers have different requirements.

Quality, Reliability, and Customizability Performance Matters

Quality perception of customers is rooted into two factors – reliability and customizability of the product. Reliability is how long the product will last, customizability is how a customer can adapt the products to meet needs. Focus on reliability and customizability also depends upon the product market fit and stage of evolution the product is at. For example earlier in the product evolution, customers give high score to quality then customizability. But once the product reach the maturity stage then quality becomes reliable across the board and customers value customizability or design elements.

Listen to your customers

The best way to find out what Columbia Financial customers want is to ask them. Set up surveys, focus groups, or simply ask for feedback after a sale or service interaction.