Firstly, I’d just like to say that I am developing a deep frustration with Leeds Bradford Airport. By the end of this article, you’ll know why, and you’ll no doubt be able to relate my views to your own on something in your work or personal life.
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As consumers, it’s true to say that we like good service, but not every establishment’s service needs to be the same. Being treated shoddily in a hotel is a sure-fire way to guarantee they never get your custom again. However, that doesn’t mean every hotel has to provide the same level of service to win your custom.
If you book in to the Ritz, your expectations of the way in which you will be treated will be very different than if you had booked in at a Travelodge. Likewise, you would expect a very different level of service if you were going for lunch at The Ivy, rather than nipping in for a quick burger at McDonalds.
That doesn’t mean that Travelodge or McDonalds offer a shoddy service. When you go for a Big Mac, you expect to stand in a queue, have no plate and be in and out in 10 minutes. At The Ivy, you expect to eat the finest food, receive highly personal service and receive a bill that would probably keep you supplied with Big Macs for the rest of your life.
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Meeting expectations
The key issue is that companies need to meet their customers’ expectations and deliver a consistent level of service, regardless of whether they’re proving a low cost or premium priced product.
This is when I get on my soapbox. I’ve done a considerable amount of flying recently from Leeds Bradford airport. So much so that I have just reached gold card status with BMI for the first time in seven years of being a customer. The thing that is bothering me is simple, but infuriating. Every time I check-in, the procedures are different. It’s driving me mad and is definitely having a negative impact on my opinion of the way in which the airport is run.
As a marketer, I am maybe more aware than most that consistency is king. Being able to deliver in a predictable and reliable manner is critically important, especially in a business environment where not meeting clients’ expectations can actually cost them money. But this isn’t just a marketing issue. Lenders are very mindful of the need to get service right first time. If we don’t, then brokers can be left not only with an irate client, but also out of pocket if shoddy service means a deal does not complete.
I’m not saying for one moment that lenders always get it right, as I’m sure most brokers can testify. However, it is a clear objective most are working towards. One way of achieving that objective is to make greater use of technology and there is no doubt that online systems have helped. Although good service is something we all tend to associate with people, it is often technology which brings the greatest advances.
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Major issues
The same principles hold true for brokers, whose very existence depends on providing good service. Unfortunately, brokers have two major issues to address. The first is that they are not totally in control of the service they offer. If a lender or insurer lets them down, it is their business which stands to suffer the damage. Dealing with lenders who can offer a proven and reliable service is therefore critically important.
This is particularly so in the specialist sector, where competition is increasing dramatically, but many of the lenders who are dipping their toes into the non-conforming waters for the first time have no track record. To compound the problem, enticing offers to attract new business have often swamped ill-prepared processing centres, who fall behind and find themselves suffering backlogs. There’s a lot to be said for working with firms you know and trust.
The second issue is that brokers have to provide service standards which are every bit as good as, if not better than, major high street financial institutions. Why? Because consumers have a choice and their choice is to either buy financial products and services direct from well-known brands, or to seek the advice and independent expertise of a professional adviser. Consumers will only choose to abandon the security of buying directly from a well-established brand if they believe they will get a better deal by going to a broker.
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Consumers are also becoming more demanding. They expect companies to get things right first time and are intolerant if they don’t. The internet has made comparing and contrasting offers so much easier and people are now more critical of the service they receive.
Brokers therefore need to consider their own businesses in the same terms. How efficiently and effectively are new client enquiries dealt with? How well are clients kept informed of progress with their application? Are phone calls channelled efficiently to the correct adviser, or is there the danger that clients inadvertently gets passed from pillar to post? The devil is in the detail and getting the detail wrong will increasingly cost brokers in terms of lost business.
Continuing to operate in the way you have done in the past is no guarantee of future success. How you deliver a service to your clients is key and is well worth re-examining regularly. There is only one airport in Leeds, so I have to bite the bullet. Your clients are likely to find alternatives easier to come by.
