Hey, hi, hello
Customer service is marketing too; it deserves the same attention and care.
Read on to learn why:
① A customer complaint is an opportunity to impress.
② Your marketing team should have close ties to your customer service team.
③ Customer retention remains one of marketing’s most important challenges.
④ Finance is hard, even for the smartest of technologists.
⑤ Content marketing’s purpose should be to deliver value. In good times or bad.
⑥ We’re all ambassadors for our employer and must always act accordingly.
⑦ Central bank digital currencies hold enormous promise.
What's new
To borrow from Airplane!, looks like I picked the wrong week to remortgage. Having made two appointments with high street lenders to discuss my requirements, I was surprised when neither of them called at the agreed time. As is my habit, I took to Twitter to complain.
In short:
Both brands’ customer service teams responded promptly - but in ways that could not have been more distinct.
Lloyds Bank said: “Hi Andrew, I'm Lara. I'm very sorry to hear this. Can you please DM us to confirm the time of your appointment and the name of my colleague that was supposed to call you?”
Natwest said: “Hey Andrew , i know that the team are flat out at the moment with everything that is going on , but if the call was a ranged i would expect the to make it , you can start a web chat to the team and they can look in to the remortgage for you . Just go to the speech bubble. Mike”
Why it matters
① You might think that a customer complaining about your brand on social media is a bad thing. Okay, look, it’s not a great thing. But a good marketer recognises it as an opportunity. I’d always prefer a customer complain in public than in private. In private, you’ll likely just lose a customer - and your brand will be tarnished to anyone they talk with. But in public your brand has the chance to impress them (and those watching) with your reaction.
The trick, of course, is getting that reaction right. You need to be prompt, apologetic, and offer clear information with a tangible remedy. In too many organisations, this is left to often poorly trained and not properly empowered ‘customer service’ teams. This is a tragedy because these kinds of interactions are critical - and thanks to social media often public - customer touchpoints. They have a strong and direct influence on whether that person wants to continue their relationship with your brand. They should be considered a marketing function.
My interaction on Twitter this week with Lloyds and Natwest matters because it’s a concise lesson in how to do it right. And how to do it wrong:
Key message: Lloyds owned their mistake and apologised straightaway. Natwest made a long-winded and irrelevant excuse, blaming outside factors and delving into internal organisational matters that I care not one jot about.
Call to action: Lloyds offered to follow-up on this for me. Natwest told me it was my problem and I should talk to the “speech bubble” on their website.
Tone of voice: The Lloyds rep opened with a friendly “Hi” and introduced herself immediately. The Natwest rep opened with the overly familiar “Hey” and didn’t introduce himself until his curt closing line.
Grammar: Lloyds’ message is gramatically flawless. It’s clear, correctly punctuated and provides comfort that I’m talking to an intelligent adult. Natwest’s consists almost entirely of one long - in parts - indecipherable sentence. It makes me think I’m talking to an ill-educated child.
Attention to detail: Lloyds’ message is free of any typos or other mistakes. Natwest’s message is littered with typos and confusion. One is professional, the other just isn’t.
What to do about it
Take action
First, review some previous issues of IMTW to remind yourself why
② Now, if it’s not already the case, I suggest you take the time tomorrow to ensure your marketing team is tightly integrated with your customer service function. That doesn’t mean Customer Service should report to your head of marketing but he or she certainly needs visibility on that team’s activities and an opportunity to influence, guide and train them if required.
Get help
Visit InMarketing, my resource library for leaders in finance or technology who want to innovate, interact and influence.
Join my InMarketing Twitter community, where you can ask questions or comments of me but also your fellow community members of senior marketing practitioners.
Share
Can I ask you a favour? If you found this useful or know someone who would, please share it. It would really help me to grow the community of regular IMTW readers.
Top stories
The other articles that are worthy of your time.
FINANCE
Wealth managers and advisers miss out on intergenerational business
③ Customer retention remains one of marketing’s most important challenges.
“Financial advisers and wealth managers are failing to secure business from relatives of clients who passed away. Only 37% of retail investors who received ‘major inheritance pay-outs’ over the last decade were contacted by the adviser or manager who had previously worked with their family.”
“Of those who are contacted, more than a third (35%) decided to take their business elsewhere.”
“Greg Davies, head of behavioural finance at Oxford Risk, said: ‘Wealth managers and advisers that can offer more personalised communications experience a higher prospect-to-client conversion rate. Leveraging the latest technology to better understand clients’ financial personality and circumstances can help advisers and wealth managers address all clients in the ways that most resonate with them’.”
TECHNOLOGY
Apple Pay Later is reportedly facing ‘technical and engineering’ issues
④ Finance is complex, highly regulated and just plain hard, even for the smartest of technologists.
“Apple Pay Later is facing some ‘significant’ setbacks that could delay its launch until next year. The feature is Apple’s version of a buy now, pay later service, letting you make a payment through Apple Pay and then pay it back in four installments without interest.”
“It’s not clear what these challenges are, but its rollout means Apple will have to take on new financial responsibilities. Apple Financing LLC, will handle the lending for Apple Pay Later while remaining separate from Apple’s main business. Apple currently partners with Goldman Sachs to perform credit checks and lending for Apple Card, the company’s Mastercard-based credit card, but it’s bringing these services in-house for Apple Pay Later.”
“Government regulators are starting to pay closer attention to BNPL services, such as Klarna, Affirm, and Afterpay, as they could potentially pose a risk to customers. Research indicates that BNPL customers struggle to make their payments and are more likely to overdraft when compared to people who don’t use the service. Once Apple Pay Later’s rolled out, it has the potential to reach even more users than other BNPL services, as the feature will be built straight into the iPhone.”
MEDIA & MARKETING
Marketing in difficult times
⑤ Content marketing’s purpose should be to deliver value. In good times or bad.
“During difficult times, all businesses should make time and space in their budget and schedule for content marketing.”
“Investing in content marketing now can win the loyalty of an audience who will become customers later.”
“This is not the time for self-serving content: Always aim to provide as much value as possible.”
WILDCARD
Apple exec now has a lot more time on his hands to 'fondle big-breasted women'
⑥ We’re all ambassadors for our employer and must always act accordingly.
“Now-former senior Apple executive Tony Blevins is leaving the company after appearing on a popular TikTok account that asks rich people with fancy cars what they do for a living. In the video, Blevins is filmed getting out of a Mercedes-Benz SLR McLaren as he says: ‘I have rich cars, play golf, and fondle big-breasted women. But I take weekends and major holidays off’."
“The video published on Sept. 5 prompted members of Apple's operations and procurement teams to report it to the human resources department. Apple then launched an investigation which resulted in Blevins resigning from his post.”
“Blevins, who was the VP of procurement, had been at Apple for 22 years and was one of the top tier of executives who reported directly to CEO Tim Cook. His hardball negotiation tactics with suppliers to cut down costs earned him the nickname ‘the Blevinator’."
Off cuts
The stories that almost made this week’s newsletter.
FINANCE
👨🏼🍳 ABN Amro poaches Commerzbank CTO Carsten Bittner
📦 HSBC considers leaving Canary Wharf HQ
👎🏻 Credit Suisse loses top dealmaker to Citigroup
📈 JPMorgan’s Chase UK hits 1mn customers as it takes on Goldman Sachs
🎬 UK banks decide to shut down the Paym payments system
TECHNOLOGY
🏦 CBDCs: The BIS has successfully completed a pilot with $22m transacted, the ECB is preparing, more central banks are exploring, and Lloyds Bank won Barclays’ hackathon
👮🏻♂️ Global think tank suggests blockchain in public finance can help reduce fraud
🦾 Tesla debuts an actual, mechanical prototype of its Optimus robot
😬 Fintechs champion Tech Nation, as faces uncertain future
⛓ Blockchain provider buys Singapore wealth manager
MEDIA & MARKETING
👫 How to increase the performance of your marketing team
🐦 Twitter’s first comms exec is building a comms network for execs
📰 Fleet Street giant Tony Gallagher named new editor of The Times
📧 Five strategies for better email marketing personalisation
🗞 Why B2B companies are entering the editorial space
The last word
⑦ Martin Hargreaves, chief product officer at Quant, writing about central bank digital currencies in City A.M.:
“CBDCs unlock many new and useful capabilities for consumers and businesses that are simply not currently available. They present a clear opportunity to cement our position as a global leader in fintech, and we cannot afford to miss out.”
Don’t settle for marketing.
Strive for InMarketing: innovate, interact, influence.
Wishing you a productive week,
P.S. I met a new friend in an old haunt this week. If you haven’t been to The Abingdon recently, give it a try. It’s still one of London’s best locals.
