Examining Individual Households And Customers Retention

Here is how you can get more customers through individual households…

Now you want to get more customers…

In my previous articles, I have talked about the different categories of customers you can have in an organization and the need for you to identify all types of the customer base as this will help you to plan your interaction with them and meet them at the right place with the right products and services.


In this article, I want to talk about the law of influence value in a household. Do you think my own choice as a person can affect my wife as a customer?  We want to look at how CRM can help you to make more household customers.

Examining Individual Households And Customers Retention
A household customer can be since as the type of customer that you make through an existing customer that is already a customer to your organisation. The customer in question is introducing his people because he is satisfied with your products or services.
If we look at the concept of household critically, we will see that it is ever dynamic. Some traditional organizations look at it from the aspect of surname or address but that is not always the case. A Customer Relationship Management savvy organization must widen the net if they want to maximize the influence of household value in a customer-centric enterprise.
In a traditional household which does not only include father, mother and their children. It may also include elderly parents who might not be sharing the same last name or address with the immediate family but they have the capacity to influence each other’s opinion as far as products or services offering is concerned.
When we look at this very well, there is a need for me to analyze the household relationship and the need for organizations to take cognizance of this while analyzing their customers as well. You should know that it is only when you are able to satisfy your customers that you can make more household customers
Once you have a savings account in Nigeria, the bank tends to underrate you. What most of the banks have failed to do is that they have not tried to trace the relationships of their customers with their household. The scenario is that banks can raise an eyebrow is, if I go to the bank and ask for my name and I tell them that my Name is Niyi Dangote. As soon as I utter that word, they started asking more questions. But if I tell them my name is Niyi Danladi, nobody cares to find out if there is any profitable relationship that I keep, that can profitable to the bank. Banks in Nigeria are really missing out on this.
One thing that is very common in my own part of the planet is that people tend to operate multiple bank accounts. I have at least five different bank accounts and only one current account. When I get to the bank where I have my savings account, they will never suspect that I am capable of having a current account. The only thing the bank does is that your accounts are in one place. If I want to open a Domiciliary Account, for example, it will just be under my main account. That allows them to track my worth in a way, but what of my accounts in other banks or people I can influence as a satisfied or disgruntled customer. some household customers can be gained if only organisation find time to dig deep into customer profiles.
If I may offer a free consulting service here, the best way to know your customers is to track their social interactions on social media. It is also another way to get more customers. The best person that can do that is the Account Officer. If I have you as a friend on Facebook or other social media platform, your friends automatically become my friend.
I can have access to your friends’ list and see your level of influence. This will help the organization to know the customer better, know their influence level and the type of relationship they keep. This will help you to track them, get new customers through them and retain them as customers as well.

See how GTBank shows a good example of Household relationship…

You should know that if organizations want to trace this relationship, it should not be based on the first name or address.
A lady, for example, may get married and change her name. Someone once advised me not to use my surname for my children but to use my first name. Things like this happen all the time. That is why you cannot rely on last name and address.
household relationship
One basic thing we should know is that customer relationship management help us to understand the extended relationship or social networks that our customers keep. Using banking as an example now, do you know there is some high net worth individual that do not keep their money in banks.
We have heard stories of individuals, political office holders that embezzle public funds and keep it away from banks. If you have those categories of people and you are using their bank account balance or the type of cars they drive to judge them. You might be missing some details.
I once had an issue with my bank while I was trying to open my current account. I was given a lot of stress by the Almighty GTBank just because I want to open a current account.
It was hell on earth. At the end of the day, the account was opened and my much-expected salary was paid into the account. To my amazement, I got to the bank after receiving the Alert and I was told that I could not withdraw from the account just because my second Guarantor cannot be reached.
As a Customer Relationship Management savvy person, I would never take any of that. I had no option than to send a mail and threatened the Almighty GTBank.
I believe that they also understand the influence of Social media in today’s business environment. I told them that I will go on Social media and tell the whole world that they are not customer-centred. Why on earth am I doing that?
The so-called Guarantor is GTBank customer. He appended his signature on my form. If GTBank has looked closely enough, I and my Guarantor are working for the same employer. That shows that they are not really studying all this information in order to do business from the customers’ perspective. It is very easy for many of us to conclude that an organization is customer centred just because they are everywhere or because they have zero account balance opportunity. Some of these organizations are deploying technologies so that they can make more money online.
I stand to be corrected, as long as banks will receive cash from you today, only to tell you tomorrow that the account that you pay into yesterday is now dormant, they are not customer-centred. As long as banks will cajole you to open an account only to tell you when you want to make withdrawals that you cannot have access to your account unless you bring your international passport or national identity card, they are not customer centred.
Many banks have lost valuable customers just because they failed to study the law of influence value. They have to know their customers and the kind of relationship they keep before they can reverse this trend.

Now your take on this argument.

We would also like to hear what you feel about the topic we discussed today. Your feedback is very important to us. Feel free to drop your comments and recommendations. If you have a contrary opinion, you can drop that too.


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