Sean Murray, president and chief editor at deBanked, makes great points about education for sales agents being paramount to their success. If knowledgeable about the diversity of financial products, and their distinctions from one another, agents can “help customers make informed decisions, which allows them to close more deals.”
Customers’ trust in the person, brand or company they are working with is routinely the number one driver, by survey results, of their decision to buy initially, and to be loyal through long-term relationships.
In other words, the customer’s trust in who they’re working with is the most important factor in first acquiring that customer, and retaining that customer’s business through a long-term relationship.
What is the number one driving factor in the customer’s trust?
In 2008, Andreas Eisingerich and Simon Bell conducted a research study with financial service agents, over 4,200 clients and the relationship between several variables and Customer Trust.
The variables were Technical Service (the end product of the service), Functional Service (how the end product of the service was delivered), Expertise (the perceived competence of the agent) and Customer Education (how much the agent educated the customer through the delivery of the service).
Bottom line: Customer Education correlated the highest with Customer Trust, by over 14%.
The study defined Customer Trust as customers’ confidence in a service seller’s reliability and integrity, and the expectation that it can be relied upon to deliver its promises.
Here’s what clients had to say:
- Educating customers on products/services introduced a level of clarity and certainty that is the basis for building a trusting relationship.
- The effort to educate customers signaled a firm’s commitment to long-term relationships with customers.
- Customer education ensured that customers understood exactly how the product/service offering worked, so they could make the most informed decision (Sean dead on here).
What are your thoughts on educating buyers?