Customers Value Experience

A recent report from Accenture shows the "top three success factors required to differentiate from other [bank] players in the eyes" of customers have to do with experience. In this graph the top 5 items are experience based. Interestingly, the lowest ranked factors have to do with products and pricing.

Banks, by and large, offer the same types of products across the board. Likewise, medical device manufacturers often operate in highly competitive environments. When there is perceived parity in the market, experience becomes very important and that should be one of the focuses of marketing efforts.

While this report is tailored to the finance industry, it is illustrative to many industries. Like many other businesses, banking is a consumer product that, in the words of Accenture, have "always had an element of grudge purchase about them, like toothpaste in the supermarket."

And if you are wondering how Accenture addresses marketing, take a close look at this graph from the report on the "Customer Pull" model:

To download the full report from Accenture, follow this link.

How do you think this information fits into healthcare and business to business marketing? Let us know what you think.