New research by Cranfield School of Management’s Phil Klaus looks at what triggers consumer purchasing behaviour in the financial services industry and why people choose one brand over another.
With the results of his brand tracking tool EXQ (Experience Quality) as evidence, he argues for the need for companies to deliver a ‘superior customer experience’. In an exclusive blog article Klaus lays out his case:
“Today’s businesses seem to be obsessed by brands. Managers are constantly exposed to stories emphasising the importance of the brand for their organization. Crucially, we need to be reminded of the relationship between cause and effect. The brand is only the effect of the company’s actions. The source of the brand, and the only part the company has influence over, are the actions leading to the brand and brand image. These actions and their impact on consumer behaviour can be investigated through the customer experience. Managers need to step back and work on the cause of the brand – the customer experience, rather than the effect. Why the customer experience?
Read more here