Study reveals importance of the customer experience

Posted on: Wednesday, December 19, 2012

New analysis suggests that for insurance agents to increase their chances of increasing their sales opportunities, there's a lot riding on the experience their insurance customers have in the buying process.

According to a new study conducted by market research firm Temkin Group, researchers analyzed how bad experiences with various retailers and suppliers - such as insurance agencies, grocery chains and cable service providers - had an impact on their spending behavior. They found that in approximately one-third of cases, even one unenjoyable experience led to a reduction in spending with said company.

Bruce Temkin, managing partner of Temkin Group, indicated that while all professionals make mistakes, the ones who thrive know how to turn them into a positive.

"Every company delivers some bad experience, but the good ones build loyalty by quickly responding to these issues and learning from their mistakes," said Temkin.

Many insurers said that 2012 would be the Year of the Customer. Industry professionals may want to dedicate 2013 to the customer as well, as what they take away from the agent-client relationship has a significant influence on their future spending.

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