Brand loyalty is limited

Improvement should part of regular maintenance
A couple of weeks ago it was time for the bi-annual checkup of my car again. Not that anything was wrong with it, but it is part of the service agreement I have. As usual, I went to my car dealers garage and being there I took the chance to ask them to replace my stereo with a multi-media system as my children are demanding it already for a long time.

Incomplete services create doubts
Now, was I surprised when they told me that they cannot offer it as they do not have a system with the features I wanted. I told them that I saw it in a friend’s car and that it cannot be rocket science to order it somewhere. But, instead of looking for a solution they came up with tons of excuses such as ‘not dealership approved’, ‘technically impossible’ and other not reproducible reasons. At some stage I gave up. In the evening I picked up my perfectly serviced vehicle but had the unsatisfied feeling that it could be even better.

Independent advice is welcome
Waking up the next morning, having dreamt about my children fighting on the backseat of my car again, created the desperate need to get this multi-media system. No matter what. 

I decided to ask a specialist. A consultant to ‘pimp my ride’ so to speak.

The process is easy
It took me one phone call and one email to get a first idea of the possibilities. The only things I needed to tell them were the features I wanted and in which context I wanted to use them (my children really). I didn’t have to wait too long before I received a list with suitable systems for my car. After discussing the multiple options with one of  the specialists, I found out that my friends choice was not the best in this price range and already a bit outdated. I learned that there is a better one that comes even cheaper.

The installation was quick and clean and this time I drove off the courtyard satisfied, knowing I have a perfectly serviced car, but now also a great multi-media system that keeps me happy because my children are.

Brand loyalty is limited
Now, what have I learned from this experience? Will I still go to the bi-annual checkup  of my car dealership? Yes, I certainly will. Well, at least as long as I get a perfectly serviced car. Will I ask them again when I need advice on possible upgrades? No, I will ask an expert that knows the whole market and not just one brand. 

So, how does it translate to the payment industry?

What merchants can learn is that when talking to your PSP(s) the next time, do not to forget that they have just one view on the market, theirs. To keep shoppers happy and convert them into buyers you need to improve your services on regular basis and so does your PSP. Develop a wishlist and know what you want. Combine service providers if needed. Don’t take ‘no’ for an answer and if you need help, ask a consultant!

What PSP’s can learn is to get out of their comfort zones. Take your merchants needs seriously. Partner with other market participants, develop and broaden your proposition. Don’t say ‘no’ to easily or you will lose credibility and with it a part of your business. The status quo is not always sufficient and if you need help, ask a consultant!