Blog

Loyalty and added value

June 21, 2013 by Mark Smith — VP of Financial Solutions, Kahuna ATM Solutions

We may all feel that loyalty to business partners is a thing of the past; that the days of a handshake deal and taking others at their word are over. There is plenty of supporting evidence in the marketplace as we witness just how fickle the consumer can truly be. Because of this, we've greatly diminished the most important added value in the business relationship — trust.

We can put contracts and agreements in place that secure our interests but, at some point, we have to trust that our partners can deliver on their promises. The smash-and-grab approach of our industry may have created early benefits and quick wins but it wouldn't be long before we realized just how temporary it would all be.

Our best opportunities moving forward will be unit replacements, upgrades and parts/repair. We'll see new deployments occur but not at the steady pace we witnessed years ago. This means that our existing customers are more valuable than ever. It will be their repeat business that keeps us going. It is time to get your teams prepared and proactive in the marketplace.

The industry is gearing up for EMV. This provides a great opportunity to shore up your relationships and keep your customers loyal to your program. There will be millions of dollars spent by retailers and bankers to ensure that their businesses are safe from the shift of liability imposed by EMV policies.

Will national service companies garner the majority of the upgrade benefits? Can smaller IADs compete on product prices and technical services? Yes. And both can win by being strong consultants early on and delivering on their promises when EMV is ready to go in the US. 

The question of the day is "How do IADs prepare for EMV?" Learn all you can, make sure you keep your customers apprised of how the mandates affect each of their payment devices (POS, fuel pumps and ATMs) and become a steward for this technology. It will save millions in fraudulent activity.

Advice may be the best thing you can offer at this time, but you must stay plugged in to keep up with the latest developments. There is ample data on this topic. Get educated early.

Gain customers' trust and build a long-term, loyal relationship; one that can stand the test of competition from other companies. Become their "one source" for vital industry information and remain consultative in the process. The more you benefit your customer, the more likely the trust factor will prevent other companies from poaching your service contracts. 

Loyalty on a handshake — can that still be done? Yes, and I'm a fan of face-to-face meetings for this purpose. A phone call or webinar is fine to deliver an overall message but there's something lost in the translation, perhaps because you can't see the other person's body language.

Same with emails; they get the message across but it is a pretty difficult way to earn loyalty and develop a long-term business relationship. Take some time to visit with your valuable customers in person and make sure they have their questions answered. This goes a long way toward keeping a customer for life.

Create a long-term relationship and be of highest value to your customer. Develop a strong trust and loyalty that can't be broken. Make your word as good as your bond. Your customers will rely heavily on you for the right information. Be their trusted expert. Loyalty will result.

About Mark Smith

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