Customer Engagement 2.0

Many people have different opinions of what ‘Customer Engagement’ exactly stands for. In this article I don’t want to create yet another definition, but I’d like to elaborate on our understanding of Customer Engagement. In my opinion, it’s all about: how do we give what the customer wants (and maybe something more), giving them a positive feeling about the brand/product/service, so they are likely to become more loyal to the brand.

But then of course, the next question will be: How do we (the marketers of a brand/product/service) persuade our customers that we are worth their time, effort, money and commitment? We won’t be able to engage everyone, and we must accept that those who do engage with us will do so to different degrees and in different ways. Customer engagement isn’t a nirvana that can be reached; it is a process of developing and nurturing relationships.

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The Financial Brand writes about Goldwater Bank’s new website, which is a reflection of Goldwater’s upscale image. Their branch offices look more like posh hotel lobbies than the usual slightly run-down brownish interiors of many other banks. The article mentions Goldwater’s luxury offline amenities like concierge and couriers. So let’s take a closer look at their new website, and see whether it provides the same luxury experience.

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Because most mortgage shoppers get information online nowadays, traditional mortgage lenders need to improve the online customer experience. Therefore I set out to compare the websites of six large traditional lenders: Bank of America, Chase, Citibank, Countrywide, Washington Mutual and Wells Fargo. To give it some focus, I decided to focus on payment calculators, as Forrester thinks those are the most important. For an international comparison, we’ll be looking at the Moneyou calculator, a subsidiary of ABN AMRO.

The Test Scenario

A couple in California is looking to buy their first home in the next year, so they want to find out how much they can afford. They each make about $7000 a month and they have approximately $60k available for a down payment. They estimate they can pay approximately $4000 a month for their home.

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