Trends Report

Customer Advocacy 2016: Drive Cross-Sell And Loyalty By Focusing On Advocacy

US Customers Rate Their Banks, Credit Card Providers, Insurers, And Wealth Management Firms On Advocacy And Future Purchase Intent

January 27th, 2017
Alyson Clarke, Principal Analyst
Alyson Clarke Principal Analyst
With contributors:
Ellen Carney , Benjamin Ensor , Davis Janowski , Cody White , August du Pont , Rachael Klehm , Mike Chirokas , Rachel Birrell

Summary

Forrester has shown that customer advocacy — customers' perception that a firm does what's best for them, not just what's best for the firm's own bottom line — is the key driver of loyalty and future purchase intent at retail financial services firms. Firms rated highly on customer advocacy are more likely to be considered for future purchases, while firms rated lowest have the fewest customers who would buy from them again. Digital business strategy leaders need to show customers that their firm does what's right for them when they interact through digital and human touchpoints.

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