Commercial lender's survey reveals key to loyalty
Responsiveness, trustworthiness, flexibility and the personal qualities of the account managers it employs contribute significantly to the loyalty felt by commercial finance clients, according a customer loyalty survey conducted for GMAC Commercial Finance by market research and consulting firm RDA Group.
The survey also found that GMAC's own clients were pleased with the company's performance and service levels. "We found it refreshing to find a company that cares about client loyalty," said Mike Nevitt, senior automotive consultant for RDA Group. "Based on the correlation between client loyalty and company growth, it appears the future will be beneficial for GMAC."
Business strengths When questioned about the qualities and attributes that they perceived as the company's key strengths, customers chose responsiveness, trustworthiness, flexibility and the account managers it employs. These factors matched most of what customers said they perceive as the key characteristics of a good lending firm, as well as the criteria they used to choose a lending firm in the first place.
Keys to loyalty Respondents also said that the keys to satisfaction and loyalty in the field of commercial finance are competitive rates and high quality account managers who can build up trust with their clients. The survey also found that, in 2005, over 75% of the clients interviewed said that their usage of the company's products and services will either stay at the same level or increase - a good illustration of the benefits of genuine customer loyalty.
GMAC CF, which engaged RDA Group to conduct the survey in order to promote and foster on-going communications with its clients, found the results revealing. "Keeping in-touch with our clients is crucial for gauging performance and identifying areas for improvement," said GMAC CF's president and CEO, Jay Craig. Clients participating in the survey came from GMAC CF's Asset Based Lending, Equipment Finance, and Commercial Services Divisions in the USA.