Satisfaction with a product generally declines over time, whereas contentment with an experience generally grows over time.
This observation, shared by presenter Jacob Morgan recently at the ABA National Conference for Community Bankers, resonates. While I might be ready for a new fishing pole every couple of years, that memory of the fish that got away gets to be a better story every time I tell it. I used to know a guy who sold fireplaces to home builders. When I initially asked him what he does he told me he sells soul-warming home entertainment systems. This guy understood the difference between a product and an experience!
The distinction between products and experiences is important to bankers for two reasons.
First, bankers who market dream vacations, entrepreneurial ventures, the security of a new home, or the satisfaction of sending a kid to college, are likely to do better than the banker who talks about personal loans, a business line of credit, a mortgage or a student loan. Money is a commodity but the experiences it makes possible are compelling. Put happy faces in your ads, or dancing children, or laughing colleagues and you are more likely to succeed than if you run pictures of a house, a warehouse or a university diploma.
Second, bankers should think about the value of experiences as they recruit new employees. Talented people have options. If you want to attract the best and the brightest, you have to give them an experience that moves them. Pay and benefits are important, but a purpose is essential. Explain how a particular job at your bank makes the world a better place and you will attract highly-motivated candidates. As much as you explain what the employee will be doing, write a job description that explains how they will be feeling. Don’t just state they’ll be making ag loans, explain that they will be feeding the next generation of teachers, doctors, firefighters and farmers.
Morgan specifically coached bankers to work on three things which affect an employee’s work experience: culture, technology and physical space. If you give someone a functional place to work, the right tools, and an environment of encouragement, affirmation and gratitude, you are creating a workplace conducive to great experiences — for both employees and customers.
In an arena where your competitors also are likely touting their service, win the business by focusing on experiences. Customers will remember the experience you create for them much longer than they will remember the features of any individual product.