Be honest: Are you truly excited about your car insurance? Current data shows that one in three Germans answers this question with a yes. In the service sector, these insurance providers are right on average. Banks, however, succeed even more often in delighting their customers.
Who is actually a fan?
In the Marken|wechsler 2020 study, we examine fan status across various industries. Fans of a provider are characterized by two aspects: Firstly, a high likelihood of staying – only individuals who want to remain loyal to a brand in the future are considered fans. Secondly, fans have a strong willingness to recommend – they are eager to advocate the brand externally.
What is the fan percentage?
In the service sector, about one in three customers is both highly committed and willing to recommend – making them a fan of their provider. In industries driven more by trust, the fan percentage is even higher: The relationship with one's main bank is often characterized by greater closeness, sometimes involving contact with a personal advisor. The financial service provider to whom one "entrusts their money" must be highly trustworthy. As expected, the fan percentage increases in the main bank sector – 39% of customers are fans of their provider.
The opposite phenomenon is observed in the utility market: The relationship with an electricity provider is usually distant – contacts are rare, and the product often seems interchangeable. Nevertheless, one in four is still a fan of their electricity provider.
3 Reasons Why Customers Become Brand Fans
One in three customers is highly committed and ready to recommend
How do customers become fans?
The reasons why customers become fans are not always the same. There are three types who have become fans for different reasons:
The reasons why customers become fans are not always the same. There are three types who have become fans for different reasons:
- The first type of fan is defined by high emotional engagement. Representatives of this segment feel very well taken care of by their provider. They perceive a sense of security and care from the provider. The relationship is characterized by familiarity. With 24%, this group is the smallest segment.
- The second type of fan feels more intellectually engaged by their provider: They feel that this provider offers exactly the right package of services that meets their own needs. This segment accounts for 30% of the fans.
- The largest segment (46%) becomes a fan due to reliability: The customer feels secure and protected and is confident that processes will run smoothly and without issues. Additionally, the perceived flexibility impresses this type of fan: The provider adapts flexibly to demands and requirements.
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