Consumers, on average, take about eight seconds to make a purchase decision. That’s eight seconds you have at point-of-purchase to form an emotional bond with them. Eight seconds for them to form an impression of your brand and product, not only in the midst of all the other competitive offerings, but with all the other distractions in their lives as well.
Ray Davis of Umpqua Bank understood this when he convinced his Management Team to see their competition not only as other banks, but every other retail experience that shoppers encounter on their busy day. When I checked out my local Umpqua branch, the décor was relaxing. Through an open door I saw restrooms, clearly there if I needed them. There was even a water dish on the floor, in case I had brought along a dog. I was warmly greeted by a teller. My first impression? I was going to be comfortable doing business here. The teller had the training, authority and accountability to open up a business account that met my needs. He asked me questions about my business and seemed genuinely enthused and anxious to help me succeed. Along the way he introduced me to the Bank Manager and to the Small Business Liaison, who each made me feel right at home, with fresh coffee and cookies. I carefully scanned the brochures and compared Umpqua’s Small Business services and fees with rival banks. Umpqua was competitive, but it was the emotional and collegial connection they made with me that got them my business. Before I left, I was handed a bag of their own freshly roasted coffee beans (whole beans – my choice). And if it’s one thing we take seriously in the Pacific Northwest, it’s coffee beans.
In short, like every other consumer, I buy on emotion and justify with logic.
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