The best consumer companies follow-up with their customers after each and every service transaction. That is, we receive texts or emails inquiring about our satisfaction after we rent cars, stay at hotels, purchase goods and products, or receive consumer services. This approach has become standing operating procedure across many industries.

Consumer finance is really no different. Consumer finance companies provide an essential service. And like in all business today, if we are not doing a good job in the delivery of our service, there are plenty of others who are willing to try to do better and take away our customers.

Following up with your customers after every interaction—making the sale, making the loan, taking a payment, soliciting a new loan or credit sale—has at least two benefits. First, the follow-up reminds the customer that he or she is important to the company. Nothing makes us feel better than to think that we are valued by those with whom we do business.

Also, the follow-up is an opportunity for the company to determine whether there are any problems with the delivery of services to the customer. And, if so, a satisfaction survey provides the opportunity for the company to correct any mistakes.

The fact is that there is nothing worse for a business than to lose a good customer and not realize the loss until it is too late to take corrective measures. A satisfaction survey or just a “thank-you for your business” can go a long way to make sure that good customers are not lost in the hustle of business.

While we don’t always need to agree with our customers, we should always know “where our customers are coming from.” If we are going to successfully fulfill the mission of all businesses—building rapport with the customer, building trust, and delivering services with consistency—surveying our customers’ experiences with our Company seems to be pretty basic.

Practice Pointer: We spend a lot of money on marketing. Shouldn’t we spend a little bit more to test our performance?

Please Note: This is the seventieth blog in a series of of Back to Basics blogs, in which relevant and resourceful information can be easily accessed by clicking Dentons - Consumer Finance Report.