Word of mouth is still the last word

words by Finlease

Has the digital age changed the way we communicate and seek recommendations for our purchases?Not according to recent research findings.

When seeking out a new equipment finance provider, 94% of respondents in an independent survey said that business colleagues and associates were a major factor in choosing their equipment finance provider. As for vendors, 55% were referred by their equipment finance broker. When it comes to sourcing equipment finance, 38% prefer a face to face approach, which of course is the way we’ve always done things at Finlease.

One thing the digital age has streamlined is how the actual word of mouth process operates, as sites like Product Review allow word of mouth to speak to a wider audience. So in a world of recorded messages, queues and overseas call centres, it’s still the knowledge of a trusted advisor and face-to-face service which continues to erode the stranglehold of the banks.

It is refreshing to see the desire for good old fashioned service which allows business operators to have their finance arranged easily and quickly, so they can get on with running their businesses. As Mark O’Donoghue commented after reading the report, “This is why we need to ensure that every one of our existing clients is not simply happy – but ecstatic. A happy client is a happy client, but an ecstatic client will be so delighted that they’ll recommend us to others.”

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