Mercedes Benz Financial
This post is incredibly timely based on my discussions and posts surrounding customer experience. The Big Data talks is about all of this. Leveraging data throughout an organization to understand the customer journey, in order to enhance the customer experience. This is what is going to differentiate brands.
In October of 2014, Loyalty 360 reported that Mercedes Benz CEO advised that Customer Experience is the New Marketing. I am in fact a Mercedes Benz owner. I love my car. In fact, when I gotten into the market for an entry level luxury car 4 years ago Mercedes was my front runner. I test drove Audi, Lexus, BMW and Mercedes Benz a number of times. In the end, Benz won out anyways.
It was the first time in my life that I truly understood a man’s obsession and love for a vehicle. When my dad suggested that I go to Wal-Mart for all season mats and a snow remover, I looked at him like he has a third head. Was he nuts? I wanted all Mercedes Benz things for my baby. I wanted to be part of the Mercedes Benz experience. I wanted to be known as a Mercedes Benz owner, because to me it symbolized that I had the best. It meant that I was going places, and I was going places because I wanted the best out of life.
This is branding at its strongest. Having a customer associate their lifestyle and personality as a reflection of a brand because of what that experience means. I give leniency on the road to other Benz owners, I tend to look for parking beside other Benz’s because I already know those owners will respect my car, and should we happen to see each other getting in or out of our cars their is always a friendly nod and smile.
I recently had to switch banks because of an employer change. I took a day off of work and made sure to take care of it all because I wanted peace of mind. So you can imagine my surprise when over a month later my car payment bounced in my old account causing an NSF charge that pushed the account into an overdraft that I didn’t have.
Switching my banking information with Mercedes Benz was fairly simple compared to some other companies I had to deal with. I just had to send an e-mail with a scanned void cheque (unlike other companies that required me to fill out another PAP agreement, provide ID, a void cheque and either fax or go in in person).
Mercedes Benz claimed that they had not received the e-mail despite me forwarding through the e-mail I sent to them originally a month prior.
They needed more time to investigate and in the interim a second attempt for payment went through the old account with a secondary NSF charge. Thankfully this time my bank reversed the charge because I had put a stop payment on the account.
In the end Mercedes agreed to reverse the NSF. I felt really elated. So thank you Mercedes Benz Financial for doing so.
But what could have been done to make it a better customer experience for me and ensure customer retention?
- Mercedes Benz Financial could allow customers to change their banking information on their website. This is where customers go to check their balances and payment history, and would make tracking of online activity and confirmation so much easier.
- Empower customer services representatives to be able to to act immediately for the customer rather than confining them. By looking at the activity on my accounts, calls made, and the correspondence they would have noticed that I had been with them for 4 years, there had never ever been a missed or bounced payment, and that my finance was coming up for renewal.
- The data Mercedes Benz has on me would have given them pretty powerful insights into my behaviours, patterns and interests. They also have had call profile outlining the reasons I call them and whether I am difficult or easy to appease.
Using these insights and empowering their reps can save them thousands of dollars in efficiencies and provide a best in class customer experience. While I can’t say that I would change my car (because I do love the brand and the car), I do see great areas of opportunity for a beloved brand to kick things up a notch, to provide an even greater brand experience.