It trumps price every time

This is a short story.

I was at a dinner party last night and the lady next to me introduced herself.

As it turns out she runs a small business and was telling me about her recent experience in obtaining a loan ($40k).

She went to one of the traditional banks which she had a previous relationship with and met with a senior person.

According to her they wanted all sorts of information and demanded as security a second mortgage on their family home.

This was in spite of the fact that they had her past 4 years banking and tax returns.

Not surprisingly she said no.

She then enquired with one of the smaller lenders.

They asked for some paperwork and proof — all done online.

Then came back to her within the hour and the loan was approved.

Next day the money was in her account.

She could then buy much needed new stock to fulfil some overseas orders.

The key point:

I asked her what interest rate she was paying.

She didn’t know.

It didn’t matter to her.

Price was secondary to the total customer experience she was given and what she could now do with her loan.

The new lender had made the entire process faster, easier and more convenient.

Customer experience will trump price — every time.

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