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I recently had to buy a new shirt at short notice. It wasn’t because I didn’t have any; sometimes things break, and you need a replacement quickly. That’s what happened a few weeks ago when the button strip on my shirt tore off. I had an evening event to attend that same day and couldn’t go with a torn shirt. I didn’t have an extra shirt at the office, so I had to find one quickly. I decided to head to Frankfurt’s Zeil shopping district, where there are a few nationwide department stores. I set off during my lunch break with a clear idea of what I wanted: a blue, button-down shirt for a distinguished older gentleman. Once there, I looked around and discovered that shirts no longer come in packaging. Environmental protection is all well and good, but what if lots of people have already touched the product? The sales assistant was eager to help, but she was unable to grasp my issue. Was it a language barrier or a lack of understanding? After some searching, we found a shirt. I tried it on, and voilà, it fit! When you’re in need, you don’t really ask about the price, so I bought it – even though it wasn’t cheap for a simple shirt. At the cash register, I asked for a bag. “That’ll be twenty cents,” said the cashier curtly, handing me a paper bag covered in advertising. I had no choice but to accept it, but I pointed out that I am usually paid to do advertising, not the other way around. “You do it in the supermarket,” she replied, even more curtly. You may well ask why I am telling you all this. The answer is simple: my shopping experience was ruined. The shirt is undoubtedly nice, and I have worn it several times since buying it. However, I will always be reminded of this unpleasant experience. When I have a negative shopping experience, one thing is for sure: I will never go back to that shop. Instead, I will order online in future. If many people feel the same way, that department store will have to close soon.
It could all be so simple: create a shopping experience that offers customers a little oasis of well-being and they will come back. It’s not just about the product itself, but the feelings it evokes. It’s about what resonates: appreciation, trust and style.
But what if there is no visible product? What if there is no beautiful fabric or designer item to wear? What if what you are “buying” is a service, an experience or a promise? Then it becomes even more challenging.
Financial planning is not a visible status symbol. It isn’t a Hermès Birkin bag that you can carry around to impress people. Good financial planning works behind the scenes. It is inconspicuous and quiet, but has a huge impact. And that is precisely where its true value lies.
The quintessence is clearly outlined in a marvellous article (in German) in Private Banking Magazine (Was Private Banking von Luxusmarken lernen muss), which provides an excellent description of the parameters. These are presented here in a modified form, but the essence remains unchanged:
Each customer is part of a target group with high standards. Price is not the deciding factor here; experience is what matters. Service is not just expected – it is a prerequisite.
Quality, high performance and good value for money are not just buzzwords; they are real brand values that we live and breathe by. It is the depth of the relationship that counts, not the quantity, even if this is essentially a generic obligation.
Those looking for high performance want confirmation. Their expectations are usually accompanied by a corresponding willingness to pay, provided that the product or service also satisfies them on an emotional level.
Customers who identify with a brand or consultant tend to remain loyal for many years. This is why consultants often take their customers with them when they switch service providers. There is an emotional connection. So, does this mean that the hurdle to change is correspondingly high?
Whether you are a department store salesperson or a financial planner, the ability to recognise, meet and exceed individual needs is crucial. Service is not just an added extra – it is the product itself. Mr Weiß’s conclusions in the article are so good that I would like to quote them here with only a few minor alterations:
Product providers and private banking services that are prepared to sharpen their self-image, refine their customer experiences and make their positioning visible will not only stand out from the competition, but also generate desire.
Not through loud advertising. Nor through promises that cannot be guaranteed. Rather, they will do so through presence, personality and precision. Ultimately, people remember how something made them feel, as illustrated by the experience described at the beginning of this article.
This is perhaps the most important insight from the world of consumption: people don’t remember every price, but they do remember every feeling. Those who understand this will just become the provider of choice – but the provider that fulfils emotional needs. And that is, in the best sense of the word, luxury at every level.
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