The Economics of doing whats right: Perception vs Experience

A few years ago Bank PHP came out with as string of adverts, “one day cars will run on water”, “Nothing is impossible”… and these adverts really did a lot of good to their public perception and lured a lot of prospectives to their halls but these adverts also raised the expectations of the public, so much that most people were disappointed by the experience they got after getting into their banking halls. They more or less created a good outlook for themselves but failed to work on creating a good experience for their customers.This strategy made them have good short term results but didn't translate to good long term results.

GTBank on the other hand took a different approach, they worked on creating a good customer experience more on the inside than outside without spending so much on fancy ads and killer campaigns. They developed an exceptional customer service, and focused more on giving their customers exceptional service. This ultimately gave them more long term customers and reduced their running cost because they focused on creating a good experience which later gave them a good outward perception. Today their results speak even when majority of the banks in Nigeria are going through a downward phase.

The same goes for governance, in 4 years Lagos state improved the living experience of Lagosians, kept the roads clean, and did the little they could do and that guaranteed a smooth return for the governor and made the citizens believe that change could come to their state and country.

A key in winning is having a good impact by creating a good personal experience with people you interact with as opposed to people having a good outward perception of you. This might take a little more patience and delaying gratification but on the long term one will always be better off for it because in reality, we are all in it for the long term