Charles Schwab Since opening in 1974 Charles Schwab became a well known name in households. The firm’s main goal was to differentiate and honor their customers with available research. In 1997 Charles Schwab exceeded in altering his marketing environment to improve the business as well as customer satisfaction, value and retention. By offering the online trading option Schwab was able to lure customers in with an exceptional value proposition as well as a value – delivered system unknown to investors. By placing the decision making and the convenience of trading in the customer’s hands, Schwab made this service exciting and cost effective to customers, thus making many investors satisfied Schwab customers. Schwab also created customer value.
Analyzing the firm’s success I noticed that Schwab delivers outstanding quality in service. Schwab provides customers service online as well as in his branches. This service includes technical support as well as investment tips and investment education information for all existing clients as well as future clients. Schwab also established a Value- Delivered Networks with many companies which offer customer discounts and promotions.
The Business plan on Customer Service Essay
Excellence in customer service is the objective of all organisations wishing to be successful. However, there is often a gap between customer expectations and management perceptions of customer expectations. Organisations often fail to get close to their customers and correctly read their expectations. Customers expect certain things when they walk into a business, and those with the highest level ...
They offer promotions and discounts such as reduced traveling trips, good mortgage rates, and free airlines tickets. Schwab attracts its customers by advertising on a level of encouragement. In the beginning Charles Schwab advertisements consisted of real Schwab customers and employees. Later on, Schwab enlisted a celebrity spokesperson to advertise the simplicity and knowledge of online investing and investing principles. These advertisements attracted the average Joe and the average family. Schwab employed financial advisers in their branches who are able to educate, provide trading tips, and advice, along with other services, to customers.
Aside from attracting its customers by providing top quality, simple, and reliable online trading service, Schwab retains its customers by keeping them satisfied. In my opinion Charles Schwab effectively anticipated the needs of the market. He jumped on the internet craze of this decade and effectively succeeded. By offering Online Trading Charles Schwab attracted new customers, provided customer satisfaction, value and retained his customers. By strategically altering his marketing environment, Charles Schwab combined internet and investment trading and came up with a winning formula for success. (Sources: web 2005, John Gorman.
“Charles Schwab, Version 4. 0.” Forbes, January 8, 2001, pp 89-95; Charles Gaspari no and Ken Brown. “Schwab’s Own Stock Suffers from Move into Online Trading.” Wall Street Journal, June 19, 2001, p. A 1; Rebecca Buckman and Kathryn Kranhold.
“Schwab Serves Up Sports Themed Ads.” Wall Street Journal, August 30, 1999, pB 2. ).
