Commerce Bank has the good outstanding achievement in the banking sector, it is not enough to stop going forward, Commerce Bank wants to become the strong performer in whole business market and it also wants to leave a good impression on their customers whatever in head office or other stores. The “Retailtainment” is the main service point for “WOW! ng” customer of Commerce Bank, it provides many special free services for their customers. With these innovates, many other competitors were beginning to copy. Some people thought this is good, but some people are not. These innovates are good, but there also has some problem, such as how to make these special services on the same level in different branches, and is it a really good strategy for Commerce Bank? Background Deborah Jacovelli as a dean of Commerce University, she had many innovative methods to energize the company’s employees (Frei, 2006), and develop Commerce Bank.
The top priority of Commerce Bank is “happy customers”, which emphasized the customer for the purpose. Commerce bank also uses a special kind of person to deliver the high-quality customer service. Jacovelli and her coworkers use internal system of incentives and cultural training implemented to “WOW! ing” customers, such as awards, commendations, and compensation, even training and education (Frei, 2006).
Vernon W. Hill II is the Commerce Chairman and CEO, who hope when customers visit Commerce Bank will get high quality service exceed their expectation.
The Research paper on Correspondent Bank Goods Buyer Seller
Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites. The Export Transaction and its Documents The Transaction Finding a market for the goods (market research) Selecting the marketing channels Negotiations Pricing Distribution channels Order Contract Commercial Invoice Commercial Invoice must include (minimum): Payment Terms Mode of Payment Division of Costs Details of ...
As the branch of the Commerce Bank, they look like the “stores”, such as Starbucks, so they are totally different than other banks next door. Hill thought Starbucks is a good example, there are a much of retail experience we need to learn from Starbucks. Hill founded Commerce Bank in 1973 (Frei, 2006) with $1. 5 million in southern New Jersey. He wants to build up a very special bank, and totally different than other banks. With the bank grown, there are many branches be built up in Pennsylvania, Delaware, and New York. Commerce Bank opens from 7:30AM-8:00PM in a week, and changed hours on weekend.
Branch is opened until midnight in a busy location. There also has the friendly service, and Commerce will give a free gift to each customer who opens the new account, and it also provides many special free services for them, such like coffee, newspapers, or some entertainment activities to the lobbies. There are a lot of ways to make deposit, other banks will push consumers online, but nobody has the right to push people where they don’t want to go. But in Commerce Bank, who will give the best of every channel to consumers, the consumers can choose whatever they want.
Everyone knows New York City is the most over-banked market in the country. Therefore Hill began to enter this biggest market earth shattering. He spent $500,000 per branch on promotion, included direct mailings, ads, phone kiosks, and with the help of street vendors and so on (Frei, 2006).
Success was immediate. Hill thought business should continue to grow, but build a bank is easier than to fix one. Commerce uses 18 years to grow to $1 billion in deposits, but the final goal of Commerce is to reach $100 billion deposits and 1,000 locations from Washington, D. C. to Boston (Frei, 2006).
Problem Statement Commerce Bank was to stay ahead, who wants to leave a clear impression in customer’s minds. It paid more attention on its service, not price. Retailtainment is the mean idea of Commerce Bank. Analysis For Commerce Bank, the good relationship between bank and customers is the most important thing, who wants to keep a high customer loyalty, than care about the profitability. Although Banking industry paid more attention on on-line bank, but for Commerce Bank, who training their employees at University center, and prepare for a good service of face to face.
The Essay on Deliver, monitor and evaluate customer service to internal customers
LEVEL 3 DIPLOMA IN BUSINESS & ADMINISTRATION Unit 328 – Deliver, monitor and evaluate customer service to internal customers – Knowledge Questions 1. Understand the meaning of internal customer 1.1Describe what is meant by internal customer Internal customers are people within your own organisation such as employers or colleagues who you provide a service for, e.g. 2. Know the types of ...
Commerce Bank was focusing on providing the good service for each customer, which is totally different than other competitors. It put a large amount investment into its special service, or “Retailtainment” for customers, therefore it ignored to improve the products. At Commerce Bank’s front door, every customer were served as same as feeling at home. Most of people like it with this special business strategy, on the other hand, some people will complain about the service is too much, there is lack of tellers.
There also has a really good system in Commerce Bank, which called “WOW”, and this program also make its profits increased from 1998 to 2001. For this unique Commerce Bank, its customers are categorized as personalizing and convenience customers. The personalizing customers who very enjoy the good and special service experience, and like staff known them and treated them very friendly. On the other hand, for convenience customers, they like the special work time of Commerce Bank, which is open until midnight and on Sundays, it always shows convenience for customers. To keep a higher and better service quality is not easy.
Therefore Commerce Bank’s efforts are directly related to their customer’s satisfaction. There has the internal incentive programs to improve service, and the training and education program to provide a good opportunity to learn how to provide a good service. For Commerce Bank, customer’s needs and opinions are very important, which will encourage it become more excellent in Banking industry. Therefore, for Commerce Bank’s Retailtainment strategy, it also has notable gaps. The special service delivery is excellent, but the “Retailtainment” decreases the service quality, and customer perceptions. Recommendations and Conclusion
The Essay on Customer Customers Service Business
Demand Replaced by Need; is Technology Viable or a Risk? The customer support and customer service functions are more than departments; they are part of an essential strategy for growing your business. In the modern business climate, customers expect answers to their questions immediately. When the right information is available anytime, from anywhere in the world, customers are more likely to ...
We had to admit to Commerce Bank’s Retailtainment strategy is a good and innovative idea, but it also has certain elements we should be reviewed. We know loans can bring a lot of revenue for banks, so Commerce Bank can put a large of investment to improve the training of employees, and make a lot of money from loan, not cost a lot of money to inconsequential, such like hot dog. Like Bank of America, who only use TV for waiting customers. Commerce Bank also can use Service Encounter Traid to improve customer service quality, which will help it to improve their shortfalls between the service organization and the customer.
They can hire a new bank teller to develop their service to the customer, not hire a new greeter. The customers of bank maybe like the good experience to feel like at home, but they most important thing is in which bank can give them the best interest rates and highest deposit rates. From the feedback form customers, the service of Commerce Bank is too much, so they should to find a balance between the entertainments and establish a professional and competitive atmosphere.
Commerce Bank needs to think some efficient solutions to decrease cost and earn more money. In a word, Retailtainment strategy is good for Commerce Bank, it is very easy to differentiate with other banks, while it not a stable plan in the long run. Commerce Bank needs to decrease cost of Retailtainment strategy and think about other traditional method to keep the good profitability in the banking industry. References Frei, F. X. (2006).
Commerce Bank, Harvard Business School.
