Abstract In today’s world of marketing there are so many ways to market products and services. Whether it is to advertise it in newspapers, or magazines, or use commercials on radio or TV. The products or services we as business professionals want our customers to use need to be expressed in a manner that fits that individual customer. Therefore, using customer-focused marketing pinpoints the customer in a more personal way. Customer-Focused Marketing Introduction One of the most competitive markets today is in banking.
Because of the way our communities run today, banks play a very high roll in business and personal venues. So a big part of banking is not the interest rate you pose or the investment value of your accounts. It’s the customer convince and satisfaction you provide. In the old days banking was on a real personal scale. With face to face inter action with the customer being the primary way to bank. Due to technology things have been modified a little.
With telephone banking, ATM’s, and online bank management, Banks are forced in a none-verbal communication role. This can lead to many advantages to the customer, but it also could stray away from customer service. This is where customer-focused marketing strategies can help banks keep on top of customer service and technology together. Quality Service Eli Seg gev, President of Marketing Strategy, and Planning, Inc.
How to Decide Banks Marketing Budget? Introduction Now a day under taking marketing activities is compulsory and a key to exist in the business environment especially in the financial sector where competition is strong. In Ethiopia there are 16 private commercial banks and three public owned banks. There is strong competition among these banks to take market share and earn profit especially for ...
, defines service as “The extent to which a provider satisfies its customers by meeting their expectations on all the relevant dimensions of service.” He goes on by saying, “Customer expectation are not static, they change over time.” This basically means meeting the customers needs on a high scale. Taking in to factor changes in the environment, a change in the customers’ actual experience with services provided, and changes in the consumer him or herself going through life cycle stages. (p 2) Marketing any product or service requires in-depth knowledge of the customers needs. Because of all the new technology’s people use in day to day business, banks have a growing need for easy customer access to accounts, loans, and money in general.
Traditional 9 to 5 banking hours are out dated. For a business like a bank to keep competitive and provide customer-focused objectives, they have to maintain high quality facilities for customers to fulfill their needs. Facilities such as Home pages where account owners can do their banking on line, 24 hour automated phone lines to help people do business at all hours of the day, and ATM, Debit, and check cards for easy access to money. Since convenience overrides face to face good customer service, the focus then should go to the consumers needs. Conclusion In conclusion, customers needs will change with the time and technology. Therefore, businesses should keep with customer-focused objectives to maintain a good quality treatment of customers.
That is what marketing strategy is all about. Catching the eye of the consumer, by conveniently making it easier for them to use your product or.