Relationship marketing service quality
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RELATIONSHIP MARKETING & SERVICE QUALITY PowerPoint PPT Presentation


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RELATIONSHIP MARKETING & SERVICE QUALITY. Marketing & Service Quality Module. RELATIONSHIP MARKETING. Focused on building long-term, profitable customer-relationship Build on premise that important accounts need focused and continuous attention

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RELATIONSHIP MARKETING & SERVICE QUALITY

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Relationship marketing service quality

RELATIONSHIP MARKETING & SERVICE QUALITY

Marketing & Service Quality Module


Relationship marketing

RELATIONSHIP MARKETING

  • Focused on building long-term, profitable customer-relationship

  • Build on premise that important accounts need focused and continuous attention

  • “Getting to know our customers better so we can meet their wants and needs better.”


How do we build relationship with clients

How do we build relationship with clients?

  • Basic Marketing

  • Reactive Marketing

  • Accountable Marketing

  • Proactive Marketing

  • Partnership Marketing


Customer satisfaction

Customer Satisfaction

= fx { PERCEIVED PRODUCT PERFORMANCE} and {CLIENT’S EXPECTATION}

  • If PP > E, Clients are very satisfied

  • If PP = E, Clients are satisfied

  • If PP < E, Clients are very dissatisfied


Tools in tracking and measuring customer satisfaction

Tools in Tracking and Measuring Customer Satisfaction

  • Complaint and Suggestion Systems

  • Customer Satisfaction Surveys

  • Ghost/Mystery Shopping

  • Client Drop-Out Analysis


The cost of lost clients

THE COST OF LOST CLIENTS

  • Define and measure drop-out rate

  • Distinguish the causes of customer reduction

  • Identify those that can be managed better

  • Estimate how much profit the bank loses when it loses customers

  • Spend to reduce the bank’s drop-out rate

  • LISTEN, LISTEN, LISTEN to Customers and ACT, ACT, ACT


How much is a client s worth

HOW MUCH IS A CLIENT’S WORTH?

*Interest=2.5% / mo.; SC=3%; #Yrs. Loyal=1 (4 cycles);Margin=70%


How much is a client s worth1

HOW MUCH IS A CLIENT’S WORTH?

*Ave. portfolio=115 accts; Drop-out rate=15%


The need to retain clients

THE NEED TO RETAIN CLIENTS

  • Acquiring customers can cost five times more than the costs in satisfying and retaining current clients.

  • An average company loses 10% of its clients every year.

  • A 5% points reduction in customer drop-out rate can increase profits by 25-85%, depending on the industry.

  • The customer profit rate tends to increase over the life of the retained customer.

    SOURCE: Selling: The Personal Force of Marketing


The key to customer retention is customer satisfaction

The KEY to Customer Retention is Customer Satisfaction

  • Creates Customer Loyalty

  • Helps the Bank to better Cross-Sell and Up-Sell other Products & Services

  • Supports better Word-of-Mouth Marketing Creates “Stickiness”

  • Listening to Clients can Improve the Bank’s Products & Services

  • The Cost of Promoting Services to Existing Clients is less than to New Clients


Relationship marketing service quality

Correlation of Service Quality

and Bank Profitability


Service quality

SERVICE QUALITY

  • SERVICE

    - Is any act or performance that one party can offer to another that is essentially intangible and does not result to ownership of anything.

  • QUALITY

    – Is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.


Dimension of service quality

Dimension of Service Quality

  • Reliability

  • Assurance

  • Tangibles

  • Empathy

  • Responsiveness


Questions to ask to check if we are effectively providing service quality to our clients

Questions to ask to check if we are effectively providing service quality to our clients

  • Do we strive to present a realistic picture of our service to customer?

  • Is performing the service “right the first time”, a top priority of our Bank?

  • Do we communicate effectively with customers?

  • Do we surprise customers during the service process?

  • Do our employees regard service problems as opportunities to impress customers or as annoyances?

  • Do we continuously evaluate and improve our performance against customers’ expectations?


Relationship marketing service quality

THANK YOU

FOR MORE INFORMATION ON MARKETING, VISIT THE RBAP-MABS TOOLKIT AT:

http://rbapmabstoolkit.wordpress.com


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