Relationship marketing service quality
Sponsored Links
This presentation is the property of its rightful owner.
1 / 15

RELATIONSHIP MARKETING & SERVICE QUALITY PowerPoint PPT Presentation


  • 97 Views
  • Uploaded on
  • Presentation posted in: General

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

Download Presentation

RELATIONSHIP MARKETING & SERVICE QUALITY

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


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

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


How do we build relationship with clients?

  • Basic Marketing

  • Reactive Marketing

  • Accountable Marketing

  • Proactive Marketing

  • Partnership Marketing


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

  • Complaint and Suggestion Systems

  • Customer Satisfaction Surveys

  • Ghost/Mystery Shopping

  • Client Drop-Out Analysis


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?

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


HOW MUCH IS A CLIENT’S WORTH?

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


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

  • 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


Correlation of Service Quality

and Bank Profitability


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

  • Reliability

  • Assurance

  • Tangibles

  • Empathy

  • Responsiveness


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?


THANK YOU

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

http://rbapmabstoolkit.wordpress.com


  • Login