Banking Industry Marketing Tools and Customer Service Evaluation
One of the main problems with large companies is they tend to lose touch with their customers and begin to see them as just "numbers on a page." What they fail to realize is there's no "accounting formula" to tell them just how important "happy customers" really are. The most utilized form of research on the internet is Quantitative Research. This involves collecting electronic information from an appropriate sample of clients to find out what their views are about the organization and the customer service that it offers. This paper will discuss the various marketing tools being utilized within the banking industry and level of customer service it provides.
Navy Federal Credit Union (NFCU)
Navy Federal Credit Union uses a verity of marketing tools to promote their business. These marketing tools include publicity, promotions, and competitive rates. In the NFCU website, the front page has special promotions to advertise their loans. Currently if one was to purchase a used enterprise car using a NFCU loan, then they will receive an award card worth $350. For this marketing strategy, they most likely teamed up with enterprise rent-a-car. This mean the NFCU is most likely not paying for the full 350 dollar award card.
Another marketing strategy is the use of publicity. This is the best way of advertisement because it does not cost much if any, and it has the potential to reach more people. If one was to miss a publicity event for NFCU then they could retrieve a copy of the press release on their website. Some press releases currently posted are "GOV. BUSH APPLAUDS NFCU", "NFCU and Thoreau Middle School Showcase Student Creativity at 16th Annual Student Art Exhibit", and "Visa Honors NFCU with Three Service Quality Awards".
The most basic form of marketing NFCU does is competitive pricing. On the NFCU website, they list rates for all of their services. This technique demonstrates their confidence in their services by listing rates for everything. They also highlight some extremely low rate for their loans.
ING Direct
With the knowledge of ING being one of the largest banks in the world a person would begin to ask questions which seek to broaden the company's journey of arriving to this stature. One of the marketing tools used by companies which are Internet based or customer service based organization use is the bidding or purchasing the placement rights of where their website is placed on the results page.
Promotion covers all the techniques how the organisation advertises its products and services. The national trust has advertised in many ways to engage with their customers by using ways which people are familiar with. These are newspapers which is an traditional way or even more modern such as Facebook, twitter and YouTube. As the charity grows its’ relied on social media/internet the most to help boost their marketing campaign.
Using multi-channel marketing through different forms of social media could stay in contact with the targeted audience. Marketing strategies include electronic flyer to go to local businesses, internal communications to undergraduates promoting the graduate offering. Up- dating website to promote online programs, local television and radio ads and social media ads connecting to the generations that are focus on technology. Through these types of communication, Duquesne can talk about their reputation, ranking, and opportunity to show the market what they have to
High levels of customer satisfaction will not guarantee future sales, but are more likely to result in repeat future sales than indifferent or poor customer service. Moreover, satisfied customers are more likely to try out other products/services in the firm’s range, or recommend it to friends and family. Build on customer loyalty Customer loyalty is valued highly by most businesses and can be
The practice of these marketing communication techniques helps Marist to create a global identity. To become a global personality, Marist college has created a logo and distributes brochures through email and in mail. Apart from this the college outlined a complete web based marketing plan with the assistance from its ilearn portal and by developing and implementing the college website. It even has a Facebook page and has informative videos about the college on YouTube. Marist uses three types of advertising techniques.
Satisfying and pleasing customers have become something of a corporate obsession. Customer is served in the best, effective and most efficient manner and this practice has become critical.
RBC Financial Group uses a customer relationship management (CRM) strategy that provides a variety of services for a variety of clients. The strategy allows for individual customers to trust RBC and develop a personal relationship with each and every client. One major factor that allows CRM to operate effectively is the use of technologies and analytics to help classify each client’s financial situation. These customer profitability-based techniques allowed RBC to categorize their clients into A, B, and C groups so that the sales teams could optimize their efforts in catering to these different clients. This strategy holds the following strengths: optimizing sales efforts to different customers, easily accessible electronic sales leads, centralized and standardized financial decisions, and building personalized and sustainable customer relationships. There are a few weaknesses to the system though including the complexity in predicting future positions of companies despite the use of analytics as well as the complexity in creating consistency when using these
By doing so, the organization can understand its competitive environment and create a strategic plan to succeed. Within an industry there may be several competitors that provide similar products and services. Within the financial services industry, competitors or Wells Fargo & Co. would be other banking institutions such as JPMorgan Chase and Bank of America. Because Wells Fargo offers a wide variety of products and services, its competitors may also include specialized firms such as Scottrade, e-Trade, Quicken Loans, and Loan Depot which specialize in specific products such as investment banking and mortgage products. Rivalry among these competitors is a positive factor for the consumer because each organization will focus on the activities of its competitors to provide superior service to its
American Express continues to attempt to expand its customer base, while at the same time trying to keep its reputation as a card of status. Its successful marketing tactics in the United States compared to the slow expansion into markets abroad show its lack of consideration of the differences of these markets. By preparing a more decisive plan as to what type of consumers to target and what products to push in each of its market areas, American Express could have a much greater success with foreign expansion.
2. Brochure: We will print out the brochure and then distribute the brochure to the local residents as well as the university’s students.
Public relation campaign enables companies to reach their markets in a strategic manner. Strategic marketing has allowed MacDonald’s to become among the best world leading restaurant for fast food. The strategic campaigns have increased MacDonald’s profit levels, products sales, brand name, and services. The public relation has also solidified MacDonald’s sponsorship relationships, improved food quality, and broaden their market base.
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations which lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010). To help these businesses a more appropriate or better marketing plan needs to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality internet marketing services, hiring an online marketing company to design a customized internet marketing campaign may be advantageous for some businesses (EStartup business blog and contributors, 2010). Identified will be the role that marketing plays in a successful business demonstrated by use of two examples, the importance of developing a marketing plan, and ethical and legal issues that surround marketing practices (EStartup business blog, 2010).
Customer service is constantly evolving. A few decades ago, businesses considered customer service an unnecessary expense. Now, companies view it as a competitive advantage in the marketplace. Research reveals that “80% of CEOs believe they deliver a superior customer experience, but only 8% of their customers agree”.
Starbucks communication strategy is preferred through the public, advertising, media, sales promotions, social sponsoring, and launching offers. Starbucks approach will bring closeness to the customer or the public; these tactics will aid in the decision of the purchasing of the Starbucks products. Starbucks has a
Consumers pay millions of dollar for an advertisement campaigns, but word of mouth advertisement is absolutely free and reliable. This type of marketing spread quickly and effectively among consumers. (Jacques Bughin, 2010)
Internet threw open the plethora of opportunities for enormous scaling of business, thanks to the massive scope of expanding as well as popularizing the business by way of online advertisement. Now, every kind of business no matter big or small businesses can expand itself by way of online advertising where there are massive users across the whole world.