Lesson 8º








Value and Services Provided

One of the fundamental components of client loyalty is how to show a client's perception of the services offered to them. The information coming from research shows that the clients of a bank value a banks customer service, different aspects related to the quality of the service and ethics before price.

The following figures come from a survey carried out concerning the reputation of banks. The clients classify on a scale from 0 to 10 different aspects that they consider important in relation to banks. It is necessary to bear in mind that it is a survey and that sometimes what the client responds is what the client thinks that is socially desirable more than the authentic motives of their decisions.

Customer Service: 8.9
Ethical Products: 8.8
Ethical Behaviour: 8.7
Relation quality/price: 8.6
Ecological Sensitivity: 8.5
Supporting social causes: 8.5
Positive feelings: 8.1
Acknowledgement of their identity: 8.0
Confidence: 7.9
Perception of leadership: 7.4
Knowledge: 6.8
Information: 6.0

To keep clients loyal we should give them value and communicate the attributes and advantaes that our service incorporates. Research shows that:

1. A client gives more value to personalized services. Therefore, it is important to adapt the service.

2. The client tries to capture information to insure they have done the right thing. As soon as a client recognizes that he is receiving value he will stop looking for information and he will stop evaluating possible competitors.

3. The attribution of value is greater at the beginning of the transaction. First impressions count. The value assigned will depends on the first impressions.

4. More quantity of information more value. Having more information at hand usually helps recognise the value. If the chef of a restaurant explains to us in details the spices that he uses and where his raw materials comes from we will value the food more.

5. The competitive advantage will come from efforts that add value and which the competitors will find difficult to copy.

6. The deficiencies in the information provided will have a great consequence if they are negative. If we do not inform our clients adequatey about the fixed savings accounts, the clients could loose money, their negative perception will be accentuated because of the perception of lack of information.