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.
