When dealing with business customers relationships have been considered the most important component of marketing. It is
Question:
When dealing with business customers relationships have been considered the most important component of marketing. It is important to build trust and commitment, to strengthen this relationship. In the past, this meant that business customers often received birthday cards from the businesses they dealt with and phone calls asking how everyone in the family was going The business and its business customer developed a business relationship that was more like a friendship. With the fast-paced nature of business and the use of technology, this has shifted Customer relationships have been considered essential in business banking for some time. However, more recently with the increased use of technology, many businesses have said that they'd prefer a fast transaction and see no need to get to know their business banker The banking industry is well known for its innovation in service delivery and distribution and this has been a method of differentiation in the industry for decades. The use of the Internet in business banking has given customers the opportunity to have greater control over their financial information and transactions, with added convenience. For the bank, this leads to cost reductions and a better ability to compete.
For the customer, it adds convenience. Joe, the finance manager of a large Australian golf course, believes that for his business, nothing in banking has really changed. Although Joe uses Internet banking every day, to manage his transactions and check on his account, he says he needs to know his business banker. His business banker, Susan, understands his business requirements, so whenever the golf course needs additional funds, or wants to move investments, she doesn't require a long story about why this is the case. He said it's rare that a week would pass without him talking to Susan and every year in September, he receives a birthday card from the bank he does his business banking with Although Joe is very satisfied with the bank he works with he said that if Susan moved to another bank, he would move the golf course's bank accounts because his loyalty is with his banker, rather than his bank Caleb, a young Generation Y business owner in Sydney operates as a sole trader in the IT sector. Very tech-savvy Caleb prefers to do his banking at arm's length. He can't remember the last time he went into a branch, however he prefers to bank with a bank with branches just in case' He says he doesn't even know his bank manager's name and doesn't care about that. In fact, he is annoyed when the bank does contact him unnecessarily David is the finance manager of a medium-sized non-profit organisation, operating in Melbourne. A few years ago David knew his business' bank manager, but more recently the bank has urged the organisation to do most of their transactions online. When he does need to visit a branch, David has to queue up like personal bankers and no one knows him or his business. He feels quite unhappy that his organisation isn't treated the way it had been treated in the past. Although he thinks online banking is a convenience, he is frustrated by the way he feels forced out of the branches. The organisational structure means that if David wants to change the bank the organisation banks with a board meeting needs to be held and the majority of the members of the board need to agree to the change. Here are three different business structures and three different business banking relationships. In the past, relationships ruled in business banking, but with the use of the Internet, relationships are no longer as important for some businesses. It's become very important for all businesses to understand their business customers, rather than trying a 'one size fits all' model."
McGraw Hills Conquering SAT Math
ISBN: 9780071493413
2nd Edition
Authors: Robert Postman, Ryan Postman