such as better investment plans better trained and well knowledge employees

Such as better investment plans better trained and

  • Monash University
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such as better investment plans, better trained and well-knowledge employees, improve their online services but they shouldn’t slack on their face-to-face services as they should always treat their customer’s as the king and they are always right. 5. Will the customers recommend the primary provider to others rely on level of overall satisfaction? Output: Recoded Overall Satisfaction * Likelihood to Recommend Primary Provider to Someone I Know Cross tabulation Likelihood to Recommend Primary Provider to Someone I Know Recoded Satisfactio n Very Unlikely Somewhat Unlikely Somewhat Likely Very Likely Extremely Likely Low 15 62.5% 27 90% 86 72.3% 41 27% 5 4.2% High 6 25% 1 3.3% 5 4.2% 26 17.1% 72 61% Original output: see appendix d Findings: According to the data, our hypothesis is right therefore we do not reject the hypothesis, since the customers with low satisfaction with their primary financial provider has the highest unlikelihood to recommend their provider to someone they know (62.5% out of the total number of people that did the survey). While customers with high satisfaction are very likely to recommend their provider to someone they know (61.0% out of the total number of people that did the survey). Interpretation:
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One of the main promotion techniques used by Businesses is word of mouth and it is a very efficient and cheap way to promote however the only way to control this technique is to treat the customer well and they might promote the business for you. And customers with low satisfaction from bad experiences, they won’t be telling others about the company or even they will say bad things about it and others won’t buy products from that company. So it is very important for Bank of America to satisfy their customers as much as possible to gain the customer’s trust and therefore gaining a competitive advantage over its competition through word of mouth. 5 – Managerial Recommendations Bank of America can improve on its growth of services, products and market share by implementing the following strategies. Bank of America can identify that roughly 86% or customers are already satisfied positively with their primary financial provider; therefore Bank of America should retain all of their current services and not discontinue any. Secondly Bank of America can identify that customers under the age of 69 are less satisfied then those above 69, therefore Bank of America should tailor some of their services to younger generations in order to increase their satisfaction. I.e. implementation of a online banking service thereby allowing the technology savvy generations to have more convenient services. Seeing that all ages have the same decision making approaches in relations to chose primary financial providers, Bank of America can market itself with a service which can cater to all ages and therefore target a larger consumer base whilst also reducing costs on other marketing campaigns for specific customers.
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