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Marketing experts advise banks on customer loyalty strategies

Marketing experts advise banks on customer loyalty strategies

Blog article entry on: Oct 28, 2009

Vietnam News HCM CITY — Retail banks would do well to inspire customer loyalty by using separate strategies for different consumer segments, marketing experts said at a seminar on Wednesday.

A study conducted by Cimigo, a market research and consultancy firm, found two customer segments differentiated by age and behaviour.

Addressing the first Cimigo Banking Insights Seminar held in HCM City on Wednesday, Richard Burrage, the firm’s managing director, said the study had found customers who visited bank branches more frequently were more likely to have high satisfaction and retention ratings.

This was not true of those likely to use ATMs more often, he said.

“Among 18-34 year olds, over 80 per cent reported using ATMs once a month or more, while only about 30 per cent visited a branch at the same frequency. While 35-54 year olds use ATMs far less frequently, visiting branches is much more common among this group,” Burrage said.

Cimigo’s research also showed a strong influence that word-of-mouth has in influencing consumers’ choice of banks.

Brian Park, head of Risk and Decision Management at Prudential Ltd, shared his company’s experience in developing long-term profitable relationship with customers.

Professional and trustworthy services and the right products were highly appreciated by customers, Park said, adding that offering security of banks’ operations was also key.

Chris Elkin, managing director of the Red | Brand Builders, said the banks needed to build strong brands by developing many unique banking services and products to compete with others banks.

Banks should understand that a brand should provide emotional and functional benefits to customers, he said.

They should also consistently transmit the right message in the right place at the right time to achieve the emotional connection between a brand and its targeted audience, he said.

Cimigo is an independent team of marketing and branch research specialists that employs over 200 research professionals and operates in all major markets in the Asia-Pacific region.

Within 12 months of its establishment, the company has opened offices in big cities like Ha Noi, Hai Phong, Da Nang, Can Tho and Nha Trang and in foreign countries including China and India. – VNS

You can download the presentations at:
http://bankingseminar.cimigo.com

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