Keeping a Customer-Centric Approach in a Highly Competitive Sales Environment - Essay Example

? Centric Approach Grade (26th, March. Keeping a Centric Approach in a Highly Competitive Sales Environment Introduction Customers are the most important stakeholders for any organization. In fact, business and organizations exist so that they can serve customers. Without customers and customer needs that require to be fulfilled, there will be no need for a business to exist, since it will have no target (Gavan, 2012). The provision of goods and services by businesses are aimed at fulfilling customers’ needs. Therefore, serving the customer in the most satisfactory manner should be the focus of any business that seeks to grow and achieve its mission, in whichever region or industry it operates. It is through the customers, that a business is facilitated to meet its objectives. Thus, the most important asset that a business can build for itself is a loyal customer base, who carries the goodwill of the business with them, and thus facilitates repeat purchase (Anand, 2010). It is against this background that any business should seek to develop the most effective and efficient customer service, while seeking to continuously improve in the methodologies and strategies of addressing customer needs. Nevertheless, there are always competing business interests that might make a business focus more on other aspects of business operation, at the expense of redeveloping its customer service, and the consequent customer experience (Bosworth & Holland, 2004). Such a move is detrimental to a business because; without enhancing the customer service and customer experience for the business organization, the chances of business failure are high. Therefore, this discussion seeks to illustrate that companies which have a highly competitive sales goals and Expectations; in this case Wells Fargo Bank, can still maintain the integrity and customer service/customer centric approach, which would facilitate the achievement of its objectives. Customer centric approach A Customer Centric Approach refers to the ability of an organization to offer a positive customer experience, immediately at the point of sale, and post- sale (Gavan, 2012). This requires that the sale strategy that is adopted by the organization be satisfactory to the customer, and even more enticing and attractive, such that it adds value to the experience of the customer when they are purchasing the product or service, and after the purchase, when the customer is actually utilizing the product or service. The essence of applying a customer centric approach is that; it offers a company the avenue through which it can differentiate itself from the other competitors who are offering similar products or services, since the product or service differentiation is no longer a key differentiating factor (Anand, 2010). The relevance of customer centric approach to the banking sector Wells Fargo Bank is a large financial institution, in fact ranking as the fourth largest bank in the USA (Chandler, 2006). Despite having built a formidable brand that is well known and easily identified by the customers, the competition in the financial market keeps growing by the day, owing to the emergence of new banks and other micro-finance institutions, which seeks to serve the same customer base that banks are serving. This being the case, most banks, microfinance institutions and even insurance companies are offering the same products and services. It is therefore no longer easy for banks to differentiate themselves based on the diversity of financial products or services offering, thus necessitating the need for banks to adopt the customer centric approach business strategy, which help them improve the customer services, and consequent customer experience they offer to their customers (Bosworth & Holland, 2004). This will go a long way in cementing the customer base that the bank already have, thus securing its market share, while also attracting new customers who will be enticed to enjoy the same customer service experience obtained by the bank’s customers. How Wells Fargo Bank can apply the customer centric approach In today’s competitive business environment, the application of customer centric approach is no longer an ambition for business organizations, but essential (Driggs & Kasolowsk, 2008).Wells Fargo Bank can apply and maintain the customer centric approach through providing on-target products and services that satisfy the specific needs of the customers. On-target customer service provision means that the bank has to identify the unique needs of the customers that it seeks to serve, and thus tailor-make the products and services it offers to the specific resolution of such needs. First, the customer centric approach can be achieved through satisfying the customers’ expectations every time (Gavan, 2012). For example, the Wells Fargo Bank can ensure that no phone call from its customers go unanswered at any one particular time. This strategy is essential, since it will ensure that despite the customers having issues with their transactions with the bank, they are always attended to, every time they make an inquiry into the issue (Bosworth & Holland, 2004). This strategy is fundamental for keeping the faith of the customer in their banking institution high, while also keeping them at ease, that any of their issue will be addressed immediately. It is such a strategy that keeps the customers confident in the bank, allowing them to always seek its services, at the expense of other competitors, who delay the resolution of customers’ issues. The other aspect of the customer centric approach that Wells Fargo Bank can apply to match the highly competitive nature of its operations is providing to the customers what they value most (Anand, 2010). This is a customer focused strategy that serves to improve the customer experience with the bank, and thus enhance its competitiveness against other banks. One of the aspects that the customers value most in banking is the time taken for them to be served. Thus, for any banking institution, the time taken to serve a customer is of essence, since it determines how frequently they will be visiting the bank, as well as how they are contented with the services that they receive from the bank. Thus, Wells Fargo Bank can apply what the customers value most strategy, through ensuring that the time taken to serve customers to be served is reduced to the minimum possible, so that the customers can continuously and consistently visit the bank. Customers want a bank where they can visit over the lunch break, accomplish their transactions and get back to work or proceed to the market, after work (Wright, 1999). By taking the advantage of giving the customers the quick service experience, the already existing customers of the bank will remain loyal to the bank, while the word spread regarding the quick service offered, will attract other new customers. This way, the Wells Fargo Bank will have an upper hand than its main competitors. However, the achievement of a customer centric approach by Wells Fargo Bank is not possible, if the whole organization is not working towards achieving this goal. Therefore, the most vital aspect of achieving this approach is rallying the whole organization behind the goal (Driggs & Kasolowsk, 2008). This requires that all the employees and other relevant stakeholders understand all the customer needs and expectations, and in turn works towards meeting them. The Wells Fargo Bank should first carry out a needs-survey for all its customers, to identify the most vital and highly valued expectations of the customers, and in turn communicate the same to its employees. By doing this, the employees will work towards serving the needs of the customers, which will in turn promote their customer experience with the organization, and thus help in building a formidable loyal customer base, which secures the market share of the bank, while also acting as a bait to attract more customers (Anand, 2010). Simply put therefore, the communication and collaborative working towards enhancing the customer experience is essential for the Wells Fargo Bank to realize the application of a customer centric approach. Finally, consistency is fundamental for any business seeking to satisfy its customers, overcome the competitors and build customer loyalty that enhances repeat purchase (Wright, 1999). This being the case, making the customer a priority is essential for any business, not just to survive in the eyes of competition, but also to thrive and achieve its missions and objectives. Prioritizing the customer by Wells Fargo Bank can only be attained through making excellent customer service the culture of the bank. This because, making the offer of satisfactory services to the customer a culture, enhances the consistency of the bank to address the most important and valuable issues to the customer, urgently. This in turn makes the customers build confidence and loyalty towards the bank, since all the customers want, is to feel valued by any business or organization that serves them (Anand, 2010). When the bank consistently shows that it highly values its customers, it will no longer be the focus of the bank to target customers, since they will readily avail themselves to the bank, whose work will only be to serve them. Conclusion The current business environment is highly competitive. Therefore, the focus of the business on the application of customer centric approach is no longer an option, but an essential strategy. Customer centric approach means that a business focuses on improving the experiences of the customers, both at the point of sale, and even post sale. This helps an organization to build and cement its customer base, allowing for repeat purchase while also inviting new customers. The application of the customer centric approach will enable Wells Fargo Bank to satisfy its customers, while also having a competitive advantage over the other banks operating in the same market. Reference Anand, S. (2010). The state of customer centric retailing: A best practices guide for higher sales, customer retention and satisfaction. Aberdeen group. Bosworth, M. & Holland, J. (2004). Customer centric selling. Concentrated Knowledge for the Busy Executive .26 (6): 2-8. Chandler, R. J. (2006). Wells Fargo. Charleston, S.C: Arcadia Pub. Driggs, W. & Kasolowsky, N. (2008). Creating Customer Loyalty: A Customer-Centric Approach. Accenture Gavan, V. (2012). How to create a customer centric culture. Dynamic Business. Wright, R. (1999). Marketing: Origins, concepts and environment. London: International Thomson Business. . Read More