1 Petrleum-Gas University f Pliesti BULLETIN Vl. LXII N. 2/ Ecnmic Sciences Series Develpment f Lng-term Relatinships with Clients in Financial Sectr Cmpanies as a Surce f Cmpetitive Advantage 1 Ivana Dmazet *, Jvan Zubvić *, Mark Jelčnik ** * Institute f Ecnmic Sciences, 12, Zmaj Jvina str., Belgrade, Serbia ** Institute f Agricultural Ecnmics, Vlgina Street 15, Belgrade, Serbia Abstract Relatinship marketing represents the cncept which gives lng term dimensin t cnsumer s rle and imprtance, because it has in its fcus lyalty develpment and lng term cperatin and partnership relatinships with key clients f financial rganizatin. Relatinship marketing is fcused n: lyalty btaining and catching f clients fr a lnger perid, client s value, quality f prvided service, engagement regarding fulfillment f client s expectatins, as well as cncern f all emplyees tward the client. That is why relatinship marketing represents a significant strategic leverage which can imprve cmpanies cmpetitive advantage. Key wrds: relatinship marketing, lng-term strategy f relatinship with custmers, cmpetitive advantage financial rganizatin JEL Classificatin: M31, M39, M21 Intrductin Relatinship marketing is a new cncept which intrduces lng-term dimensin t rles and imprtance f custmers. It fcuses n develpment f lyalty and lng-term relatinship based n cperatin and partnership with key custmers. The cncept was develped during the last decade f the 20 th century, at which time several new definitins f relatinship marketing were intrduced. Grdn defines relatinship marketing as a prcess f creatin f new values fr each single custmer and distributin f gains achieved during interactin 2. Accrding t Gummessn 1 This paper is part f prject n D - Accessin f Serbian ecnmy int EU planning and financing f reginal and rural develpment and cmpanies develpment plicies, financed by the Ministry f science and envirnmental prtectin f Republic f Serbia. 2 G r d n, I., Relatinship Marketing, Jn Wiley&Sns, Canada, 1999, p. 12.
2 2 Ivana Dmazet, Jvan Zubvić, Mark Jelčnik relatinship marketing emphasizes lng-term relatinships between cnsumers and gds/service prviders as well as lng-term prfitability. 3 Relatinship marketing is fcused n identifying and meeting the needs and wants f ur clients. It includes management f detailed infrmatin abut individual custmers and analysis f all "interactin pints" with custmers with a gal f maximizing their lyalty. Interactin pint with buyers represents every situatin when the buyer interacts with brand r service including persnal experience, mass cmmunicatins r randm bservatins. 4 Grönrs uses the term relatinship marketing t prmte the idea that the main gal f the business activity is t build and retain stable and lng-term relatinships with market actrs that cntribute t the success f the cmpany. Grönrs s definitin f relatinship marketing cncept is: t identify, establish, develp and maintain relatinships with custmers and ther stakehlders, while creating prfits, in such a way as t fulfill the bjectives f all parties, thrugh mutual exchange and fulfillment f expectatins and prmises. 5 Financial institutins tend t develp clse relatinships with their stakehlders (emplyees, investrs, sharehlders, etc.) fr tw reasns. First - because cmpanies strengthen their cmpetitive advantage in the market and secnd - the applicatin f this cncept requires creatin and use f databases as very pwerful tls fr achieving business success in the market. Relatinship marketing fcuses n: gaining and retentin f custmer lyalty in the lng run; the custmers value; quality f service, cmmitment t meeting custmer expectatins; and cncern f all emplyees n relatinship with the client. In additin t relatinship marketing, the cncepts based n the develpment f direct relatinships with custmers are: Custmer Relatinship Management - CRM; Database marketing; Marketing with a license; Retentin Marketing; Lyalty Marketing; Interdependent marketing; One-t-One marketing; Frequency marketing; Partnership marketing. Effectiveness and efficiency have becme an indispensable criterin f market ecnmy that caused rganizatins, especially in financial sectr, t direct their marketing activities n develping relatinships with their custmers and n analyzing their needs and wants. T becme successful in the dynamic financial services market, cmpanies must deliver superir service t targeted custmers, which are becming mre demanding ver time. Selectin f prducts/services is a prcess based n ratinal balance f price and quality. Increased cmpetitin and narrw perating space frced financial institutins, primarily banks and insurance cmpanies, t implement strategies and techniques f custmer relatinship management (with their clients) in rder t achieve expectatins f wners and ther stakehlders. Banks and 3 G u m m e s s n, E., Relatinship marketing as a paradigm shift: sme cnclusins frm the 30R apprach, Management Decisin, Vl 35/4, 1997, p K t l e r, Ph., W n g, V., S a u n d e r s, J., A r m s t r n g, G., Marketing Cncepts, Mate: Zagreb Schl f Ecnmics and Management, Zagreb, Cratia, 2006, pg G r ö n r s, C., The Rebirth f Mdern Marketing: Six Prpsitins Abut Relatinship Marketing, Swedish Schl f Ecnmics and Business Administratin, Wrking Paper, Helsinki, 1995, pg. 26.
3 Develpment f Lng-term Relatinships with Clients in Financial Sectr Cmpanies as 3 insurance cmpanies had t redefine their gals, business relatinships with majr custmers and stakehlders, as well as a range f marketing activities. T achieve that purpse financial institutins had t: Define their basic gals - prfitable peratins, imprving f business thrugh acquiring new and retaining ld custmers; Fcus n private and business custmers wh create mst f the prfit thrugh a range f direct marketing and mass media cmmunicatins. Fr example, Aegn Insurance, ne f the wrld's largest insurance with 4,500 emplyees, implemented a strategy t attract and make lng-term cmmitment f their cmmercial clients in such a way that they split activities f life and pensin insurance int the individual business sectrs, which imprved the quality f each f them. This led t a significant increase in the number f cncluded lng-term cntracts with crprate custmers t whm, apart frm high quality services and access t facilities f the glbal market, the mst imprtant thing is t be assured that their insurance cmpany will be with them and share the risk in the lng run. 6 In the investment sectr f banking, custmer relatinship management is still in the implementatin phase. This is a great pprtunity fr banks t manage their apprach t custmers, t adapt cverage strategies and t use new technlgies in rder t imprve cmpetitiveness. Custmers in the banks are well infrmed and therefre very selective, thus banks can n lnger believe t have the advantage ver clients because they have mre infrmatin. Custmers wh have gd infrmatin abut market have mre precise needs and requirements and they are nt s lyal t ne brand. Leading clients tend t fcus their business n few strng service prviders wh ffer cmpetitive advantage and benefits in terms f cst in rder t hld their psitin in the market. Investment banking is characterized by tw kinds f relatinships with clients: Relatinship f cmmn way f thinking in which the Bank is directed t carry ut large and significant transactins fr clients; The relatinship f jint prtfli which requires crdinatin f many activities f the bank and custmers. Since the banks are merging and the number f clients is grwing, the scpe f activities has expanded and the cmplexity f relatins with business custmers has increased. Even thugh relatinship marketing is imprtant, it is certainly nt the nly requirement banks have t cmply with in rder t remain cmpetitive n the market. Tw main determinants f the success in the investment banking business are: custmer satisfactin and prduct quality. T make CRM functinal, banks must have a clear picture f what their clients really want frm them. Fur main types f custmers needs are: 7 1. Reduced csts and efficient service; 2. Better cntrl and transparency as a result f respnsibility fr achieving results; 3. Greater cmfrt resulting frm the fact that the cmpany needs t perate with a smaller number f banks; 4. Bank shuld be precisely infrmed abut custmer s needs, s as t ffer the right prduct at the right time and at the right price. 6 H a r w d, T., G a r r y, T., B r d e r i c k, A., Relatinship Marketing Perspectives, Dimensins and Cntexts, McGraw-Hill Educatin, UK, 2008, pg S t n e, M., M a t h i a s, P., CRM in financial services, Kgan Page Publishers, Lndn, 2002, pg. 212.
4 4 Ivana Dmazet, Jvan Zubvić, Mark Jelčnik Clients are increasingly fcusing n strategic selectin f prviders f financial services, based nt nly n pprtunistic and tactical decisins. They expect cntinuus lng-term bank rientatin twards a leading psitin in the market. The ability f banks t achieve glbal presence and prduct quality is crucial in the client's selectin prcess f prviders f financial services. In additin, the bank must prvide a high level f reginal cverage and apprpriate infrastructure fr their branches. When the bank becmes the main prvider f services, it must establish a strategy t retain that psitin and t gradually increase its share in the client's prtfli ver time. The bank may ffer different ptins fr achieving added value fr the entire range f its prducts, in accrdance with the needs f the client. In this way, thrugh develpment and imprvement f relatins with clients, by implementatin f CRM, the bank imprves its relatinships, enhances its image and psitins itself strategically in the client's mind in rder t maximize its share f client s financial prtfli. Successful develpment f CRM includes the fllwing activities: 8 Creatin f new market by selectin f specific market segments and establishment f leading psitin in it thrugh develpment f suitable financial prducts; Imprving the qualitative level f relatins with custmers in the market, by invlving them in the design and develpment f new prducts; Implementatin f mnitring and interplatin f trends in rder t trace changes in the envirnment and practively react t them; Develpment f partnership marketing cncept with custmers, suppliers and ther actrs in the market wh may help cmpany t be mre successful n the market. Relatinship marketing can be intrduced n different levels, three f them being: 9 Tactical level (similarity with the activities f sales prmtin); Strategic level (emphasis n develping partnerships with custmers); Philsphy level (reflecting the essential philsphy f marketing - the entire rganizatin is fcused n delivering ttal satisfactin t custmers, maintaining and develping f business). Relatinship marketing is particularly interweaving with direct marketing, with CRM cncept and marketing lyalty cncept. They may be viewed as independent cncepts, but they als may be a part f relatinship marketing. They differ in relatinship apprach, as ne f the frms f partnership marketing, and traditinal (transactinal) marketing apprach. Relatinship Marketing vs. Transactin Marketing Transactin marketing strategy based n the cncept f traditinal marketing is typical fr situatins in which the custmer ften changes suppliers and purchasing decisin is made n the basis f the cst f prducts/services. Such relatinships are shrt-run because they represent ne-time transactin. Table 1 shws the difference between transactinal and partnership marketing. In traditinal marketing, cnsumers are fcused n a single purchase and achievement f individual gals. Mass advertising and prmtinal campaigns are used fr increase f sales. Marketing manager activities are mainly aimed at creating attractive prducts that emphasize its traits and characteristics, and thus attract the custmers attentin. Their activities are least riented n gd lng-term 8 L i t t l e, E., M a r a n d i, E., Relatinship Marketing Management, Thmsn Learning, Lndn, 2003, pg V e l j k v i ć, S., Marketing usluga, Faculty f Ecnmics, Belgrade, 2006, pg. 185.
5 Develpment f Lng-term Relatinships with Clients in Financial Sectr Cmpanies as 5 relatinships thrugh gd quality, reasnable price r after-sale services. Prduct design, varius marketing tricks and sales prmtins are the mst cmmn ways f gaining custmers. Hwever, this type f purchase will nt be repeated and the custmer will be lst frever. Table 1. Transactin vs. Partnership marketing Transactin marketing Partnership marketing Fcus n ne sale Orientatin n prduct/service features Shrt-term activities Lw level f services Sufficient level f cntacts with custmers Quality is mstly cncern f prducer Cmpany grwth and develpment is based n internal frces High dependence n wn strengths Mass marketing Standardizatin Usually nly single cntacts with custmers Fcus n custmer retentin Orientatin n prduct/service gains Lng-term activities High level f services High level f cntacts with custmers Quality is cncern f all actrs in the marketing channel Cmpany grwth and develpment is based n bth internal and external frces Cperatin with partners (netwrking) Target marketing Harmnizatin with buyers needs and wants Relatinship riented cntacts with custmers including exchange f infrmatin, knwledge sharing and mutual understanding, with a gal f creating lng-term cperatin Surce: Egan, Ph. (2004), Relatinship marketing, 2 nd editin, Pearsn Educatin, pg. 65. Transactin marketing has n intentin t create lyal custmers, because the sale is made nly nce, and the transactin can be perfrmed frm hme. Hence, transactin marketing is suitable fr sales that d nt require relatinships with current custmers, such as real-estate business sales t ne-time custmer. Such transactins imply the existence f pre-defined cnditins fr sale (standards, quality, etc), s that the primary element f decisin making shuld becme the price. Therefre, transactinal marketing has advantages nly in business transactins that require preexistence f certain cnditins, r when the nature f the prduct is such that sales during the life span are limited due t certain factrs. The fact that there is n transactin cst f relatinship marketing t gain custmers and maintain relatins with them may be seen as an advantage in terms f cst-effectiveness fr the cmpany. If the cmpany n the basis f infrmatin frm custmers database plans t find a balance between applicatin f transactinal marketing and relatinship marketing, it can use the synergy effect that will result in mre revenue than they planned. Such business pprtunities are defined by ad-hc peratins, s there is n pssibility f applying the universal slutin. Managers f the cmpanies that want t implement and apply ptimal slutins in custmers relatinships have prved t be able t use the new technlgy which means that the new IT slutins can be implemented n the basis f existing data if the cmpany fllwed the innvatins t the apprpriate area. Benefits frm Relatinship Marketing The develpment f lng-term relatinships with cnsumers, unlike in traditinal marketing, is a cncept that has fund applicatin in many rganizatins frm varius sectrs f the ecnmy. The
6 6 Ivana Dmazet, Jvan Zubvić, Mark Jelčnik cncept is universal and applicable in almst all types f rganizatins because there is a need in every strategy-riented activity fr the develpment f lng-term relatinships with cnsumers. The main gal f the implementatin f this cncept in prfit-riented cmpanies, like cmpanies frm the financial sectr, is t infrm custmers, t achieve higher satisfactin and lyalty level, and t accmplish better business results. Depending n where the cncept is applied and n the specificity f rganisatin, it is cnceived a different develpment prgram f lng-term relatinships with cnsumers. Hwever, basic cncept ideas and principles shw their effects in these fields as well, with the ultimate gal f higher cnsumers satisfactin and lyalty level. The imprvement f lng-term relatinships with cnsumers is implemented bth in marketing riented B2C (Business t Cnsumer), as well as in business riented B2B (business t business) activities. The cncept may be widely applied in B2B because: There is a smaller number f clients - business partners (cmpared t the number f final individual cnsumers); There is lnger cperatin where partners are directed t each ther by the nature f business; data availability abut financial and ther cperatin indicatrs; There is a need fr easier infrmatin system abut cmpany and its management. The cmpany has t think abut their cnsumers when dealing with ther cmpanies, since it has t be aware f the way in which their prduct/service meets cnsumers needs; t what extent cnsumers are lyal; hw prfitable each custmer is; and wh their custmers really are. That is imprtant because industry demand is derivative, dependant n demand f final users - cnsumers. The leaders in the implementatin f such new business apprach are the financial institutins (banks and insurance cmpanies), the telecmmunicatin sectr, the turist and catering cmpanies and the rganisatins (htels, turist agencies, restaurants, etc.). The advantages f the cncept f lng-term relatinships with cnsumers are as fllws: 10 Imprvement in market philsphy f behavir and wrk; The rle f cnsumers in cmpany business is perceived in a prper way; Data abut cnsumers are cllected systematically and cntinuusly, and then stred in the database; Cnsumer segments are prfiled by data analysis; Causes f cnsumers satisfactin/dissatisfactin are discvered; Critical success factrs are identified; Cntinuus interactin with cnsumers and prperly set cmmunicatin channels enable the cmpany t develp lng-term relatinships; Infrmatin is becming knwledge; Knwledge serves t adjust prducts t the needs f (individual) cnsumer; Knwledge and acquired experience are the basis fr taking varius actins in all business segments (research and develpment f new prducts, prductin, acquisitin, sale, marketing, etc.); Efficient and effective implementatin f the cncept is imprving the satisfactin f internal and external cnsumers; Cnsumers trust, lyalty and familiarity are created; 10 H a r w d, T., G a r r y, T., B r d e r i c k, A., Relatinship Marketing Perspectives, Dimensins and Cntexts, McGraw-Hill Educatin, UK, 2008, pg.122.
7 Develpment f Lng-term Relatinships with Clients in Financial Sectr Cmpanies as 7 Lyal custmers are buying mre, they are less sensitive t price, spreading psitive prpaganda, appreciating the value f cmpany s prducts and the cmpany itself; Lyal custmers f ne cmpany are at the same time lst custmers fr cmpetitrs; Cmpany image and image f its trade marks are increasing; There is significant increase in gained prfit (particularly n lng-term). The develpment f lng-term relatinships with cnsumers is a reality that is accepted by a number f cmpanies, rganizatins and institutins in all develped cuntries. Hwever, it shuld be knwn that relatinship marketing is nt universal slutin fr all prblems which culd appear during the prduct/service life cycle. Building f lng-term relatinships and cnsumers persnalizatin implies the need fr adjusted ffer accrding t the needs f each individual cnsumer, bth n the level f service and cmmunicatin adjustment. General assumptins, which shuld be fulfilled s as t successfully adjust service t custmer, are: Identificatin f cnsumer s characteristic, need, wants and preferences; Knwing nature and specificity that make service apprpriate fr cnsumer; Training f emplyees which are delivering services t react prperly in specific situatins in terms f adjustment t cnsumers demand; Service adjustment has t result int higher custmer satisfactin, and has t carry ut greater additinal value t them. Cnsumer s behaviur, as a scientific discipline, cntributed t imprved prcess f service delivery t cnsumers, increase f satisfactin and lyalty, because the market success f each cmpany begins and ends with custmers and their perceptin f service. Financial rganizatins, as service cmpanies, will have lyal, highly satisfied clients, prprtinal t the extent t which they meet the needs and wishes f their mst valuable cnsumers and accrding t the way they adjust their services. Develpment Strategy f Lng-Term Relatinships with Cnsumers The develpment f lng-term relatinships with cnsumers has t take care f the relatinships with cnsumers management value chain and activities that shuld be rganised fr the develpment f prfitable relatinships. The relatinships with cnsumer s management chain have fur levels: Defining f supply value; Segmentatin, targeting and psitining; Business peratins and delivery system; Measuring and feedback. The develpment f lng-term relatinships with cnsumers and key clients is based n strategy creatin. The majr gal has t be the delivery f quality service which will affect lng-lasting cnsumers satisfactin (general precnditin f full lyalty). Cnsumers lyalty als means increase in prfit, which affects satisfactin and lyalty f emplyees in service cmpanies (satisfactin between cnsumers and emplyees is mutually crrelated). The general assumptins fr successful implementatin f this cncept are: M a r i č i ć, B., Pnašanje ptršača, Publishing center, Faculty f Ecnmics, Belgrade, 2005, pg
8 8 Ivana Dmazet, Jvan Zubvić, Mark Jelčnik Cmpany tp management has t be leadership and visin riented, prfessinal and capable, aware f the imprtance f service marketing and lng-term relatinships develpment; The cmpany must have a prject team created fr the implementatin f the cncept int the cmpany s business practice (fr service cmpanies which have nt implemented it until nw); Design f apprpriate micr and macr rganizatinal structure, accrding t cnsumers rientatin; The cmpany needs apprpriate crprate culture and adequate technical and technlgical qualificatins (in terms f database and infrmatin technlgy develpment); Availability f the sufficient human resurces n different levels, with key traits being cmmunicatin skills; Sufficient financial funds. Develpment phases f lng-term relatinships with cnsumers include: data cllecting, data analysis, establishment and maintaining f lng-term relatinships, as well as tracking, analysis and cntrl f cncept implementatin. Basic elements f lng-term relatinships develpment riginate frm the factrs that are necessary fr gd marketing functinality in service activities, such as: Infrmatin abut the cnsumer (needs, wants, traits, behavir); Market-riented behavir; Achievement f mdern cncepts, which are fcusing n develpment f relatinship with cnsumers; Cmpany s capabilities and need; Understanding the rle and imprtance f all persns included in the prcess f service creatin and delivering; Lng-term rientatin; Unifrmity f the cmpany. Aware f the key factrs, we culd divide the develpment prcess f lng-term relatinships int the fllwing stages: Database creatin; Identificatin and classificatin f cnsumers; Cnsumers recgnitin (persnalizatin); Cnsumers differentiatin accrding t values and needs; Interactin with cnsumers; Custmizatin f service prcess, by appraching each cnsumer thrugh persnal cntact r autmated prcess; Creatin f lyalty prgrams - rewards and added values; Cntinuus cncept imprvement (cntrl, measuring and feedback infrmatin). During cncept implementatin, all risks and pssible errrs shuld be determined and crrected. During cncept implementatin analysis, ne shuld primarily fcus n: 12 Assumptin that the client wants t establish lng-term relatinship; Assumptin that the client is ready fr interactin and jint activities. 12 D m a z e t, I., Z u b v i ć, J., D r a š k v i ć, B., CRM kncept u funkciji unapredjenja direktng marketinga, Management, Vl. 51, 2009, pg
9 Develpment f Lng-term Relatinships with Clients in Financial Sectr Cmpanies as 9 Assumptin that satisfactin is enugh by itself; If clients are transferred int the tp custmers, having awareness that they are valuable fr the cmpany, they will expect mre; Prblem f hurting clients wh are nt tp custmers by prfit, r by cmpany s directed attentin, and they have significant cntributin t cmpany peratins; Changing attitudes tward key clients culd cause cnfusin; Sme awards may be unnecessary (clients culd behave similarly withut them), and they may be expensive; Smetimes custmers establish cperatin nt because they are lyal, but because they d nt have alternative substitutes in the market. Researches cnducted amng different level managers in banking, telecmmunicatin and public service sectr in the USA shw that the largest bstacles during implementatin f lng-term relatinships cncept with cnsumers are: time required fr cncept implementatin, rganizatin culture, financial funds, and many ther initiatives implemented in the cmpany. Lng-term relatinships develpment requires cntinuus interactin between cmpany and cnsumers. The cmpany has t take care f the relatinship. This means that it has t trace all types and places where cnsumers and the cmpany face each ther in the prcess f infrmatin exchange. Fr the develpment f lng-term relatinships, the fllwing aspects f cmmunicatin with cnsumers are particularly imprtant: Persnal cntact (by phne r persnally); Persnalized mail; Internet and . Apart frm these, mass prmtin is very imprtant. The means f mass prmtin are used simultaneusly t attract ptentially new cnsumers, as well as t keep existing cnsumers aware f the cmpany. Hwever there are certain cmmunicatin limits with cnsumers, s the cmpany has t take int accunt the fllwing: 13 D nt start interactin with cnsumers if there is n clear cmmunicatin gal; Cnsumer shuld nt be asked twice abut smething; Cmmunicatin shuld be dne between tw cnsumers purchases; Interactin always starts with questins abut cnsumers (nt abut prducts); Interactin shuld be persnal and custmized t specific cnsumer; It shuld be determined if cnsumer (always) wants interactin; Use f mass adjustment principle and technlgy is preferable in rder t reduce interactin csts and persnalize sent message; Cnsumers privacy shuld be kept; Dialg shuld be initiated by printing f phne number (fr free calling), r by publishing website with all infrmatin abut cmpany (business cards, mem, billbards, etc); Make sure that cnsumer values interactin prperly; Care abut custmer s time (everything abut cnsumer can nt be learned at nce). 13 P e p p e r s, D., R g e r s, M., D r f, B., Interactin generates custmer feedback, PT Mtin Systems Distributr, Sep/Oct 2000 Vl. 14/5, 2005.
10 10 Ivana Dmazet, Jvan Zubvić, Mark Jelčnik Cmmunicatin with cnsumers is imprtant because: Dialgue can prvide infrmatin; Infrmatin is transfrmed int knwledge (knwing cnsumer and his needs); Knwledge is the basis fr adjustment f prducts/services, as well as fr the establishment f lngterm relatinship; Efficient and effective actin leads t cnsumers satisfactin, trust creatin and familiarity; Cnsumers satisfactin and trust lead t lyalty; and Lyalty leads t prfit. Cnclusins Interactin with clients increases cmpany prfitability and cnsumer satisfactin. Cntemprary business envirnment with strng cmpetitin leads financial rganizatins t intrduce ne new, mre effective and efficient apprach t the market, because cmpany success mstly depends n hw effectively it meets all cnsumer s needs which leads t creatin f lyalty and prfit grwth rate. The majrity f financial rganizatins claim that their prducts and services are adjusted t cnsumers needs and requirements, but in practice that is nt usually true due t several reasns: incnsistent applicatin f the marketing cncept, increment f needs and wants f mdern cnsumer and limitatins f classic marketing apprach. Therefre, the client s value must be analyzed and business behavir adjusted accrdingly. An imprtant rle in the prcess is played by the techniques and cncepts f direct marketing, fr example by the management f lng-term relatinships with clients. Management f lngterm relatinships imprves clients lyalty level. Lyal clients use cmpany s prducts and services mre and they are less sensitive t price. They spread psitive prpaganda, appreciating the value f the cmpany s prducts and cmpany itself. Lyal custmers f ne rganizatin are at the same time lst custmers fr cmpetitrs. That leads t increase f market share and imprves cmpetitiveness. It cnsequently leads t significant prfit grwth which is the main gal f each and every cmpany. References 1. C h e v e r t n, P. et. al., Key Accunt Management in Financial Services, Kgan Page, Lndn, D m a z e t, I., Z u b v i ć, J., D r a š k v i ć, B., CRM kncept u funkciji unapredjenja direktng marketinga, Management, Vl. 51, E g a n, Ph., Relatinship marketing, 2 nd editin, Pearsn Educatin, E n n e w, C., N i g e l, W., Financial services marketing, Butterwrth-Heinemann, Oxfrd, G r d n, I., Relatinship Marketing, Jn Wiley&Sns, Canada, G r ö n r s, C., The Rebirth f Mdern Marketing: Six Prpsitins Abut Relatinship Marketing, Swedish Schl f Ecnmics and Business Administratin, Wrking Paper, Helsinki, G u m m e s s n, E., Relatinship marketing as a paradigm shift: sme cnclusins frm the 30R apprach, Management Decisin, Vl 35/4, H a r w d, T., G a r r y, T., B r d e r i c k, A., Relatinship Marketing Perspectives, Dimensins and Cntexts, McGraw-Hill Educatin, UK, K t l e r, Ph., W n g, V., S a u n d e r s, J., A r m s t r n g, G., Marketing Cncepts, Mate: Zagreb Schl f Ecnmics and Management, Zagreb, Cratia, L i t t l e, E., M a r a n d i, E., Relatinship Marketing Management, Thmsn Learning, Lndn, M a r i č i ć, B., Pnašanje ptršača, Publishing center, Faculty f Ecnmics, Belgrade, P e p p e r s, D., R g e r s, M., D r f, B., Interactin generates custmer feedback, PT Mtin Systems Distributr, Sep/Oct 2000 Vl. 14/5, S t n e, M., M a t h i a s, P., CRM in financial services, Kgan Page Publishers, Lndn, V e l j k v i ć, S., Marketing usluga, Faculty f Ecnmics, Belgrade, 2006.
11 Develpment f Lng-term Relatinships with Clients in Financial Sectr Cmpanies as 11 Dezvltarea relańiilr cu clienńii pe termen lung în cmpaniile din sectrul financiar sursă de avantaje cmpetitive Rezumat Marketingul relańinal reprezintă cnceptul care feră perspectivă pe termen lung rlului şi imprtanńei clientului, întrucât urmăreşte dezvltarea cperării liale şi durabile a relańiilr de parteneriat cu clienńii-cheie ai rganizańiei financiare. Marketingul relańinal se cncentrează pe: bńinerea fidelităńii şi menńinerea clienńilr pe periadă mai lungă, valarea clientului, calitatea serviciilr ferite, angajamentul de a satisface aşteptările clientului, precum şi implicarea tuturr angajańilr în relańia cu clientul. Iată de ce marketingul relańinal reprezintă un mecanism strategic semnificativ care pate spri avantajul cmpetitiv al cmpaniilr.
The Imprtance f Market Research 1. What is market research? Successful businesses have extensive knwledge f their custmers and their cmpetitrs. Market research is the prcess f gathering infrmatin which
AN ROINN OIDEACHAIS THE LEAVING CERTIFICATE BUSINESS SYLLABUS (HIGHER LEVEL and ORDINARY LEVEL 1 Cntents Preamble (ii) 1. Intrductin 1 2. Structure f the syllabus 3 3. Business syllabus Peple in business
Change Management Prcess B1.10 Change Management Prcess 1. Intrductin This plicy utlines [Yur Cmpany] s apprach t managing change within the rganisatin. All changes in strategy, activities and prcesses
Intrductin t Marketing f Financial Services Descriptin/Objective: The bjective f this curse is t familiarize the applicants with the basic cncepts f marketing, its scpe and applicatin in the crprate arena
Emplyee Engagement Business Case A Peple & Culture White Paper Emplyee Engagement Business Case Purpse This dcument is a mdule frm the Peple & Culture training curse n Strategic Emplyee Engagement. The
Overview f BI and rle f DW in BI Business Intelligence & Why is it ppular? Business Intelligence Steps Business Intelligence Cycle Example Scenaris State f Business Intelligence Business Intelligence Tls
Entrepreneur Purchasing Recmmendatins fr CRM Salesbm.cm Mst business wners wuld tend t agree that they dn't necessarily think f themselves as entrepreneurs, they are just peple running a business, making
White Paper n Business Prcess Outsurcing in Autmtive Industry Intrductin As autmtive industry is stepping int a market landscape which is favrable t it, there is untapped market ptential which is critically
Rle Prfile Jb Descriptin Jb Title Ref n: Prgramme Manager, Services fr Internatinal Educatin Marketing Directrate r Regin East Asia Department/Cuntry Indnesia Lcatin f pst Jakarta Pay Band G Reprts t Senir
Versin January 2014 FAQs WHAT KIND OF COMPANY IS NFFX BUSINESS SUPPORT CENTER? NFFX was established as an inter-cmmunity partnership between the cities f Nürnberg and Fürth in the year 2010. It is funded
The Champlain Valley APICS Chapter is a premier prfessinal assciatin fr supply chain and peratins management and wrking tgether with the APICS rganizatin the leading prvider f research, educatin and certificatin
MANITOBA SECURITIES COMMISSION STRATEGIC PLAN 2013-2016 The Manitba Securities Cmmissin (the Cmmissin) is a divisin f the Manitba Financial Services Agency (MFSA). The ther divisin is the Financial Institutins
Crescent Electrical Supply Cmpany (Denver, CO) - Crescent Electric Supply Cmpany (CESCO) was funded in 1919. Tday, it is ne f the largest electrical distributrs in the United States with ver 140 lcatins
1. PURPOSE OF POSITION This psitin is respnsible fr the delivery f peratinal supprt and maintenance f the TDHB IT infrastructure envirnment. This rle is als pivtal in the develpment and delivery f infrastructure
The Imprtance Advanced Data Cllectin System Maintenance Berry Drijsen Glbal Service Business Manager WHITE PAPER knwledge t shape yur future The Imprtance Advanced Data Cllectin System Maintenance Cntents
Cnversatins f Perfrmance Management Perfrmance Management at Ohi State The Secnd Cnversatin ~ Develpment 2011 The Ohi State University Office f Human Resurces Cntents Intrductin Welcme t Develping Emplyees...
Dr Sherif Kamel Department f Management Schl f Business, Ecnmics and Cmmunicatin Organizatinal Applicatins and Slutins SCM and ERP Outline Supply chain and value chain definitins Cmpnents, benefits and
Kaiser Permanente Gal Setting Overview and Template Gal Setting Overview Each and every emplyee, manager, physician, and leader plays a crucial rle in helping Kaiser Permanente t achieve its gals. This
Defining Sales Campaign Autmatin Hw e-mail, the Killer App, is best applied t marketing Summary: Cmpanies tday are steadily adpting strategies and technlgies t reach prspects, custmers, and partners thrugh
TOWARDS OF AN INFORMATION SERVICE TO EDUCATIONAL LEADERSHIPS: BUSINESS INTELLIGENCE AS ANALYTICAL ENGINE OF SERVICE A N D R E I A F E R R E I R A, A N T Ó N I O C A S T R O, D E L F I N A S Á S O A R E
Develping a Cmmunicatin Plan- Aim Aim The aim f a cmmunicatin plan states the verall gal f the cmmunicatin effrt. Determining the Aim Ask yurself r yur team what the verall gal f the cmmunicatin plan is.
ITIL Service Offerings & Agreement (SOA) Certificatin Prgram - 5 Days Prgram Overview ITIL is a set f best practices guidance that has becme a wrldwide-adpted framewrk fr Infrmatin Technlgy Services Management
Jb Prfile Data & Reprting Analyst (Grant Fund) Directrate Lcatin Reprts t Hurs Finance Slihull Finance Directr Nminally 37 hurs but peratinally available at all times t meet Cmpany requirements Cntract
Seattle Office: 2211 Ellitt Avenue Suite 200 Seattle, Washingtn, 98121 firstname.lastname@example.org www.avanade.cm A glbal IT cnsultancy dedicated t using the Micrsft platfrm t help enterprises achieve prfitable
WHITE PAPER Vendr Managed Inventry (VMI) is Nt Just fr A Items Why it s Critical fr Plumbing Manufacturers t als Manage Whlesalers B & C Items Executive Summary Prven Results fr VMI-managed SKUs*: Stck-uts
Standardizatin r? Yu need Bth Albrecht Richen and Ansgar Steinhrst Recently the CFO f a majr cnsumer electrnics cmpany stated, We dn t need standardizatin f ur wrldwide prcesses, we need harmnizatin. Is
Psitin Prfile Psitin Lcatin Reprting t Jb family Band BI/Infrmatin Manager Wellingtn Prfessinal Leaders/Specialists Band I Date February 2013 1. POSITION PURPOSE The purpse f this psitin is t: Lead and
INTERNATIONAL LABOUR ORGANISATION ACT/EMP PUBLICATIONS [Tp] HUMAN RESOURCE DEVELOPMENT FOR ADJUSTMENT AT THE ENTERPRISE LEVEL Training Prgramme (Edited by C.S. Venkata Ratnam) [Next] Table f Cntents Intrductin
Oakland Unified Schl District Impact Assessment Perfrmance Management in Actin The perfrmance management system that has been built in this district prvides the systems that supprt ur cmmitment t scial
POSITION TITLE: Team Lead Service Centre DIVISION/BRANCH: IS/IT CURRENT CLASSIFICATION LEVEL: IS27 SUPERVISOR S POSITION NUMBER POSITION NUMBER: LOCATION: Vancuver DATE: February 2009 SUPERVISOR S TITLE/CLASSIFICATION:
Fundamentals f Engineering Ethics Preface Natural sciences and engineering are imprtant frces shaping ur future. They exert bth psitive and negative influences upn ur wrld. We all cntribute t these changes.
Mbile Wrkfrce Imprving Prductivity, Imprving Prfitability White Paper The Business Challenge Between increasing peratinal cst, staff turnver, budget cnstraints and pressure t deliver prducts and services
Business Plan Overview Organizatin and Cntent Summary A business plan is a descriptin f yur business, including yur prduct yur market, yur peple and yur financing needs. Yu shuld cnsider that a well prepared
The University f Kent Crprate Standards fr data quality and the cllatin f data fr external presentatin This paper intrduces a set f standards with the aim f safeguarding the University s psitin in published
1. PURPOSE OF POSITION The Service Desk Team Leader rle is respnsible fr managing the peratin f the Service Desk. This rle is crucial t ensuring custmer requirements are met in terms f cmmunicatin, priritising,
BEST INTEREST INVESTMENT RECOMMENDATIONS Advisr Rle under Best Interest Regulatins January 27, 2016 In the era when the cntractual bligatin is t act in the client s best interest, investment decisins can
Investing in Sustainability Prfessr Grdn L Clark August 2015 1 Grdn L Clark is Prfessr and Directr f the Smith Schl f Enterprise and the Envirnment at Oxfrd University. He is als the Sir Luis Mathesn Distinguished
TABLE OF CONTENT TERM OF REFERENCE fr the English Based Curriculum Develpment (Primary) fr Westline Educatin Grup 1- Cmpany Backgrund. 2 2- Strategic Challenges. 2 3- Cnsultancy Objectives. 2 4- Purpse
Internet and E-Mail Plicy User s Guide Versin 2.2 supprting partnership in mental health Internet and E-Mail Plicy User s Guide Ver. 2.2-1/5 Intrductin Health and Scial Care requires a great deal f cmmunicatin
Perceptins f Eurpean Higher Educatin in Third Cuntries Outcmes f a Study by the Academic Cperatin Assciatin (ACA) I. Intrductin Between Nvember 2004 and December 2005, fllwing a call fr tender issued by
A Quick Read n the State f Small Business and the Small Business Success Index 2009 Baseline Study f Small Business Success March 12, 2009 Spnsred by: Netwrk Slutins, LLC and Rbert H. Smith Schl f Business,
HOW TO SELECT A LIFE INSURANCE COMPANY There will prbably be hundreds f life insurance cmpanies t chse frm when yu decide t purchase a life insurance plicy. Hw d yu decide which ne? Mst cmpanies are quite
Junir Medical Officer Supervisin Guideline SAMPLE ONLY Versin 1.0 February 2011 The Junir Dctr Supervisin Guideline has been develped by SA IMET t prvide facilities with a plicy guideline. Facilities may
POLISH STANDARDS ON HEALTH AND SAFETY AS A TOOL FOR IMPLEMENTING REQUIREMENTS OF THE EUROPEAN DIRECTIVES INTO THE PRACTICE OF ENTERPRISES M. PĘCIŁŁO Central Institute fr Labur Prtectin ul. Czerniakwska
BEST PRACTICES IN DELIVERING SUPERIOR CUSTOMER INTERACTIONS IMPROVING THE CUSTOMER EXPERIENCE IN TODAY S CONTACT CENTER SUMMARY At the heart f delivering exceptinal custmer experience is hw each interactin
Organizatin Design Specialist Suthern Africa Regin BACKGROUND One f the key challenges t implementing the new strategic directin and especially the cmmitment t face the custmer (the child and the cmmunity)
Successin Planning & Leadership Develpment: Yur Utility s Bridge t the Future Richard L. Gerstberger, P.E. TAP Resurce Develpment Grup, Inc. 4625 West 32 nd Ave Denver, CO 80212 ABSTRACT A few years ag,
CAPITALISATION PLAN PLAN FOR CAPITALISATION OF PROJECT RESULTS INTRODUCTION Easy Finance Capitalisatin Plan identifies the strategy t ensure explitatin and sustainability f the prject beynd prject s develpment
Custmer Data Analyst Permanent AAT is a registered charity. N. 1050724 Jb descriptin Jb title: Custmer Data Analyst Grade: 3 Divisin: Reprting t: Main cntacts: Marketing and Cmmercial Insight Manager Internal:
366 Degrees Gaining Extra Degrees f Success In the rush t gain new custmers, cmpanies ften verlk their best custmers the nes they already have. While finding and attracting new custmers is certainly fundamental
REPORT FOR: PERFORMANCE AND FINANCE SCRUTINY SUB-COMMITTEE Date f Meeting: 6 January 2015 Subject: Staff Survey and Sickness Absence Mnitring Results and Actin plans Respnsible Officer: Scrutiny Lead Member
INTERNATIONAL STANDARD ON AUDITING 265 COMMUNICATING DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH GOVERNANCE AND MANAGEMENT (Effective fr audits f financial statements fr perids beginning n r
Sustainable urban planning & cnstructin in the Suth Alexis Versele Leen Vandenbussche Ken Claes Wrking paper (June 2012) plicy recmmendatins fr the Belgian Develpment Cperatin Missin t Palestine in the
Das Knw-hw. Wrk- and Prcess Organisatin Seminars and Training Prgrams Fr Effective Prductin Management - REFA Basic Training in Wrk Organisatin - REFA Germany s leading assciatin in Wrk Design Industrial
A Systems Apprach t Membership Develpment By Cnstance Wrigley-Thmas, CAE Getting and Keeping Yur Assciatin's Custmer Let s face it. Over the next 12 t 18 mnths ne f the biggest challenges fr mst assciatin
Hw t Address Key Selectin Criteria Yu've seen an jb pprtunity that yu're interested in, n a jbs bard r in the press and want t apply, but where d yu start? A key requirement fr jbs in Gvernment is t respnd
Prpsal: Turism and Hspitality Certificate Prgram Department f Recreatin, Parks and Turism Sciences Texas A&M University T address the significant and grwing demand fr management prfessinals in the fields
THE MICROFINANCE ASSOCIATION Training Prgramme 2016 Lndn, UK The Micrfinance Asscatin, Science and Innvatin Centre, NUCLEUS Brunel Way, DA1 5GA, United Kingdm Tel: +44 (0) 1322 312078 email@example.com
Sample Rle Descriptin Immunizatin Infrmatin System (IIS) Testing Analyst Nte: This rle descriptin is meant t ffer sample language and a cmprehensive list f ptential desired respnsibilities with crrespnding
Illinis Insurance Facts Illinis Department f Insurance January 2010 Annuities and Senir Citizens Nte: This infrmatin was develped t prvide cnsumers with general infrmatin and guidance abut insurance cverages
IT PROJECT MANAGEMENT OFFICE (PMO) CHARTER Infrmatin Technlgy Services University f Maine System Versin 0.07 December 20, 2012 Prepared by: Rbin Sherman Authrized by:  Table f Cntents EXECUTIVE SUMMARY...
Persnal Data Security Breach Management Plicy 1.0 Purpse The Data Prtectin Acts 1988 and 2003 impse bligatins n data cntrllers in Western Care Assciatin t prcess persnal data entrusted t them in a manner
ONGOING FEEDBACK AND PERFORMANCE MANAGEMENT A. Principles and Benefits f Onging Feedback While it may seem like an added respnsibility t managers already "full plate," managers that prvide nging feedback
Service - Framewrk 2013 Getting Started Right with Service System Netwrk Firewall Sftware Service App With the right framewrk, enterprises f almst any size small t large can implement effective functinal
Mbile Telecm Expense Management Quick Start Mbile Telecm Expense Management Intrductin The BT Mbile Telecm Expense Management Quick Start Service is part BT Managed Mbility Expenses* BT s suite f telecm
Successin management in the Queensland Public Service February 2009 Table f cntents Intrductin... 3 What is successin management?... 3 Why d successin management?... 3 Wh des successin management apply
Prject Name: Herefrdshire and Wrcestershire Shrt Curse Market Research Prpsal Amendment Histry: Versin N. Date Reasn fr Amendment Prject Manager Andrew Crcran Business Partnerships Office Dcument Distributin
VACANCY POSITION: DURATION REGION: PORTFOLIO: SENIOR MANAGER: SPECIAL PROJECTS AND STAKEHOLDER MANAGEMENT x1 3 YEAR CONTRACT (WITH A POSSIBILITY OF BEING EXTENDED TO 5 YEARS) NATIONAL OFFICE OCEO JOB LEVEL:
A Walk n the Human Perfrmance Side Part I Perfrmance Architects have a license t snp. We are in the business f supprting ur client rganizatins in their quest fr results that meet r exceed gals. We accmplish
Privacy Breach and Cmplaint Prtcl Effective: December 31, 2012 Apprved by: Le McKenna, CFO 1.0 General Privacy breaches and privacy cmplaints will be handled in accrdance with this prtcl. This prtcl is
AL 96-7 Subject: Credit Card Preapprved Slicitatins TO: Chief Executive Officers f all Natinal Banks, Department and Divisin Heads, and all Examining Persnnel PURPOSE The purpse f this advisry letter is
Key Steps fr Organizatins in Respnding t Privacy Breaches Purpse The purpse f this dcument is t prvide guidance t private sectr rganizatins, bth small and large, when a privacy breach ccurs. Organizatins
Imprtance and Cntributin f Sftware Engineering t the Educatin f Infrmatics Prfessinals Dr. Tick, József Budapest Plytechnic, Hungary, firstname.lastname@example.org Abstract: As a result f the Blgna prcess a new frm f higher
TASC Scial Studies Withut a cmmn cre fr scial studies, the TASC will use natinal standards created by grups that specialize in fur f the five dmains that the TASC will assess: U.S. Histry, Wrld Histry,
Psitin Descriptin Psitin Agency Reprts t Terms and Cnditins f Emplyment Classificatin/ Salary Stream Length f Psitin Lcatin Health Stream Lead Health Stream Prtfli (e.g. Mental health, drug & alchl) Primary
Wiltshire Cllege Jb Descriptin Jb Title: Grade: Respnsible t: Lcatin: Public Relatins Officer (Fixed term maternity cver) 5: 21,103 per annum Marketing and Cmmunicatins Manager Trwbridge Intrductin All
Research Reprt Abstract: The Emerging Intersectin Between Big Data and Security Analytics By Jn Oltsik, Senir Principal Analyst With Jennifer Gahm Nvember 2012 2012 by The Enterprise Strategy Grup, Inc.
May 2015 Bild: Rawpixel - Ftlia.cm Big Data Hw and Hw Big? Hw manufacturers and brands learn t handle data sensibly and generate custmer insights The everyday business f managers is characterized by dealing
Cpernicus & Big Data: A Perspective frm the Eurpean EO Services Industry. Geff Sawyer: EARSC Secretary General What is EARSC? EARSC is a trade assciatin (NPO), funded in 1989, which represents cmpanies:
Perfrmance Test Mdeling with ANALYTICS Jeevakarthik Kandhasamy Perfrmance test Lead Cnsultant Capgemini Financial Services USA email@example.com Abstract Websites and web/mbile applicatins have becme
Gvernment f Malta Reference: GMICT X 0004-1:2014 Versin: 7.0 Effective: 07 January 2014 This dcument is part f the http://ictplicies.gv.mt Underlined terms are defined in the Vcabulary. Purpse The purpse
Setup The CEO f a majr client has requested a shrt-term study examining a small part f the client s prduct prtfli. The cmpany has a small divisin that manufactures autmatic drip cffeemakers fr the US and
Prcess Imprvement Center f Excellence Service Prpsal Recmmendatin Operatinal Oversight Cmmittee Reprt Submissin INTRODUCTION This Prpsal prvides initial infrmatin regarding a pssible additin t a service.
ITIL Release Cntrl & Validatin (RCV) Certificatin Prgram - 5 Days Prgram Overview ITIL is a set f best practices guidance that has becme a wrldwide-adpted framewrk fr Infrmatin Technlgy Services Management