Your assignment is to prepare and submit a paper on keeping a customer-centric approach in a highly competitive sales environment.
Your assignment is to prepare and submit a paper on keeping a customer-centric approach in a highly competitive sales environment. 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).
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 helps 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 has, 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.
In today’s competitive business environment, the application of the 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 by 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 by satisfying the customers’ expectations every time (Gavan, 2012). For example, the Wells Fargo Bank can ensure that no phone call from its customers goes 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 issues will be addressed immediately.