rrals and introductions are those people whose names are passed to financial providers professionals by their clients in case they are satisfied with their services. People feel a need to share with something useful if they believe is. The better financial professionals and consultants perform at their meeting with clients, the likelier the outcome that they will receive several warm referrals. Hence, this helps us draw a conclusion that not only clients make our business, but also they are ultimate salespeople in the process. Word of mouth is one of the most effective tools, especially in the service industry. It should not be underestimated. Stable inflow or referrals from existing clients are also an indicator of well-established trust and loyalty.are numerous other ways of building customer relationship, yet the methods vary in different industries, and the above-mentioned way of sustaining solid retention rate and loyalty is a general way how financial services companies operate and build relationship with their both existing and potential customers.
Conclusion
we can see, financial services do have certain peculiarities when dealing with the promotional activity, thanks to specific pricing aspects, regulations and other things that differentiate the sphere from others. The overall essence of intangible interaction between the client and the company is one that should be dealt with appropriately and importance of which should not be underestimated. The conventional tools of the promotional mix can only be partially applied in the financial services sphere, due to its specific nature. The subjectivity of perception of quality by the customers is a very subtle process and many companies do manipulate with their potential and existing clients, by simply putting an emphasis on their brand image, corporate identity, reputation etc. yet that does not truly mean that high quality is what clients get. In fact, oftentimes, they are treated in a mediocre way and they fail to undertake any serious actions partly because they are in doubt whether everything is done correctly and whether they are treated nicely (due to the fact that they are frequently unaware of trends and are thus misinformed) and partly because there are high switching costs for certain financial plans or products that require time, money and patience to be improved and/or changed. Here, we come to the notion of trust, loyalty, and relationship building. Since customers do not fully trust their respective financial services providers, because they have their identity jeopardy or other factors, being the lack of information provided, we can conclude that companies should engage in adequate relationship building, with healthy motivation being intact. It should not be done solely to increase profits and drive sales, but because clients are your bread and they should be maintained, taken care of and informed on novelties and special offers. Loyal customers should awarded and trust should be established, while potential customers must imperatively be lured in an intelligent fashion, with proper relationship building, which is the result of solid networking. Referrals in introductions given by existing clients also happen to be a good indicator of the overall situation of your company.financial services promotion mostly communicates its services using the means of direct marketing - telephone calls and e-mail marketing for giving its clients insights on new information and checking up on them, simply to see how they are doing and whether a meeting should be arranged. Overall, for promoting financial services, companies do not heavily rely on advertising, they seldom engage in sales promotions and primary focus is on the direct marketing and selling, while PR is still used frequently so that they can improve and create an appropriate image in the minds of customers. However, oftentimes, financial services companies suffer from jeopardy and lawsuits, and they brand images tend to be tarnished easily. Therefore, the main promotional tools that financial services enterprises have at their disposal are intangible, emotional factors, which, in fact, are trust and loyalty. Only having developed and established a healthy relationship and interaction with the client, can the company feel successful and go in the right direction.ultimate conclusion is that financial services companies should focus on relationship building, and should never put the trust that their customers exude at risk, because not only can they seize being their customers, but they might as well generate a wave of negative word-of-mouth, which could, in the long run, destroy the business. Clients should be taken care of, and this is a case for every sphere and, where financial services sphere should orchestrate everything in the way most personal.
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