hures.SolicitedA communication (interaction) that is initiated in response to a request from the recipient or that is altogether initiated by the recipient. UnsolicitedA communication (interaction) that occurs without express invitation
2.4 Promotional Activity
can be said that no matter the area, financial promotion or promotion, the financial services are most commonly sold and communicated using the means of direct marketing, namely, cold calling and warm calling (which applies to existing clients.) What usually happens is companies develop a sales pitch and then deploy it for persuading the customer that they offer something he truly needs and desires. Effectively, for promoting financial services, companies do not heavily advertise their services and financial products, they rarely engage in sales promotions and the key focus is on the direct marketing and selling, while PR is still used frequently. 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. The presence of the factors most likely drive the sales, while their absence can become a start of a perilous journey for the company. Below, the key aspects will be discussed, when it comes to dealing with financial services.
2.5 Customer Trust
and securing a sense of mutual and reciprocal trust between the financial institution (financial services company) and its respective clients has, at certain times, been a challenging process in financial services markets. The presence of distrust or simple lack of trust influence both the clients and the companies, since both parties may get a sense of uncertainty when it comes to the underlying needs and intentions of the other party. Let us refer to the following example: a recent consumer survey indicated that one in every four consumers (or existing clients, even) would not hesitate to cheat their financial services and investment providers, should they get a chance to do so, that is. Such clients may, for example, opt to misinform their providers about their personal risk characteristics when signing up for an insurance policy, they might as well misrepresent the reason why and how exactly they were lead to file a claim, or even go as far as neglecting to disclose crucial information that could potentially render their insurance policies invalid.issues of distrust can be found in clients and regulators opinions about financial services providers true intentions in various marketing contexts in categories that range from credit cards and home mortgages to securities brokerage services and insurance. The recent increase in lawsuits and punitive measures imposed by the Securities and Exchange Commission and various other regulatory bodies against major insurance companies has resulted in strengthened client distrust in the financial services community. A study conducted by the Gallup Inc. regarding consumer attitude towards various professions shows that consumers generally have a mixed picture and opinion about financial services professionals (consultants). Therefore, we can argue that lack of trust appears to be an inherent characteristic of many financial services companies and related transactions, meaning that it is a continuing challenge to the practice of marketing financial services in general.reason why there is a case of distrust could be the fact that we are talking about financial assets here. The very nature of people is strongly dependent upon money, and, on a subconscious level, clients start doubting whether their providers are truly sincere, while providers take that into account and question their clients intentions as well, thus creating the existing discrepancy of trust and healthy relationship. Other reasons may include the fact that financial services are a service industry and therefore there is a case of low tangibility, indicating that sometimes companies should rely on physical evidence, which is not frequently effective. The lawsuits and numerous companies that underwent brand jeopardy also triggered the status quo we can see today. Still, it is not the case for every single company operating in the field of financial services, and trust could be gained through appropriate relationship building and management.financial services company should understand completely that trust is the key to successful business conduction and is the driver of marketing and promotional activity in the industry. Without it, the services lose their primary function - to help people achieve financial security. We can not talk about security without trust and reciprocity. There are certain ways to build relationship with clients and shortly the ways will be ...
