CUSTOMER SATISFACTION, LOYALTY, MANAGEMENT AND EMPOWERMENT 5
1. Customer empowerment is an aspect where the customers are giventhe power to control the marketing activities of a company thattargets them. In this case, the marketing strategies for Wells Fargoconsumer banking services. The bank ensures that it involves itscustomers through the various social media platforms such asFacebook, Twitter, Instagram and Linkedin, as well as YouTube.Customers are given the opportunity to comment, ask questions andcompliment on the products and services that the bank is offering(Wells Fargo, 2015). This is an easy and direct method of involvingthe clients and giving them the power to control the marketingactivities of the bank. It is evident that the social media createsmarketing buzz especially when there is a new product or service inthe market. The bank advertises it on social media and it createsanticipation and excitement amongst the customers. This is knownthrough the heavy traffic of feedback (Wells Fargo, 2015).
2. On the topic of customer loyalty, Wells Fargo seeks to create astrong and lasting relationship with the clients. It seeks to have ahigh value of the most valuable customer. The bank wants to haveeight products per household. This would ensure that the bankbenefits immensely from the MVC. It is essential to pursue these MVCsconsidering the benefits that the bank will have. Good relationshipswill ensure that the lifetime customer value will be high. Productand service offering ensures that the bank provides products thatmeet the needs of the clients. By doing this, the bank is able toretain the clients for a long time. Product and service offering mustbe able to offer clients a platform for feedback. Most valuedcustomers are given rewards by the bank in order to create thatinteractive association with the clients. There is a reward programat the bank where clients are rewarded every time they spend moneyusing their Wells Fargo cards. The rewards can be in terms of cash,charitable donations, travel or gifts. Additionally, the rewardprogram enables the client to have digital rewards such as music ande-books. This reward program targets the most valued customers whichthe bank would wish to have for a lifetime. However, it is essentialto note that the rewards are also awarded to the other customers whomight become most valued customers in future.
3. Looking at customer satisfaction the product and service offeringin the bank ensures that the clients are given the opportunity toexpress their feelings regarding the products and or services offeredby the bank. The social media provides a platform through which theclients can comment or give feedback regarding certain products. Itis also evident from the company website that the clients can givetheir opinions regarding how certain products can be improved tosatisfy the clients. Sections such as comment boxes and frequentlyasked questions tabs on the website are aimed at creating platformsthrough which the clients can contact the bank regarding the variousproducts and services. Clients are given the chance to leave commentsand their contact information such as the email address (Ramani &Kumar, 2008). This is aimed at creating a conversation channel withthe client directly. Such clients can be in a position to expressdissatisfaction with various services and offer ways of improvement.Additionally, through their Social Media Community Guidelines, thebank asks clients to propose improvements on various services andproducts.
Ramani, G., & Kumar V. (2008). Interaction orientation and firmperformance. Journal of Marketing, 72 (1), 27–41.
Wells Fargo. (2015). Blogs and social media. Retrieved from:https://blogs.wellsfargo.com/