Transcript: A Bank Flotation Worth Watching
David:
This is Money Talk, the weekly investing podcast from the Motley Fool. I am David Kuo, and if you believe everything you hear in the news about banks, then you may be forgiven to think that bankers are sitting in darkened rooms, contemplating their navels, but I know a banker who is doing nothing of the kind. He is Anthony Thomson of Metro Bank, who has defied the economic downturn by opening new branches at the rate of knots. So welcome back to Money Talk, Anthony.
Anthony:
It's great to be here, David – thank you.
David:
It is great to have the chairman of Metro Bank sitting with me, talking about the banking industry. Now, it is just over a year ago since you opened your first branch, amidst much fanfare and scepticism, in Holborn. Now, there is now a branch of Metro Bank not far from our offices here in Tottenham Court Road. So my first question is, how are you coping with the economic downturn, if that's not a stupid question?
Anthony:
Well, of course, we started out on this three or four years ago. We launched last July as you said, and we always saw this as a ten-year game plan. So I think one has to leave aside the imposters of the good and bad markets. The reality is that customers have voted with their feet. Since 29 July last year, we've opened almost 30,000 new customer accounts, consumer and business accounts, and we're currently opening over 1,000 accounts a week. So clearly there was a requirement, a need, a desire, for change, for an alternative to the high street banks.
David:
So if you've opened eight branches in the first year, and you say this is a ten year plan, so we're looking at somewhere between 80 and 100 branches after ten years?
Anthony:
No no – we think we'll have between 200 and 250 by the end of ten years, more or less within the M25, although there'll be some outside in commuter areas. We have eight so far this year; another three are opening later this year: Uxbridge and Hounslow. We'll be opening twelve next year, and by the end of 2013 we'll have about 40.
Relationship Marketing In Banks - News
But isn't it also true that you're not really playing this marketing game, because all the other banks play it? So you should play it too. At the moment, you say you've got 30000 account holders at Metro Bank. You could actually double that to 60000,
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Extreme Mortman » Blog Archive » Relationship Marketing
Relationship Marketing
In the early 1990s the concept of relationship marketing was formally introduced into the field of service marketing. And further the concept was also found applicable in the case of industrial as well as consumer products. As the concept of relationship marketing has emerged the focus has been shifted from transaction marketing to relationship marketing as under:
Transaction marketing – Relationship Marketing
* Focus on single sale – * Focus on customer retention
* Orientation on product features – * Orientation on product benefits
* Little emphasis on customer – * High customer service emphasis
Service
* Limited customer commitment – * High customer commitment
* Moderate customer contact – * High customer contact
* Quality is primarily a concern – * Quality is concern for all.
Of production – (TQM ).
NEED FOR RELATIONSHIP MARKETING
The aim of relationship marketing is to create strong, lasting relationship with core group of customers. It is to a firm’s advantage to develop long term relationship with existing customers because it is easier and less expensive to make an additional sale to an exiting customer than to make a new sale to a new customer.
BENEFITS OF RELATIONSHIP MARKETING
The relationship marketing helps the customer on one hand and the service provider on the other hand.
The benefits which are associated with the customers are:
o Customers remain loyal and receive more value compared to the competitors.
o Customers have the sense of well being and quality of life as they have long term relationship with the service provider.
o Customer think that the service provider knows their preferences and have tailored services to suit their needs over a period of time and they do not want to change this arrangement they have remain loyal.
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Relationship marketing - Wikipedia, the free encyclopedia
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Relationship Marketing
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