Customer Retention And Customer Satisfaction

1192 Words5 Pages
Target those things that affect quality, cost, consumer satisfaction, market share and increased revenues.
The banking industry is service oriented and mandates interactions between the customer and service employees. The quality of service is intangible therefore cannot be counted or inventoried. It is also difficult to understand how customers consider their services and the quality of their services. Customer satisfaction, customer retention and repeat business some key indicators of how customers perceive products and services. Because Wells Fargo’s business is focused to building long lasting relationships with customer and adding value to their lives, measuring satisfaction gives the bank an idea of how the company is doing in terms or achieving organizational goals. The positive relationship between quality service and customer satisfaction relays that employees are putting effort toward departmental or organizational goals. Further customer retention is driven by customer loyalty, which is reinforced by a positive mindset of the customer. Customer loyalty is focused in brand loyalty and service loyalty. Research has proven that quality service has a positive effect on loyalty, demand, productivity and market share. Many organizations lose customers because of poor quality and service performance. Wells Fargo recognizes the economic impact of lost customers and therefore upgrades product designs and empowers service staff.
Financial Perspective
Collins & Evans
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