Explain the characteristics of marketing of financial services
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Characteristics of Marketing financial services
Intangibility meaning that most services can not be experienced or consumed until the purchase is made, Customers can easily end up feeling like they have to make a purchasing decision without adequate information.
The use of customers testimonials and referrals can be used to reduce the level of intangibility for the services.
Perishability, the challenge can be overcome by the careful managing of the supply and demand. A consumer dissatisfied with the services of a barber can not return the service of the hair cut that was rendered to him
Variability, establishing standard procedures (checklists) can ensure consistence service delivery. If there are employees then training is very essential.
Each financial service is unique and can not be exactly repeated even by the same service provider. While products can be much produced and be homogeneous,the same is not true in services rendered by the same counter staff consecutively to two customers.
Intangibility meaning that most services can not be experienced or consumed until the purchase is made, Customers can easily end up feeling like they have to make a purchasing decision without adequate information.
The use of customers testimonials and referrals can be used to reduce the level of intangibility for the services.
Perishability, the challenge can be overcome by the careful managing of the supply and demand. A consumer dissatisfied with the services of a barber can not return the service of the hair cut that was rendered to him
Variability, establishing standard procedures (checklists) can ensure consistence service delivery. If there are employees then training is very essential.
Each financial service is unique and can not be exactly repeated even by the same service provider. While products can be much produced and be homogeneous,the same is not true in services rendered by the same counter staff consecutively to two customers.
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