Pleasantly surprising clients: a tactic in relationship marketing for building competitive advantage in the financial services sector

Abstract

Abstract

Evaluating The Effect of Marketing Activities On Relationship Quality In The Banking Sector: The case of private commercial Banks in Jordan.

“…Finally, an educated client who is knowledgeable about financial institution offerings helped in improving service quality and increased client loyalty. Bergeron et al (2008) found that a financial institution with a strong customer orientation had a strong effect on "clients' experience of pleasant surprise". In addition, the familiarity (i.e.…”

“…Building a profitable and sustainable long term relationship with customers (De Wulf et al 2001), increasing customers retention, developing and maintaining trust and commitment between sellers and customers (Gaur & Xu, 2009), achieving more customers satisfaction and high customers loyalty (Gaurav, 2008), and cost reduction due to the better understanding of customers needs (Ndubisi, 2004) are central to the relationship marketing theory. The application of relationship marketing theory has even extended into financial services, due to the deregulation policy (Yavas & Yasin, 2001), the removal of restrictions between banks, building societies and insurance companies (Speed and Smith , 1992), and the vast expansion in the adoption and use of information technologies (Bergeron et al, 2008).…”

Surprise! We changed the logo

“…A logo is a visual element provoking emotional responses (Aaker, 1991), so its aesthetic evaluation could moderate this link. Concerning the congruence of the new logo, our results show that surprise is a key underlying process (Bergeron et al , 2008, Walsh et al , 2010) mediating all the impacts on congruence. It seems very difficult to manage this emotion, because brand familiarity and brand attachment impact surprise in opposite ways.…”

“…Also, during a logo change, strongly committed consumers presented a more negative attitude than weakly committed consumers, because they expected to be explicitly warned about the change beforehand (Walsh et al , 2010). On the contrary, research showed that satisfaction could be positively reinforced by a surprise from a well-known advisor (Bergeron et al , 2008). Thus, surprise may not impact the perception of a new logo in a simple matter of intensity; its valence and also the historical relationship between customers and companies may play critical roles in the context of a radical change.…”

Empirical Investigation of the CRM Concept in the Jordanian Context: The Case of Banks and Financial Institutions

“…CRM has become the new paradigm of modern marketing, and the main priority and essential tool for many business firms desiring to create long-term and profitable relationships with their clients (Kim et al, 2010;Lostakova;Morgan, 2009;Constantin and Simona, 2008). Several reasons were behind the adoption of the CRM approach, including the deregulation policy (Yavas & Yasin, 2001), the removal of restrictions between banks, building societies and insurance companies (Speed and Smith, 1992), and the vast expansion in the adoption and the use of information technologies (Bergeron et al, 2008). Furthermore, the changes in the traditional business models to keep abreast of technological development, and the move from mass marketing towards the era of customized marketing have also fostered the adoption of CRM approach (Karkostas et al, 2004).…”