Presentation by Mr Kehinde Lawanson Executive Director
FirstBank of Nigeria Plc 1
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Service is the exchange of intangibles for tangible
expectations Service is an act or performance offered by one party
to another (although, the process may be tied to a physical
product, the performance is intangible) 2
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Services are economic activities that create value 3
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Examples are: Estate Surveyors and Valuers Accountants
Actuaries Architects Attorneys Brokerage firms Business Consultants
Law Firms 4 Professional services are regular, technical, or unique
functions performed by a party in exchange for value.
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Intangibility Inseparability of production and consumption
Service Production / Service Consumption Heterogeneity
Perishability 5
The definition of Marketing, provided by the American Marketing
Association via Wikipedia is: Marketing is the activity, set of
institutions, and processes for creating, communicating, delivering
and exchanging offerings that have value for customers, clients,
partners and society at large. 8
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The main points in these definitions are the fact that the
marketing process: Predates the product development process
(identifying, and anticipating customer requirements); Is an
essential component of the process by which businesses are run (a
management process); and Results in exchange transactions that are
the basis of profitable business operations. 9
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Two definitions of marketing will be useful for a proper
understanding of this concept. 10 The management process
responsible for identifying, anticipating, and satisfying customer
requirements profitably The process of satisfying needs and wants
through an exchange process
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Thus defined, the remit of a hypothetical marketing manager,
irrespective of his/her area of business would be to: Influence the
performance of four variables (product, price, place, and
promotion); and Agree a combination of these variables consistent
with the need for sustainable sales volumes. 11
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The main questions to answer in this respect are: Do we know
what the customers wants are? Can we help refine the customers
understanding of these wants? Can we develop a set of
want-satisfying attributes and deliver these to the customer within
the period that s/he desires these? How can we keep our customers
satisfied? 12
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Grapevine References, testimonies, representation, e.t.c
Tangible cues Explicit visible vehicles Endorsements, campaigns,
direct marketing, e.t.c Old Boy Network Recommendations References
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Lecture circuit Popular subject Target audience Common ground
Share of minds Directory Listing Creative writing: To write
articles confer credibility to be quoted confer fame Publication:
Interesting subject, hyper link, trivia, e.tc. 14
Late onset of global economy shocks The impact cushioned by
huge external reserves and strong fiscal surplus Shocks assuaged by
proactive structural adjustments i.e. privatisation of enterprise,
civil service reforms, e.t.c 22
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FG approved US$2bn Stimulus package Development of
infrastructure will remain a priority Revenue is expected to
increase in 2010 as oil prices recover and Nigerias production
improves Budget deficit of 4% of GDP is expected Deregulation of
petroleum prices will suffer some push back 23
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Boost in construction is anticipated due to infrastructural
deficit and low residential housing portfolio Banks liquidity glut
may be channeled into retail real estates 24
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The ongoing reforms in the mortgage industry embarked upon by
FMBN if sustained will help bridge the huge housing deficit gap,
estimated to be about 17 million housing units Likely to see more
home ownership amongst the low and middle class population through
the funds accessible to NHF Next years election will increase the
demand for properties on a short term basis 25
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The outlook in the property market for the months ahead is
mixed Liquidity and banks credit extension are the two major
factors defining the path of the market in the medium term Prompt
completion of the banking reform will help increase credit
extension by banks 26
Pricing for Professional services, even within the same field,
vary greatly. Some professional service providers are able to give
fixed rates for projects Others define the price only after
assessing the work involved. For this reason, it is common to hire
professionals based upon an hourly fee and an estimated length of
project (scope). 29
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Let your customer feel involved: Whereas companies
differentiate products through design touch, look, feel, smell,
taste - with service, the key differentiator is the Emotional value
or the Experience; the manner in which the service is rendered.
NIKE.COM allows you to design & customise your own trainers.
This has not only increased sales by involving the customer in the
production of the product, but they have created an army of
customers just spending time creating, testing, and ultimately
leading to purchase. 30
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Observe Your Customer. Not a simple KYC (data collection ), but
observe your customers closely and regularly as they use your
service to see where the emotional triggers are, and at which
point(s) you can intervene to enhance the experience for them.
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Emotionally engage your customer. Ask customers what they want.
Make them feel truly valued. You are not just taking their money
and providing a dispassionately providing a service. You care about
what they are trying to achieve. You understand their business,
their life. People want to see the human side of your service as
well as the commercial side. Create a buzz around your service.
Create a community of followers in your industry. Let those who
experience your service spread the word. Give freebies to allow
potential customers to feel your service. Share your knowledge.
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