Keeping a Customer Centric Approach in a Highly Competitive Sales Term Paper

Keeping a Customer Centric Approach in a Highly Competitive Sales Environment - Term Paper Example It is through the customers, that a business is facilitated to meet its objectives. Thus, the most important asset that a business can build for itself is a loyal customer base, who carries the goodwill of the business with them, and thus facilitates repeat purchase (Anand, 2010). It is against this background that any business should seek to develop the most effective and efficient customer service, while seeking to continuously improve in the methodologies and strategies of addressing customer needs. Nevertheless, there are always competing business interests that might make a business focus more on other aspects of business operation, at the expense of redeveloping its customer service, and the consequent customer experience (Bosworth & Holland, 2004). Such a move is detrimental to a business because; without enhancing the customer service and customer experience for the business organization, the chances of business failure are high. Therefore, this discussion seeks to illustrate that companies which have a highly competitive sales goals and Expectations; in this case Wells Fargo Bank, can still maintain the integrity and customer service/customer centric approach, which would facilitate the achievement of its objectives. Customer centric approach A Customer Centric Approach refers to the ability of an organization to offer a positive customer experience, immediately at the point of sale, and post- sale (Gavan, 2012). This requires that the sale strategy that is adopted by the organization be satisfactory to the customer, and even more enticing and attractive, such that it adds value to the experience of the customer when they are purchasing the product or service, and after the purchase, when the customer is actually utilizing the product or service. The essence of applying a customer centric approach is that; it offers a company the avenue through which it can differentiate itself from the other competitors who are offering similar products or services, s ince the product or service differentiation is no longer a key differentiating factor (Anand, 2010). The relevance of customer centric approach to the banking sector Wells Fargo Bank is a large financial institution, in fact ranking as the fourth largest bank in the USA (Chandler, 2006). Despite having built a formidable brand that is well known and easily identified by the customers, the competition in the financial market keeps growing by the day, owing to the emergence of new banks and other micro-finance institutions, which seeks to serve the same customer base that banks are serving. This being the case, most banks, microfinance institutions and even insurance companies are offering the same products and services. It is therefore no longer easy for banks to differentiate themselves based on the diversity of financial products or services offering, thus necessitating the need for banks to adopt the customer centric approach business strategy, which help them improve the customer services, and consequent customer experience they offer to their customers (Bosworth & Holland, 2004). This will go a long way in cementing the customer base that the bank already have, thus securing its market share, while also attracting new customers who will be enticed to enjoy the same customer service