Presentation by Mr Kehinde Lawanson Executive Director FirstBank of Nigeria Plc

oppositemincedManagement

Oct 28, 2013 (3 years and 5 months ago)

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Presentation by

Mr
Kehinde

Lawanson

Executive Director

FirstBank

of Nigeria Plc

1


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


Services

are economic
activities that create value

3


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.


Intangibility



Inseparability of
production and
consumption


Service Production /
Service Consumption



Heterogeneity



Perishability


5


Incompetence



Ardour



Rude Exchanges



Delay/poor timing



Inconvenience

6


Skill/Competence


Knowledge/Experience


Reputation/Integrity


Creativity/Ingenuity


Industry/Drive


7


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


T
he 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


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
µ


The process of “
satisfying
needs and wants through an
exchange process
µ


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


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


Grapevine


References, testimonies, representation,


e.t.c



Tangible cues



Explicit visible vehicles


Endorsements, campaigns, direct
marketing,
e.t.c




“Old Boy” Network



Recommendations



References



13


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



15

Contemporary


Preparation:



Environmental Analysis


Opportunity Metrics


Business Alignment


Objectives Profiling


Channel Review


Feedback/Outcome appraisal


16

17

Under
develop
Developing
Developed
Employement

Time / Per Capital

Agriculture
Services
Industries
.

18

19


Graph

20


1,947


1,818


1,748


1,739


1,866


1,955


2,008


1,991


1,959

1,600
1,650
1,700
1,750
1,800
1,850
1,900
1,950
2,000
2,050
2008
Q1 '09
Q2 '09
Q3 '09
Oct '09
Nov '09
Dec '09
Jan '10
Feb '10
Oil Production (mbpd)


`

21

Country

2009

2008

Change

South Africa

45

45

0

Mauritius

57

57

0

Botswana

66

56

-
10

Nigeria

99

94

-
5

Tanzania

100

113

13

Uganda

108

128

20

Ghana

114

102

-
20


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


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 Nigeria’s production
improves



Budget deficit of 4% of GDP is expected



Deregulation of petroleum prices will suffer
some push back

23


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


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 year’s election will increase the
demand for properties on a short term
basis



25


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


Advert:



Content



Visible



Clear Message



Valid



Promotion/Benefits/Expectations



Facilitation




27


The web



28


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


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


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.


31


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.


32

33


Thank you