Discuss about the Services Marketing for Financial Services.
Quick response (QR) codes help the consumers in gathering desired information regarding the products and services before purchasing those. Hence, these codes may have high level of influence on consumer decision making process. Moreover, QR codes may have huge relevance with the stages of information search and evaluation of alternatives in the consumer decision making process (Wirtz and Lovelock 2016). In information search stage, consumers are more likely to search various information regarding the products or services, which they want to purchase. Hence, QR codes will be highly beneficial for the consumers towards gathering desired information regarding the product or services. On the other hand, in this stage, consumers also try to find out the risks associated with the products and services before purchasing. In this extent, QR codes provide detail information of the products including product ingredients, health related issues and many more. Hence, consumers can effective identify the risk related information of the products and service and quickly take purchasing decision.
QR codes have also huge relevance with stage of evaluation of alternatives in consumer decision making process. Apart from getting the product features and ingredients, the customers can also get information about the price, discounts and special offerings of the products through QR codes (Lovelock and Patterson 2015). Hence, it becomes easy for the customers to evaluate the alternative products offered by different organizations. The information gathered from these codes helps the consumers towards evaluating the alternative products in terms of price, quality, discounts and special offerings. In this way, quick response code persuades the consumers towards purchasing the products after evaluating the alternatives.
The quick response codes can be used to enhance the move towards digitalization policies, which will initiate and users to use less of real cash and virtually convert the whole phenomenon. While considering the financial sector, QR codes can be effectively used by financial organization towards providing most relevant and useful information to the customers. The mobile optimized information and relevant video offered by the organization persuades the customers towards making an interest with the financial services. While considering the health care sector, it can be said that health organization can better demonstrate their service quality to the customers through QR codes. The informational videos residing in QR codes can provide the quality of services towards attracting the customers. On the hand, the health care sectors can also reach to massive audiences of healthcare professional through QR codes (Berry and Berry 2016). In this way, QR codes provide huge marketing opportunities to the healthcare sectors.
While considering the public sector utilize in terms of transport, it can be seen that the transport sector can provide authentic information regarding the travelling routes to their customers. Moreover, the sector can also offer some beneficial offering of travelling to the customers for promoting the organizations. In this way, transportation sectors can utilize the QR codes towards marketing their travelling opportunities to the customers (Lovelock and Patterson 2015).
The purpose and advantages of Quick Response codes is indispensable to the business operations and the marketing strategies that are adopted by the specific organization. The goals and objective of quick response can be met by following the system, which have been adopted by many organizations as McDonalds in regards to product related information in Japan. Quick Response codes have been very productive and useful strategy for the establishment of a customer base who has to be provided with the best of the service within a very short period. The advantages involve the unnecessary use of the monotonous process of social media shares or the issues of out of stock in case of online marketing. Therefore, in order to cater to this customer base or quick service reply the codes can be very useful regarding the marketing procedures of the service industry (Chitty, Hughes and D’Alessandro 2012).
The contribution of the Quick Response codes can be accessed from the success numbers of Gallerie, Woollaston that has efficiently made relevant use while providing its services. The retail industry can make effective use of it by availing a number of discounts and special concessions during festive season and in fact creating a different zone for providing specific services to a certain type of customer base. The quick response code is an efficient option for digital marketing, as it will allow a number of quick facilitation, which possesses great quality. The models that are involved within the specific quick response code are its diversification from the mainstream of the URL and websites, which often leads to the commotion and detrimental impacts of the website traffic, and irrelevant web surfing rather than reaching to the destination site. The strategic options of the following criteria is involved in supporting or developing a specific line of product which can be used for promoting the QR code as the businesses can streamline their marketing strategies through this phenomenon rather than huge investment in creating social media campaigns or web designing and other trendy investment ( Berry and Berry 2016).
In case of service sector, the organizations are most often influenced by the perceived risk of the consumers. Moreover, perceived risks are determines by the uncertainty level of the customers, while they take initiatives towards availing some services. In case of service sector, these perceived risks of consumers are mostly associated with functional risks, financial risks, physical risks and time risks (Chitty, Hughes and D’Alessandro 2012). In case of functional risk, the QR codes provided by the service sectors can help the consumers towards evaluating the services as per their intended perception of intended functions.
In case of financial risk, the QR codes can influence the consumers in terms of evaluating the service prices with the functions. QR codes cal also provide the exact delivery times of the services for ensuring the time effectiveness of the services. Hence, it can also influence the perceived time risks of the consumers. Apart from that, consumers can also get to know about any hidden or security risks of the services through using quick response services. Moreover, quick response codes are quite helpful for the consumers for getting detailed information regarding the services prior to their purchasing. In this way, the QR codes help to minimize the perceived risks of the customers about the services.
The significance of the quick response code can be used in a variety of resources and products that can enable and efficiently be used for meeting the purpose of the product or service based industry. Quick Response code has immense opportunities in the field of both the services and the relative industry.
In future various other forms of interactive content can be developed for supporting the service operation and enhancing the customer service. The visually interactive infographics can helps better engagement of the customers with the organization. Moreover, the interactive content is also helpful for the service sector towards their kinetic learning and boosting their service operations. On the other hand, service sectors can also develop interactive calculators, which can help the customers towards calculating and evaluating their ROI (Return on Investment) on the services. It can be helpful for both the customers as well as the organizations towards recognizing their profit level. Furthermore, the service sector should also develop more interactive videos towards attracting the customers for observing their product features. It can satisfy the customers through having much better communicating tools with the organizations and boosting the service operations of the sectors.
Some forms of interactive E-books can also be developed by the service sectors towards enhanced customer satisfaction and boosting service operations. The interactive experience shared within the E-books can give more information and knowledge about the services to the customers. On the other hand, organization can also gain the genuine experience regarding their services. Moreover, the service sector can also know about the dynamic needs of the customers through these E-books. Hence, the sectors can be able to provide customized services to the customers for their enhanced satisfaction.
Moreover, service marketing entails in a type of various amenities that are employed by different organization and product services, which is essential for its sound development in its specific utilization for various purposes (Wirtz and Lovelock 2016).
Reference
Berry, L.L. and Berry, L.L., 2016. Revisiting “big ideas in services marketing” 30 years later. Journal of Services Marketing, 30(1), pp.3-6.
Berry, L.L. and Parasuraman, A., 2004. Marketing services: Competing through quality. Simon and Schuster.
Chitty, W., Hughes, A. and D’Alessandro, S., 2012. Services marketing.
Ennew, C., Waite, N. and Waite, R., 2013. Financial services marketing: An international guide to principles and practice. Routledge.
Gummesson, E., 2012. Exit services marketing-enter service marketing. Journal of Customer Behaviour, 6(2), pp.113-141.
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
Rao, C.P. and Rosenberg, L.J., 2015. Service Provider and Receiver Perceptual Gap Analysis For Effective and Specialist Services Marketing. In Proceedings of the 1989 Academy of Marketing Science (AMS) Annual Conference (pp. 583-587). Springer International Publishing.
Wirtz, J. and Lovelock, C., 2016. APPLYING THE 4 Ps OF MARKETING TO SERVICES. In SERVICES MARKETING: People Technology Strategy (pp. 120-121).
Wirtz, J. and Lovelock, C., 2016. Services marketing: people, technology, strategy. World Scientific Publishing Co Inc.
Wirtz, J., 2012. Essentials of services marketing. FT Press.
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