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Customer Relationship Management of World Financial Group

Discuss Customer Relationship Management of World Financial Group within the Marketing Management forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; World Financial Group (WFG) is a financial services marketing organization based in Duluth, Georgia that markets investment, insurance, and various ...

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Netra Shetty
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Customer Relationship Management of World Financial Group - January 20th, 2011

World Financial Group (WFG) is a financial services marketing organization based in Duluth, Georgia that markets investment, insurance, and various other financial products through a network of associates in the United States and Canada. WFG is a Network Marketing company that utilizes a system also known as Multi-level Marketing (MLM).[1][2] It is a wholly owned subsidiary of AEGON.[3]

seen as a supplier who knows how to manage quality.

Organizations that fail to put right things that go wrong, might as well say to the customer, "You are not important to us". Failing to put things right and to prevent reoccurrence says of the organization "We are not capable of managing quality service."

Bear in mind also that research has proven time and again that when an an issue of poor service to a customer is satisfactorily resolved by a supplier, the customer increases their loyalty to the supplier to a higher level than existed prior to the problem.

An approach to managing 'moments of truth' involves 'continuous improvement'. This entails processes that continually monitor, check and resolve negative moments of truth by ensuring alterations happen to the customer process, and integrating theses changes into 'business as usual'. Here are the elements of such an approach:

* define the cycle of service
* identify negative moments of truth
* define the reasons (ie., root causes - not symptoms)
* develop solution/s
* test solution(s)/review/amend
* implement
* monitor impact on the cycle of service

This is similar to the EPACA model - the helix of continuous improvement.

Negative moments of truth carry a lot of weight with the customer and will adversely affect the relationship.

- CRM processes that help identify and target their best customers, generate quality sales leads, and plan and implement marketing campaigns with clear goals and objectives;

- CRM processes that help form individualized relationships with customers (to improve customer satisfaction) and provide the highest level of customer service to the most profitable customers;

- CRM processes that provide employees with the information they need to know their customers' wants and needs, and build relationships between the company and its customers.

Customer relationship management tools include software and browser-based applications that collect and organize information about customers. For instance, as part of their CRM strategy, a business might use a database of customer information to help construct a customer satisfaction survey, or decide which new product their customers might be interested in.
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Re: Customer Relationship Management of World Financial Group
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Jitendra Mazee
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Re: Customer Relationship Management of World Financial Group - October 29th, 2017

Quote:
Originally Posted by netrashetty View Post
World Financial Group (WFG) is a financial services marketing organization based in Duluth, Georgia that markets investment, insurance, and various other financial products through a network of associates in the United States and Canada. WFG is a Network Marketing company that utilizes a system also known as Multi-level Marketing (MLM).[1][2] It is a wholly owned subsidiary of AEGON.[3]

seen as a supplier who knows how to manage quality.

Organizations that fail to put right things that go wrong, might as well say to the customer, "You are not important to us". Failing to put things right and to prevent reoccurrence says of the organization "We are not capable of managing quality service."

Bear in mind also that research has proven time and again that when an an issue of poor service to a customer is satisfactorily resolved by a supplier, the customer increases their loyalty to the supplier to a higher level than existed prior to the problem.

An approach to managing 'moments of truth' involves 'continuous improvement'. This entails processes that continually monitor, check and resolve negative moments of truth by ensuring alterations happen to the customer process, and integrating theses changes into 'business as usual'. Here are the elements of such an approach:

* define the cycle of service
* identify negative moments of truth
* define the reasons (ie., root causes - not symptoms)
* develop solution/s
* test solution(s)/review/amend
* implement
* monitor impact on the cycle of service

This is similar to the EPACA model - the helix of continuous improvement.

Negative moments of truth carry a lot of weight with the customer and will adversely affect the relationship.

- CRM processes that help identify and target their best customers, generate quality sales leads, and plan and implement marketing campaigns with clear goals and objectives;

- CRM processes that help form individualized relationships with customers (to improve customer satisfaction) and provide the highest level of customer service to the most profitable customers;

- CRM processes that provide employees with the information they need to know their customers' wants and needs, and build relationships between the company and its customers.

Customer relationship management tools include software and browser-based applications that collect and organize information about customers. For instance, as part of their CRM strategy, a business might use a database of customer information to help construct a customer satisfaction survey, or decide which new product their customers might be interested in.
Hey netra, thanks for your contribution and providing the Customer Relationship Management report on World Financial Group which would really help many students and professionals. BTW, I am also going to share a document on World Financial Group for helping others.
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