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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

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Incompetence Ardour Rude Exchanges Delay/poor timing Inconvenience 6

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Skill/Competence Knowledge/Experience Reputation/Integrity Creativity/Ingenuity Industry/Drive 7

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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 13

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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

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15 Contemporary

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Preparation: Environmental Analysis Opportunity Metrics Business Alignment Objectives Profiling Channel Review Feedback/Outcome appraisal 16

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Graph 20

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`` 21 Country20092008Change South Africa45 0 Mauritius57 0 Botswana6656-10 Nigeria9994-5 Tanzania10011313 Uganda10812820 Ghana114102-20

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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

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Advert: Content Visible Clear Message Valid Promotion/Benefits/Expectations Facilitation 27

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The web 28

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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. 31

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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. 32

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33 Thank you