The promotion of intangible products with event marketing Research Paper - 1

The promotion of intangible products with final result marketing - Research Paper ExampleConsumers are seeking for more intangible value, while the banking domain is looking for greater, more productive means to market their intangible products/ profits to customers. This pursuit leads the banking welkin to the path of event marketing, which is a very valuable, exigencys-based method to satisfy customers intangible needs and demands. Event marketing is derived from the utterance of the behavior of customers by means of thorough data examination. These customer patterns may embody a time of need of a customer, which, once identified in a prompt management, tenders a vast prospect to forget intangible products/services to that customer (Harrison, 2000). An increasing number of banking organizations are already generating substantial returns from investing on event marketing activities. Numerous other financial organizations perform analytic oriented targeting or similarly re ferred to as triggered marketing and could even apply the same terms (Mayar & Uffenheimer, 2007). The capability to keep in speckle or communicate with each customer promptly or relevantly entails a basis of probatory information that is novel and is connected directly and routinely to service and sales channels (Mayar & Uffenheimer, 2007). This is the setting that motivates the biggest profits. The banking sector understands that their most valuable advantage is their customers. It is much profitable or gainful to strengthen the bond with lay customers and prevent deficiency, in contrast to attracting new customers (Ennew & Waite, 2006). This essay will discuss the promotion of intangible products/services, such(prenominal) as those of the banking sector, with event marketing. Promoting Intangible Products through Event Marketing Intangible products, such as information, are a very extensive concept. Situated in the current terminology, a primary stop of similarity in the mark eting of tangibles and intangibles gravitate around the extent of intangibility innate in twain forms (Gummesson, 2002). Marketing is focused on drawing the attention and sustaining customers. The intangibility level of product has its biggest impact in the goal of attracting customers. When it concerns keeping customers, intangible products come across quite specific setbacks (Kitchen & De Pelsmacker, 2004). However, these setbacks are minimized through event marketing. Event marketing is rooted in regularly and methodically monitoring full customer behavior and patters to determine those times where there is a chance to improve a rapport or when a customer is most prepared to reach a choice of intangible product/service purchase (Gummesson, 2002). The objective of event marketing is to facilitate communication in an appropriate and prompt way with customers and to develop services, marketing, and sales around their particular requirements. Event marketing normally makes use of th e database and capably rakes through the customer folders to choose the customers with the recognized triggers (Mayar & Uffenheimer, 2007). Triggers, in marketing, are employed to routinely communicate suggestions, offers, relevant messages, or other