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Still within its field
of expertise, but breaking new ground, First Direct was
the phenomenally successful brainchild of Midlands bank.
It saw the opportunity to provide customers with a banking
system which did not involve taking time to visit the branch,
which was accessible whenever the customer wanted it to
be, and which charged little for the perceived improvement
in service.
Consumers are growing
wary of market monopolists, and are beginning to question
whether their best interests are being served by the market
leaders. As a result they are more fickle, less fixed and
more willing to give the new boy on the block a chance.
This is good news if it’s you that is the new boy,
but less appealing if it’s your market which is under
siege. It is therefore imperative that all manufacturers
aim to stay contemporary and fresh, remain focused on the
changing needs of their consumers, and optimise both their
product quality and customer service to encourage their
consumers to remain loyal.
If business is booming
in your market sector you can be sure that others will
be considering entering your patch!
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