Focus on Your Customer.docVIP

 PAGE \* MERGEFORMAT 12 Focus on Your Customer From the airport all the way to Charlotte, North Carolina Special urban areas, people will no doubt note, Bank of America Stadium, here is the National Football League team’s hometown Panthers. Even at home, Wachovia Bank of America also operates under the huge shadow. The competitors constantly reminding Wachovia, in addition to their own, consumers can choose at least there is another bank. So, if Wachovia executives to restore the loss of customers and all of sweat into battle, and do not feel that what they have too much. 6 years ago, the U.S. 1st Union Bank, which is now Wachovia Bank, and its customer satisfaction had been as low as the bottom of the. First quarter of 1999 churn rate of 20%. Is not only a surprising number of customers away from them, and even the bank’s employees have resigned. That year bank teller wastage rate of 49%. At that time away from the merger with Wachovia bank two years time, but the first Union Bank has suffered the pains of a series of mergers. 2001 First Union acquired Wachovia (and wise use of the name of the acquired lines), as soon as the pressure to reduce costs substantially greater. ‘We have been efforts to reduce operational costs, make more profit,’ Jimu Jia Li-tai said that he merged the company’s chief marketing officer of Wachovia, First Union, before it was served as Chief Marketing Officer. The company has always been a tradition with great fanfare, desperate to sell. ‘We attracted a large number of new customers through the front door, but due care and attention, a large number of customers lost through the back door,’ Wachovia CEO Ken Thompson said (he is a former president of First Union), ‘selling more products and can not compensate for loss of income caused by customer churn. ‘ In response to the crisis has been looming, reversing the upward trend in the rate of customer loss, Thomson and his new team to go a step further risky move, from within the co