Marketing Insight and Analytics: Lloyds and Barclays Consumer Report

This report delves into the realm of marketing insight and analytics, focusing on consumer behavior and decision-making processes within the context of the banking industry, specifically examining Lloyds Bank and Barclays Bank. It explores the stages of the consumer decision-making journey, factors influencing buying behavior, and the significance of customer journey mapping. The report further evaluates strategies for enhancing customer experience, including the application of omni-channel marketing and customer relationship management techniques. It also encompasses a comparison of consumer experience matrix benefits and limitations, along with a critical assessment of consumer satisfaction methods. Finally, it offers recommendations for improving customer experience through the use of various metrics and measures, aiming to optimize marketing effectiveness and organizational objectives.

Marketing Insight and
Analytics

Contents
INTRODUCTION...........................................................................................................................1
Examining stages of consumer decision making journey in context to products and services
under different businesses............................................................................................................1
Discussing significances of mapping a path for marketers to purchase along with
understanding of consumer decision making...............................................................................3
Evaluating consumer decision making process for a range of products and services in different
businesses.....................................................................................................................................5
Designing strategy for consumer experience through selecting appropriate techniques to
increase customer experience with motive of meeting organisational objectives.......................5
Critical evaluation of customer experience strategy through selection of appropriate techniques
in order to enhance customer experience to maximise market opportunities..............................8
Critical evaluation of customer's decision-making process for development of their experience
......................................................................................................................................................8
Evaluating ways to monitor and improve customer experience for various products as well as
services in market........................................................................................................................8
Comparison and contraction between benefits and limitations of consumer experience matrix
....................................................................................................................................................10
Critical assessment of validity, reliability and suitability of consumer satisfaction methods to
make it more improved..............................................................................................................11
Justification of recommendation to improve satisfaction of customers.....................................11
Recommendations regarding ways which can be adopted to improve customer experience in
chosen organisation through the use of measure and metrics....................................................12
Provide recommendations to make improvements in customer experiences in a chosen
organisation through use of metrics and measures....................................................................13
Justifications regarding use of appropriate measures and metrics which can improve customer
experience in chosen organisation.............................................................................................13
CONCLUSION.............................................................................................................................14
REFERENCES................................................................................................................................1

INTRODUCTION
Marketing is defined as an action to influence offering of goods as well as services in the
market. It includes various methods and channels in different communities. Consumer decision is
the state in which person is willing to buy a product or not at the particular price. Marketing can
enhance consumer’s decision towards a product by different ways. Marketers can map a path by
using different marketing tools that helps to understand consumer decision making (Bailey,
2020). After Covid 19 banking industry of UK have impacted the both organisations as Lloyds
Bank and Barclays Bank. Impact on banking sector can be dangerous to economy of a country
and it must be treated with accurate measures. Marketing may help businesses to recover by
influencing customers behaviour. Enhancing customer experience can provide benefits to both
banks operating in economy of United Kingdom.
The report presented below highlights stages and roadmap in different organisations to
understand consumer's decisions making journey. It also includes techniques and strategies for
enhancing customer experience towards different products. The report also covers comparison
and recommendations for measures, benefits and limitations in customer experiences.
Examining stages of consumer decision making journey in context to products and services
under different businesses
Consumer behaviour is state of mind in context to individual, group or organisation about
choosing, buying as well as consuming products in the market for the purpose of satisfaction. It
is very important for every business to study consumer behaviour for reaching success and
objectives (Birn and Stone, 2021). In Lloyds Bank and Barclays Bank, consumer behaviour can
be influence by management by applying various tools of marketing. There are different factors
that affects customer buying behaviour in products of banks along with level of involvement.
Some factors are mentioned below as:
Personal: Personal factors in United Kingdom economy affecting consumer buying
behaviour includes age, occupation, personality and lifestyle of individual. In Lloyds Bank, age
of consumers are affecting behaviour. Whereas in Barclays Bank, their lifestyle is impacting
customers towards products and services.
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Social: Social factors generally belongs to society. As there are many things exist in
communities that may affect buying behaviour for product and service of Lloyds Bank and
Barclays Bank. These factors includes relatives, status, designation and many other.
Psychological: These factors leads in development of consumers available in market. As
Lloyd Bank and Barclays Bank can motivate their consumer's buying behaviour in market for
their products and services. It also includes learning as well as enhancing attitude of customers
for buying product.
Consumer decision making for two different banks are mentioned underneath:
Buying behaviour for product of Lloyds
Bank
Buying behaviour for product of Barclays
Bank
Credit cards given by bank can influence
customer's monetary flexibility. They can
influence buying behaviour by providing high
limits to customers.
Overdraft facilities given by bank can also
influence behaviour of customers for taking
products and services from Barclays Bank to
improve their flexibility.
Customers can use these cards in shopping and
for their other expenditures.
Customers can spend more than their balances
in requirements. This service may help them
most in emergency situations.
Lloyds Bank requires high customer
involvement due to more formalities for
getting credit cards. As they have to face
proper verification process for this product of
banks.
The overdraft service provided by Barclays
Bank to their customers may leads in low
consumer involvement as it does not require
more formalities, can be provided through
consent of customer.
Consumer decision making process includes different stages performed by customer in
the market (Busalim and Ghabban, 2021). As Lloyd Bank and Barclays Bank involved different
stages for influencing buying behaviour of customers towards their products and services. Stages
performed by consumers are mentioned below as:
 Need recognition: It is the very first step of consumer decision-making in which
individual identify their needs. Buying decision of customer is majorly depends on needs
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of consumers. In context to Lloyds Bank, consumer have to identify needs for their
product and services from their website's catalogue. In Barclays Bank, they can analyse
their needs by contacting to bank helpline channels.
 Informative search: The potential customer must search about relevant information
required for fulfilling their identified needs. This step helps customers to analyse quality
as well as weakness of products and service for which they are seeking information
(Gejke, 2018). In context to Lloyds Bank, consumer can search informations from their
websites and portals. Whereas in Barclays Bank, more information can be gathered
through their premises in different areas.
 Evaluation of alternatives: After gathering lots of information about products and
services consumer have to seek about best alternatives that provide same benefit in low
cost (Kimmel, 2018). This step of decision making make customer potential as they are
choosing right options. In Lloyds Bank products are more expensive and consumer can
choose same product in Barclays Bank at lower rate.
 Purchase: In this stage of consumer decision making process, an individual choose what
to buy from their chosen options. In context to Lloyds Bank, consumer can decide what
to buy after viewing informations of their product from official website. Whereas in
Barclays Bank customer have to choose themself about their purchasing options.
 Post purchase behaviour: It is the last stage of decision making process in which
customer analyse the product and its complications in comparison to needs and wants. In
Lloyds Bank, consumer can influence their post purchase behaviour through their
marketing plans. Barclays Bank also taking initiatives for enhancing post purchase
behaviour of their customers to maintain sustainability.
Discussing significances of mapping a path for marketers to purchase along with understanding
of consumer decision making
Customer journey mapping is defined as the process of creating map of interaction
between consumers and brand of organisation. It is combination of various activities in context
to consumer purchasing and decision making (Maity, 2020). It helps business organisations to
analyse experience of customers about their products and services. In context to banking industry
of UK, journey of customers in Lloyds Bank and Barclays Bank made by different components.
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Customers are more willing for Barclays Bank as it offers number of services to customers in the
market at cheaper prices. Components followed by 4Ps of marketing mix in customer journey
mapping are mentioned below as: Product: It is a tool of marketing in which management have direct focus on products
and services deliver to customers. It is important technique that can affects customer's
behaviour in their journey (Reddy, 2020). In context with Lloyds Bank, customer are
getting more options in regards to products as well as services and their management also
focussing on offering better variety of products. Barclays Bank is not offering more
products but framing strategies to improve their offerings system. Price: This component of marketing mix helps management to set price of specified
product and service. As price is very essential element, so it also helps in mapping
customer journey experience. In Lloyds Bank, prices are high for their customers in
comparison to other banks. Whereas Barclays Banks is providing their products and
services at lower prices to their customers. Customer's behaviour is more influenced
towards Barclays Bank due to low pricing strategies. Place: It is defined as a concept of marketing mix in which business made strategies to
improve location factors for getting more benefits (Roy, 2018). In banking sector, place
mix plays essential role for attracting customer and generating more profit. This tool also
helps management to influence customer's attraction during journey mapping. Lloyds
Bank have all of their branches in high populated area that causes high revenue
generation for business. Whereas, Barclays does not have all branches at appropriate
location. They only have few branches that are generating high amount of income for
bank.
 Promotion: It is a tool to enhance sales, profitability and growth in business organisations
by using different techniques. These strategies includes advertising, personal selling and
direct selling. Lloyds Bank have majorly focussed on using promotional technique of
advertisement as it provides them more benefits in relation to others. They are framing
different strategies to promote their credit cards in UK's market. Barclays also improving
their customer base through promoting service of overdraft facility. It helps to influence
customers at large level in their journey of experience.
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Evaluating consumer decision making process for a range of products and services in different
businesses
Consumer decision making process can be performed by marketers in different stages for
range of product and services. These stages includes need recognition, informative search,
evaluation of alternatives purchase and post purchase behaviour in market. This process initiated
acts of consumers for making buying behaviour from various products available in the market
(Trivedi, 2019). Lloyds Bank is using strategies to influence mind of consumers towards their
product while acting on different stages of decision-making process. It can help them to increase
sales as well as productivity in banking industry. The steps of marketing avails benefit for Lloyds
Bank for attracting consumers and behaviour in market.
In context to Barclays Bank, managers are focussing on their operations and costing to
provide benefits to the consumers in market. Due to their low pricing, many customers from
UK's market chooses to go for Barclays as they are not willing to pay more. Consumer decision
making process can also enhanced by other factors like influencing behaviour and elements like
income, preferences and needs of people. Bank can improve customers behaviour by providing
valuable services and after sale services to their clients. It is very effective way of marketing to
enhance growth and development in business.
Designing strategy for consumer experience through selecting appropriate techniques to increase
customer experience with motive of meeting organisational objectives
The term customer experience is defined as sum of every interactions that a customers
has with an organisation (Donthu and Et. Al., 2021). It includes all interaction whether it resulted
in any purchase or not, the main focus is on relationship between business and its customers.
Customer experience is all about how a consumer feel sum of their interaction with business. The
strategies which are being used by marketers of Lloyds Bank are Omni channel marketing and
techniques of customer relationship management.
Omni channel marketing
Omni channel of marketing is the absolute combination of messaging, branding, online
and offline which enable a powerful impact on customer experience. Omni channel marketing
approach make sure that consumer have consistent and positive experience on each channel. The
techniques of omni channel marketing in context to Lloyds bank is explained below:
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MMM: Multi media marketing is an analysis technique which allows marketers to
evaluate impact of marketing strategies to determine contribution of different elements to reach
goals of organisation (Grieco and Iasevoli, 2017). The insights which are drawn through this
technique allow marketers of Lloyds Bank to refine their marketing campaigns. This refining is
done by marketers on basis of various factors such as external influencers, consumer trends with
the motive to create a perfect campaign that can drive sales and engagement.
MTA: Multi-touch attribution is a marketing measurement method that takes into account
all touchpoints in the customer journey and allocates a specific amount to each channel so
marketers can see the value of each touchpoint in driving a conversion. This analysis technique
aids marketers of Lloyds Bank to make changes in campaigns and cater needs of consumers in a
effective manner. Multi touch attribution aids marketer to understand role played by touchpoints
in conversion process and they can effectively devote funds to similar touchpoints.
Customer relationship management
Customer relationship management is known as strategy, process, technology or software
that assist organisation in managing relations with suppliers, vendors and customers. Some of the
Customer relationship management techniques in context to Lloyds Bank is explained below:
On premise CRM software: It is a type software mostly installed by financial or
healthcare sectors to handle sensitive information of customers. The marketers of Lloyds Bank
can install this software to maintain privacy of their customers which will create a good brand
image.
Operational CRM: It is a method which simplify interactions between customers through
blending marketing, services process and marketing. It is a tool which improve customer
retention and acquisition. The marketers of Lloyds Bank can enhance user interface and data of
customer through operation CRM.
Process of Omni channel marketing
Omni channel of marketing focus on not only channels but it also involves experience as
whole (Wirth, 2018). The steps involved in omni channel of marketing in context to Lloyds Bank
are given below:
Data Collection: It is the first step which involves collecting relevant data about
customers which is essential to implement Omni channel strategy. The marketers of Lloyds Bank
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collects accurate and timely data regarding their customers and which allows them to understand
preference of target customer group.
Data analysis: The marketers of Lloyds Bank translate collected data into actionable
insights. The marketers need to deploy an analytics platform which can be used to distil collected
data that can aid teams to course correct during campaigns to meet desires of customers.
Customer Journey mapping: The marketers of Lloyds Bank create journey maps for
customers specific to their target audience. It evaluates the steps which are involved in customer
discovery of product or brand and purchase of product.
Brand guidelines: The marketers of Lloyds will design clear guidelines for messaging
and creativity. These guidelines should be adhered to each channel which facilitate awareness
and brand recognition through cohesive message.
Testing or optimisation: It is the last step which enables marketers of Lloyds Bank to
determine ways which can optimise spend on campaigns, messaging, creativity etc.
Process of customer relationship management
The CRM process is is a strategy used by marketers to keep personalised and meaningful
interaction between customers (Balducci and Marinova, 2018). The steps of CRM process in
context to Lloyds Bank is given below:
Generate brand awareness: The first step of acquisition of new customers is to
introducing them to business. The marketers of Lloyds Bank will learn about their target
audience, segment these targeted audience, creating campaigns for marketing that speak to target
demographics.
Acquire leads: The marketing team of Lloyds Bank is responsible for acquiring leads
depending on structure of organisation. The marketing team can encourage website vendors to
share company mail with a newsletter sign-up or a social media giveaway.
Convert leads into customers: A successful engagement with leads is established and
they are interested, now these leads can be turned into customers (Thaichon and Et. Al., 2019).
The marketers of Lloyds Bank must identify how interested the leads are.
Provide superior customer service: The marketers of Lloyds bank will retain customers
and make them coming back to organisation. The marketers must need to levarage CRM help
desk and service system to understand the experience of customer after making a purchase. It is
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important for them to get honest feedback from customers in order to understand what changes
are required to make improvement in customer experience.
Critical evaluation of customer experience strategy through selection of appropriate techniques
in order to enhance customer experience to maximise market opportunities
Omni channel of marketing refers to absolute combination of channels, devices and
platform which are used by organisations to promote their products (Morales, True and Tudor,
2020). Use of multi media marketing can help marketers of Lloyd to evaluate impact of
marketing strategies to determine contribution of different elements in reaching goals of
organisation. The use of multi touch attribution aid marketers to make changes in their
campaigns and meet needs of consumers. Customer relationship management refers to all those
strategies, processes and technology or software which assist marketers to manage relations with
customers, vendors as well as suppliers. The techniques of customer relationship such as on
premise customer CRM and operational CRM can aid marketers of Lloyds Bank.
Critical evaluation of customer's decision-making process for development of their experience
Customer's decision making in market can help to develop their experience as it requires
gathering informations, choosing alternative and many other tasks. These tasks may helps in
influencing knowledge of consumers about various aspects (Vasagan, 2021). They feel this
process easier after performing stages of decision making number of times. It is essential process
for both business as well as consumer. Consumer can choose best option with the help of it
whereas business can increase their sales figure through different stages. Consumer decision
making process have main purpose of choosing best buying option fro different alternatives.
Stages can help in influencing skills of consumers for choosing best buying option. Marketers
focussing on developing stages in consumer decision-making process to enhance knowledge and
ability of customers for buying product for satisfaction of their needs.
Evaluating ways to monitor and improve customer experience for various products as well as
services in market
Customer experience is defined as result of interaction between customer and brand for
the purpose of buying and selling of business offerings. It is necessary for every business to
monitor customers experience on regular basis to improve their effectiveness of influencing
consumer behaviour (VLN and Deeplakshmi, 2021). They can use different tools and strategies
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for monitoring and improving their customers experiences on the basis of their past deals. Lloyds
Bank use different strategies for monitoring customer experience in the market. Some of the
strategies are mentioned below as:
 Social media reviews: It is a strategy framed by management of Lloyds Bank to monitor
customers experiences in the market. They can make corrective action plans to support
their negative efforts and inputs for reducing future uncertainties. Bank uses reviews on
social media platforms like their website, twitter and other channels in relation to their
products and services. They use these reviews for analysing required development in
their strategies of delivering products and services. It is the digital method of analysing
performance and level of satisfaction of employees.
 Customer referral rate: It is the rate of consumers bring in the business by another
customers for achieving rewards set by management of business. In context to Lloyds
Bank, customer referral rate is also helping management of bank for analysing consumers
experience towards product and services. This method help them most for monitoring
consumer experience. If referral rate of consumers is high then it is to be deemed that
provided goods and services are efficient to meet customer satisfaction.
 Customer satisfaction: It is most essential element for every business organisation and
also use as monitoring tool for customer experience (Törnqvist and Lysén, 2018). This
tool tells business management about success of their offerings in marketplace. In
relation with Lloyds Bank, management is focusing on influencing and analysing
customer satisfaction level in the market. They can rate their products and services
according to satisfaction level expressed by consumers.
As monitoring is essential part for business organisations, the improvement in consumer
experience also necessary for the entities. It can be enhanced by various techniques performed by
management. In context to Lloyds Bank, managers have decided different techniques to improve
consumer experience. Some of the techniques are mentioned below as:
 Acting on feedback: Feedbacks are very important part of customers experience as they
provide their opinion about quality of products and services provided by business
organisations. In Lloyd Bank, management have decided various methods to record
feedbacks of customers and they also made strategies to act on these feedbacks to
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