Milwaukee, WI – Market Probe, a global research firm, announced the names of the retail banks that posted the highest levels of Customer Advocacy in the Asia Pacific, China and Korea region in 2011, based on the firm’s survey of the largest banking institutions.
“The Asia Pacific winners were Citibank in Singapore and Korea, and Standard Chartered Bank in Hong Kong. The China winners were Everbright Bank, Industrial Bank and China Merchants Bank,” reported Dr. TR Rao, President and CEO, Market Probe. “These banks posted the highest levels of Customer Advocacy in their respective regions from retail customers who considered these institutions to be their primary banks.” Earlier this month, Market Probe announced the four regional winners in the U.S., PNC Bank, Harris Bank, SunTrust and Bank of the West.
The results were based on national surveys of households who rated their primary bank in these different countries. Consumers were asked about their attitudes that reflected the depth of their favorable opinions about their primary bank and sharing of positive and negative comments about their banking experiences both online and offline. The Retail Monitor was established to compare the top brands on their advocacy profiles.
Rao says that Customer Advocacy is the most relevant metric that captures the degree of customers’ relationships with their banks. Advocates have the highest form of customer involvement with a brand or business. Advocates are the best customers, rooted in strong attitudes and positive experiences. They stay with brands or, in this case, banks, in good and bad times, put them first for future purchases, and provide strong vocal support by way of positive mentions. “Advocacy offers the most direct linkage to explaining and measuring business performance,” adds Rao.
The Advocacy Ladder developed by Market Probe classifies customers into four segments: Alienated, Ambivalent, Allegiant or is an Advocate for a particular business. It is based on various questions asked of customers regarding their favorability, future consideration and evidence of word-of-mouth regarding a particular brand or business.
Results of these surveys for participating banks are available upon request.
Market Probe
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