How does Umpqua enhance consumer motivation by making itself personally relevant to customers ? CEO of Umpqua bank, Ray Davis, has a vision of making Umpqua “the world’s greatest bank”. Since then, Umpqua enhance consumers motivation by making itself personally relevant to customers. Personal relevance is something that has a direct bearing on the self and has potentially significant consequences or implications of our lives. Relevance fuels their motivation to process information, make decisions, and take actions.
Umpqua ways to enhance consumer motivation by making itself personally relevant to customers are by make each store is a “community hub” : * Provide Umpqua brand coffee, so people can spend a few minutes sipping Umpqua-brand coffee * Provide local music selected by Umpqua, so customer can listen to local music selected by Umpqua * Provide Umpqua’s free Wi-Fi internet access, so customer can surfing the web using Umpqua’s free Wi-Fi internet access * Make the place lots of light Provide comfortable seating so customer can feel comfortable while waiting * Provide a coffee bar * Provide a television screen so customer will not feel bored * Provide a teller area styled like the reception desk on upscale hotel Umpqua store is nothing like the formal, stuffy stereotype of an old-fashioned bank branch. By these ways, Umpqua can enhance consumer motivation by making itself personally relevant to customers and customers will also feel comfortable come to the Umpqua bank.
Umpqua bank also enhance the kids by launch a summer program to teach youngsters how to run a lemonade stand, offer them 10$ in start-up money, give them hints about advertising and pricing, and lend out kid-friendly folding lemonade stands to young entrepreneurs. Now, today’s lemonade tycoon may very well become tomorrow’s satisfied customers. 2. Explain, in consumer behavior terms, how the Innovation Lab enhances customers’ ability to process information about banking products and services. The innovation Lab in Portland, Oregon, is Umpqua’s latest innovation.
They are working with the technology leaders such as Intel, Microsoft, and Cisco, Umpqua has created this cutting-edge store as a testing ground for new ideas. Ray Davis, as a CEO of Umpqua bank observes that when people think of technology, they often think of it as something that makes things go faster. To enhances customers’ ability to process information about banking products and services, Umpqua bank : * Provide a huge touch-screen multimedia plasma wall where customer can obtain detailed product information and listen to podcasts about various services Offers ever-changing information on community activities and volunteer programs * Provide stocked with the latest laptops in Computer Cafe, it is available for customer use * Set up a website where local business owners can network with each other Umpqua is studying the ways that customers react to these and other innovations with an eye toward launching the most successful new ideas in its other stores. This lead to satisfied the customer, and the result Umpqua bank has attracted tens of thousands of new customers, hundreds of illions of dollars in new deposits, and the attention of financial institutions across the United States and beyond. 3. What is Umpqua doing to enhance consumers’ opportunity to process information about financial services ? Umpqua use Innovation Lab, It features a huge touch-screen multimedia plasma wall where customer can obtain detailed product information and listen to podcasts about various services. This may enhance consumers’ opportunity to process information about financial services. Another way to enhance consumers’ opportunity to process information about financial services is by top notch service.
Top notch service is another Umpqua hallmark and competitive point of differentiation. In addition to teaching employees the ins and outs of financial products, the bank send them to customer-service courses provided by the Ritz-Carlton, the hotel chain world famous for its superlative service. Emphasizing its service helps the bank build long-term relationships by connecting with customers on a more personal level. These all are done by Umpqua bank in order to enhance consumers’ opportunity to process information about financial services.
