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Personal acquaintances and salespeople in financial services: Differences between customers and friends

Backstrom, Lars, Pitt, Leyland, Campbell, Colin and Nel, Deon 2009, Personal acquaintances and salespeople in financial services: Differences between customers and friends, Journal of financial services marketing, vol. 14, no. 1, pp. 26-39, doi: 10.1057/fsm.2009.5.

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Title Personal acquaintances and salespeople in financial services: Differences between customers and friends
Author(s) Backstrom, Lars
Pitt, Leyland
Campbell, Colin
Nel, Deon
Journal name Journal of financial services marketing
Volume number 14
Issue number 1
Start page 26
End page 39
Publisher Palgrave Macmillan Ltd.
Place of publication Basingstoke, England
Publication date 2009-06
ISSN 1363-0539
1479-1846
Keyword(s) business friendships
personal acquaintance
financial services
good customers
bad customers
salespeople
Summary The existence, benefit and management of customer–salesperson relationships in the marketing of financial services are topics of increasing interest. Much of the sales and marketing literature implies that because of time spent together, salespeople and some of their customers develop close relationships that are akin to friendships. Evidence from social psychology confirms that strong relationships are founded in deep knowledge of others gained over long periods after sharing personal information. This paper reports on the results of a study of salespeople's assessments of their personal acquaintance with customers and friends in a financial services setting. The results indicate that salespeople do not classify customers as friends on all the dimensions of personal acquaintance. Furthermore, the nature of personal acquaintance differs between ‘good’ customers (those salespeople enjoy serving), and ‘bad’ (those they do not), with the exception of the personal acquaintance dimensions of interaction frequency and personal disclosure. We discuss the implications for practice and make recommendations for future research.
Language eng
DOI 10.1057/fsm.2009.5
Field of Research 150599 Marketing not elsewhere classified
Socio Economic Objective 900199 Financial Services not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
Persistent URL http://hdl.handle.net/10536/DRO/DU:30024967

Document type: Journal Article
Collections: Faculty of Business and Law
School of Management and Marketing
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Created: Wed, 10 Mar 2010, 13:45:04 EST by Gloria Stevenson

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