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Unprecedented Challenges Lead Banks to Emerging Sub-Markets
Greg Gray
and
Chuck Bruney,
Align Financial Services Consultants - Align FSC, Inc.
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There is one particularly important outcome of the market dynamics of the last twenty years. Consumers are no longer loyal to their banks. Instead, they’re shopping for value and transferring large portions of their finances from one provider to another with little concern for fidelity. And, why not? They have a wider array of choices than ever before from an expanding and diverse pool of capable providers who are transforming themselves into convenient, lifestyle-oriented partners.
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The good news is that the information technology and processes are now accessible for all bankers to really become “marketing organizations.” Today leading companies are investing in research, developing strategic marketing planning skills and adopting contemporary knowledge-discovery techniques. These trailblazers are developing the ability to recognize a new array of emerging sub-markets and tailor product and delivery options specifically for them. Their commitment will mean the difference between success and failure.
The opportunity is about sales and service, but it is also building customer relationships wisely. The champions are combining technology and human skill to move from the reliance on traditional mass marketing towards one-to-one customer management. In this New World of marketing, each customer is managed in a manner unique to his / her specific financial needs -- at a higher profit margin. To do this, large amounts of demographic and transactional information are needed. But having information alone is not the answer. These champions know what to do with the information as well.
Leading companies have a number of characteristics in common. They…
- Know their audiences
- Focus their resources
- Make their messages relevant with an emphasis on customer needs not product features
- Know what they stand for and what makes them different
- Take a holistic approach to retail banking integrating sales, service, marketing and delivery.
How does your organization stack up?
The first step is an honest assessment. To find out more take our quiz below .
The Formula for Success
As a whole, the most significant challenge for bankers moving forward will be to better understand and adequately respond to changing consumer behavior and needs. Bankers must shift from an emphasis on operations to developing an insatiable appetite for excellence in sales and service. When it comes to the bottom line, they must regain intimacy with their customers.
Leading financial institutions combine a market segmentation approach with branch design and merchandising to create a unique customer experience at the branch that is compelling and supportive of the branch sales goals. They do this by drawing upon their deep understanding of customer needs and behaviors, focusing on high priority groups and engineering their sales, service, product and delivery offerings to resonate with the target customers. It’s not easy. But, when done effectively an emotional bond is created with the customer and acquisition, cross-sales, activation and retention rates can be optimized.
Quiz Instructions: For each question, rate your organization on a scale of 1 to 5. 1 = We are not well-positioned in this area, 5 = We are well-positioned on this point.
1. Do you have a deep understanding of the segments that make up your market and customer base and their needs and behaviors? Score _____
2. Have you prioritized and developed strategies to capture share of appealing market segments or are you merely trying to be all things to all people? Score _____
3. Does your executive team have a singular, clear vision of where the institution is going? Score _____
4. Are your product and delivery channels optimally configured to differentiate you in the eyes of your highest priority segments? Score _____
5. Has your organization engineered a superior customer experience aligned with the targeting strategy at the point of sale? Score _____
6. Is your merchandising compelling, concise and consistently applied. Score _____
7. Is your branch merchandising and sales material …
i. Tailored for each branch “micro market.”
ii. Tailored for specific market segmentsScore _____
8. Is your brand image distinctive and consistently applied. Score _____
9. Are you leveraging new technologies that help you to keep your message fresh and highly targeted?
Score _____
Now add your scores. Total ___
If you total score is 30 or above, you have good news. On the other hand, if your score is below 30, you have some work to do in moving your institution toward a “performance culture” model.
Align FSC, Inc., is a boutique financial services consulting firm that assists financial institution executives meet the challenges of the evolving financial services marketplace – providing expert research and analysis, thought-provoking insights, and breakthrough solutions that ensure client organizations’ success. Alsign FSC, Inc. services including strategic marketing planning, research, brand / identity management, performance culture development, human capital management, product management, customer relationship management (CRM), Branch Merchandising, Design and prototype development.
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Offline screens cannot receive critical rate updates. The iPoster system includes 24/7 monitoring. If we can't fix the problem remotely, we will at least call the branch and ask them to turn off the screen until it is compliant. One of the many extras we provide at no additional cost.
What do these error screens say about these brands?
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