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This question has been answered, and points have been awarded.
Market Driven Strategies
7/20/2006 at 1:18 PM ET
What future market-driven strategies would you recommend to the management team of a financial institution?
All suggestions are welcome.
7/20/2006 at 1:31 PM
Market-driven means that the strategy addresses the needs of the customers. So the first step is to ask your customers what market driven strategies they would recommend versus a bunch of marketing professionals. Yes, many of us are also customers of financial institutions, but we may not be in the segments you are targeting.
To develop a marketing strategy, you first have to do your analysis. This involves understanding your customers, their needs, their influencers (images and words that hit them emotionally and stimulate them to act to purchase your products and services), your competitors (strengths and weaknesses), and your own firm's SWOT (strengths, weaknesses, opportunities, and threats), core competencies, and unique selling points. When you have that, you can use the analysis to set strategic actions such as positioning, product/service definition.
If you were to click on my name, it will take you to my profile. Click on the link to my website and you will find an option called "Marketing" which explains these steps in great detail.
I hope this helps.
7/20/2006 at 1:43 PM
Thanks very much for your quick response, I will check out your website.
7/20/2006 at 1:44 PM
I totally agree with Wayde (above) - except for the fact that the survey MUST include demographic profiling of the companies BEST CUSTOMERS.
The Pareto principal is the main element here. You see, 20% of your company's customers will represent 80% of their net profit.
Therefore, it is essential that the BEST CUSTOMERS are the ones surveyed. You don't give a shit about the others - trying rather to focus on expanding the marketing to include people that closely resemble demographically your best customer - habits, age, religion, geographic location, frequency of use, clubs and organizations that your BEST customer attends and so forth.
Read more on my website: (URL deleted by staff)
7/20/2006 at 10:00 PM
Well if your finance team is on the ball they'll want to undertake an extensive Envirnmental Scan to look at emerging issues in the finance sector. Y
ou'd consider the emergence of women only banking groups or women focused banking groups, the impact of micro credit and the emergence of values based marketing apoproaches to segmentation
They begin to question their existing paradigms of lending criteria and what they believe financial partnership actually mean. They'd certainly want to unpack the issue of organisations beginning to 'go it alone' using sub stream methods of finance raising to avoid the cost imposts of large baking groups.
They'd be looking at the 'licence to operate' approach that some communities are starting to place on their banks, the rising number of youth declaring bankruptcy and the impact on the future market segment.
If they are serious they'll engage in a serious look at what is happening to the 'old way of banking' and what that means for the strategic choices they make. happy to discuss further off line off you like
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