Question

Topic: Strategy

Marketing Schemes To Promote Banks In A Small Town

Posted by Anonymous on 7/8/2005 at 7:13 AM ET 250 Points
Newly opened private bank in a small town. Provides cash as a loan for gold deposit. Presently charging lesser interest than other similar institutions. General marketing strategies like good customer relationship, handing out pamphelets and hanging banners during small town events is presently being implemented. Looking for other low budget strategies that can be implemented.
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RESPONSES

  • Posted by adammjw on 7/8/2005 at 10:18 AM Accepted
    Jeremyg,

    I have my fears that so-called general apprach will not be very successful.Have you identified what your target groups are? This is vital.If so what are their expectations and needs? What's most important to them? Convenience,low-cost,speed, easy procedures?
    If you know what they value most of all, then define your proposition and get the message out to the people.Then you "only"have to deliver on your promises.

    Regards

    Adam
  • Posted by michael on 7/8/2005 at 10:35 AM Accepted
    Jeremy,
    Scheme is such a bad word. It almost sounds like your competition is the local pawn shop...they take gold for cash and give the gold back at a premium.

    If that's the case, you've then identified your target market as much different than the local bank. All you activities are ok...depending on what they say. If all it says is your hours, where you're located, that you're locally owned...blah, blah, blah...you haven't identified enough to differentiate yourself.

    Take a look at your marketing materials and ask: "Is what I'm saying anything different that what the others are saying?" If the answers is no, don't spend another dime until you figure that out.

    Michael
  • Posted by adammjw on 7/9/2005 at 6:48 AM Member
    Jeremy,

    I got your point and see that for the moment lower rates is the only differentiator between your bank and others.Given the fact that is the middle class you are focusing on have you thought abt. what kind of needs and expectations those people might have?
    Lower rates ok, but what else? What they need the money for? Are these short-term or longer- term loans?Where the money goes?How could you help them solve their problem in a better way?Perhaps you not only loan them the money but also could take care of the formalities pertaining to the cause the money goes for?

    Rgds

    Adam
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