Question

Topic: Strategy

Setting-up A Marketing Department In A Bank

Posted by donkor.john on 8/6/2013 at 7:32 AM ET 250 Points
Have just graduated with a degree in marketing without any experience. have got a job to set up a martketing department in a medium size bank. the marketing department id going to drive the banks's products such as deposit mobilisation, lending, etc. getting new costomers and sustaining both the new and old customers of the bank is paramount. Need to develop new products also to win new customers. producta are to be segmented with small, medium and larger income earners as well as trading, construction, services activities and so on.
How do I go about setting up this department. what are the strategies required in developing the banking products, winning and maintaing new and old customers. what a the logistic requirement of such a department? the marketing will be the driving force of the bank's activities and from the board to management and all employees are to embrass the concept. any idea or assistance of drawing a marketing policy for the bank? any policy or operations manual on marketing to assist me ? LOOKING UP FOR A LOVELY RESPONSE FOR MY NEW JOB.
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RESPONSES

  • Posted by donkor.john on 8/6/2013 at 7:35 AM Author
    JUST OKAY
  • Posted by donkor.john on 8/6/2013 at 7:37 AM Author
    OKAY
  • Posted by Moriarty on 8/6/2013 at 8:00 AM Member
    When your banks policy is to have "Products are to be segmented with small, medium and larger income earners as well as trading, construction, services activities and so on" you need to look at the various demographics carefully. The needs of a medium income earner are not the same as for a small or large income earner. Their needs, desires and wants are quite different. Whilst this may only appear as a slight difference, appealing to this will improve your bank's performance substantially - at least in marketing terms.

    Secondly whilst you should treat all customers with equal deference, they will not always respond in kind. That is to say, be courteous to all but do not expect courtesy back. There are no few customers in any business who do not appreciate what is done for them. Usually - and whilst this is a generalism, it is still apt - the poorer quality of customer is demanding, unsatisfied and complaining. In short, they take up a lot of time, keep people busy at their behest and the bottom line is that they are costing you money (or at least you're not making the profits that you should from such an investor).

    Your better clients will understand that you are experts in handling money and investing it wisely. They are not - and even if they are, may not wish to do this for themselves. In other words, they are aware that you are doing your job and that they are making more money in your doing so. They may level the occasional criticism, they will be polite and accepting.

    Understanding these dynamics in your customer base is essential if their needs are to be met. Your job as marketer is to meet their needs from within your bank's abilities. The touchstone here is an honest appraisal of the people you would (or could) not serve fully - and be clear about this. It will lead to fewer complaints.

    If this has spoken to you, discovering the various streams of customers will yield information that is truly valuable in all spheres of your bank's operations. Strategies will form themselves as you discuss these with various departments - you will be inspired to reach out to the customers who most need what this department has to offer them.

    Can you see my reasoning here? I hope this helps.
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