Question

Topic: Strategy

Driving Retail Bank Products Sales

Posted by Anonymous on 2/7/2013 at 7:10 AM ET 250 Points
I currently work with a regional bank here in my country and one of my duties is to develop products and drive the sales of the product.<br /><br />I currently developed two children''s product (Kiddies and teenagers) and it seems to drive the sales here in my country is a bit difficult because the economic situation doesn''t give parents the chance to save a little from what they earn into the children''s account.<br /><br />The deposit into these category of accounts is meant to be sitting balances in the account except when it is time to pay schools and fees and all.<br /><br />My question then is how do i drive the sales of these products ? There is pressure on me to deliver and the budget for the year has already been set. I am strictly a support person after development but i am measured by the performance of what the entire bank does.<br /><br />Its hard enough to impact training of sales of these products to the relationship/sales people, yet no results.<br /><br />PLEASE HELP!!!
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RESPONSES

  • Posted on 2/7/2013 at 7:26 AM Moderator
    Is it possible that you've developed products for which there is no consumer demand or need? Did you conduct any market research before you developed and introduced these products?

    Products that do not satisfy a consumer need cannot be "saved" with marketing, no matter how creative a campaign may be. Great marketing starts with great products that truly address a consumer need. Once you understand the need and develop a product to address it, then Marketing can communicate the benefit and create awareness.

    It's possible you are facing a futile task. I'm sorry to be the one to have to break this news to you, but it's important you begin your task by recognizing the way the [marketing] world works.

    Have you had any success with these products so far? If so, would it be possible to find the customers who value the product(s) and ask them what they like about it, why they purchased, how it could be improved, etc.? At least that way you'd have some idea of the perceived strengths and weaknesses of the concept, and you'd have an insight into the words people use to describe their needs.
  • Posted on 2/7/2013 at 7:34 AM Author
    @mgoodman, a comprehensive market research was carried out and we have competitors driving this product as well and they are making giant strides. My product even has a competitive edge over other competitors with its juicy insurance cover attached.
    You would agree with me that all banks have the same products but the only edge is the interest rates or special offerings they offer.
    Asides from the normal hype and advert that needs to be given, what else (outside the box) can be done ?
  • Posted by Jay Hamilton-Roth on 2/7/2013 at 7:46 AM Member
    What's the lifetime value for your bank for these accounts? For example, you could offer to transfer your competitor's product for free AND add some money to their accounts (if they leave them with your bank for a year, for example). Or, offer a contest - where parents (or their children) write what they love about school - and the winners get funded accounts. Or, offer a contest for people in your community to vote on a local charity for children, when you'll fund accounts. As part of these messages, show that you go "above and beyond" in caring for your customers.
  • Posted by Moriarty on 2/7/2013 at 11:43 AM Accepted
    Some inside the box thinking. How about teaming up with some schools to get the campaign running where it is already needed. Whilst not direct, families of that age of children will know the younger generation of parents too. It could give you the edge.

    Now just because the other banks are also active in this area does not mean that Mr Goodman is wrong. The herd mentality exists at corporate level just as it does in the crowd. Indeed, it is even more ingrained, and the problem is serious when mistakes are made by all - and then they want bailing out by the taxpayer.

    That isn't going to help you with your job however. So let us have a look at the things that inspire someone to save for their child's education. They are dreaming of their future, success and happiness (amongst a dozen other possibilities). So look at the emotions that are attached to these, and tackle each head on. Because you can do this with your guarantee - your insurance. Nobody else is doing this.

    Approaching the campaign from this perspective (asking the questions that need answering and your landing page being the answer) will be far less expensive than tackling the keywords (the blunt answers) because few people are bidding on them. What's more it'll be more effective too.

    Don't forget to remind them about your guarantee - my bet is that your higher-ups aren't utilizing this advantage to the full.

    Best of luck!! Moriarty xxx
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