Know your market, Know your customers
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How to make a sale when no one wants to be sold. In todays marketplace, companies across the country have to face a new reality: no one wants to be sold. Recent shifts in the economy have resulted in increased consumer uncertainty and skepticism especially as it relates to feelings and perceptions about financial institutions. Still, like any business, financial institutions must find ways to sell their products and services and not stray from their core competencies. This presentation emphasizes two important but often-overlooked first-steps in making the sale: know your customers and know your market. These two steps allow you to identify attractive (and unattractive) and profitable target market segments; understand their financial needs, values and preferences; and take steps to ensure that your product offerings, marketing, and sales process are aligned with those needs.
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Know your market, Know your customers
- 1. know your how to sell when no one wants to be sold JOE SULLIVAN| MARKET INSIGHTS 息 2011 Market Insights customers know your market Tennessee Bankers Association | Feb. 10, 2011
- 2. Restating the Obvious: THE WORLD HAS CHANGED so have your customers, your markets, your competition, your challenges, and your opportunities 息 2011 Market Insights
- 3. Americans Confidence in Banks Not Improving July 23, 2010 息 2011 Market Insights
- 4. Source: Associated Press, Economic Stress Index , August 2010 息 2011 Market Insights
- 5. The current financial crisis has saddled banks with many burdens, not the least of which is a wave of government regulation not seen since the 1930s. Source: Riding the Regulatory Wave BAI Banking Strategies - September 1, 2009 息 2011 Market Insights
- 6. Meanwhile, Consumer Expectations are Growing Brands are barely keeping up with consumer expectations now. Every day consumers adopt and devour the latest technologies and innovations, and hunger for more. Smarter marketers will identify and capitalize on unmet expectations. Those brands that understand where the strongest expectations exist will be the brands that survive - and prosper. From: 10 Branding and Marketing Trends for 2010 By: Robert Passikoff, President of Brand Keys 息 2011 Market Insights
- 7. how will you respond ? 息 2011 Market Insights
- 8. taking advantage of opportunities requires strategic choices and strategic action 息 2011 Market Insights
- 9. Community and regional banks face a series of daunting challenges, but there is ample opportunity for those that pursue strategically aggressive approaches in marketing and branding and that differentiate meaningfully. These banks will break out of the sea of sameness and become leaders in the community banking landscape. David Ascher, Transom Consulting Group 息 2011 Market Insights
- 10. 1. Know your customers 2. Know your market taking advantage of opportunities in todays marketplace requires that you JOE SULLIVAN| MARKET INSIGHTS 息 2010 Market Insights
- 11. 息 2010 Market Insights know your customers
- 12. how much do you really know? 息 2011 Market Insights
- 13. we are the bank for ___________. 息 2011 Market Insights
- 14. we are not the bank for ___________. 息 2010 Market Insights
- 15. your customers 息 2011 Market Insights
- 16. segmentation customer 息 2011 Market Insights
- 17. profitability balances products used industry segment size 息 2011 Market Insights
- 19. 息 2011 Market Insights know your market
- 20. your market 息 2011 Market Insights
- 21. segmentation market 息 2011 Market Insights
- 22. segmentation market 息 2011 Market Insights
- 23. 息 2011 Market Insights customers vs. market
- 24. market customers retention acquisition 息 2011 Market Insights
- 25. targeted marketing: adopt & accommodate target market segments 息 2011 Market Insights
- 26. Its all about focus (and choices): targeting specific market segments who live in a defined geographic market area, that have certain delivery channel preferences & product needs , and can easily see and value how were different from our competition. 息 2011 Market Insights
- 27. alignment 息 2011 Market Insights customers needs values preferences products delivery channels messages people services experience
- 28. One of the most powerful principles in building a brand is focused alignment. The result of alignment is coherence; the result of non-alignment is wasted resources. Marty Neumeier, Zag 息 2011 Market Insights
- 29. 息 2011 Market Insights
- 30. positioning: taking steps to accommodate your target market 息 2011 Market Insights
- 31. characteristics of strong positions: strong positions are differentiated & relevant ; they communicate value in a meaningful way; and they inform the entire customer experience. 息 2011 Market Insights
- 32. strong positions are not generic, broad, hollow, easily replicable, easy to develop, or easy to deliver. 息 2011 Market Insights
- 33. what action steps need to be taken to move from your current position to your new position? 息 2010 Market Insights
- 34. I dont think you can be very successful in leading your company on a path to growth if you dont pay a lot of attention to the market you serve and how your company markets itselfa leaders vision for the future of the company must be based on a clear understanding of what is happening in the marketplace. Ray Davis, CEO of Umpqua Bank 息 2010 Market Insights
- 35. thank you. 息 2011 Market Insights
- 36. contact: [email_address] twitter: @mi_sullivan 800-348-0220 | 312-961-0188 www.for market insights.com 息 2011 Market Insights