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How to make a sale when no one wants to be sold.In today’s 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.
Citation preview
know your
how to sell when no one wants to be sold
JOE SULLIVAN| MARKET INSIGHTS 1© 2011 Market Insights
customersknow your
market
Tennessee Bankers Association | Feb. 10, 2011
Restating the Obvious:
THE WORLD HAS CHANGED so have your customers, your
markets, your competition, your challenges, and your
opportunities
2© 2011 Market Insights
“Americans’ Confidence in Banks Not Improving” July 23, 2010
3© 2011 Market Insights
Source: Associated Press, Economic Stress Index , August 2010
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“ The current financial crisis has saddled banks withmany 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
5© 2011 Market Insights
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
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how will you respond?
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taking advantage of opportunities requires strategic choices and
strategic action
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“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
9© 2011 Market Insights
1. Know your customers 2. Know your market
taking advantage of opportunities in today’s marketplace requires that you
JOE SULLIVAN| MARKET INSIGHTS 10© 2010 Market Insights
11© 2010 Market Insights
know your
customers
how much do you really know?
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we are the bank for ___________.
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we are not the bank for ___________.
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15
your customers
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segmentationcustomer
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profitabilitybalances
products usedindustry
segment size
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needsvalues
preferences
19© 2011 Market Insights
know your
market
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your market
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segmentationmarket
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segmentationmarket
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customersvs. market
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marketcustomers
retention acquisition
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targeted marketing:adopt & accommodate
target market segments
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It’s 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 we’re different from our competition.
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alignment
27© 2011 Market Insights
customersneeds
valuespreferences
products
delivery channelsmessages people
services
experience
“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
28© 2011 Market Insights
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positioning:taking steps to accommodate
your target market
30© 2011 Market Insights
characteristics of strong positions: strong positions are differentiated & relevant; they communicate value in a meaningful way; and they inform the entire customer experience.
31© 2011 Market Insights
strong positions are not generic, broad, hollow, easily replicable, easy to develop, or easy to deliver.
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what action steps need to be taken to move from your current position to your new position?
33© 2010 Market Insights
“I don’t think you can be very successful in leading your company on a path to growth if you don’t pay a lot of attention to the market you serve and how your company markets itself…a leader’s 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
34© 2010 Market Insights
thank you.
35© 2011 Market Insights
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contact:jsullivan@formarketinsights.com
twitter: @mi_sullivan
800-348-0220 | 312-961-0188
www.formarketinsights.com
© 2011 Market Insights
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