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Session 8.
Strategic Marketing for Savings Mobilization
Session Outline
Introduction to Strategic Marketing
Lesson 1. Developing a Corporate Brand
Lesson 2. Developing a Product Strategy
Lesson 3. Customer Service Strategy &
Product Delivery
Introduction toStrategic Marketing
Introduction toStrategic Marketing
• Definition
• Objectives
• Strategic Marketing Framework
Introduction to Strategic Marketing
Definition of Marketing:Definition of Marketing:
The business function that:The business function that:• identifies current unfulfilled needs and identifies current unfulfilled needs and
wants,wants,• defines and measures their magnitude, defines and measures their magnitude, • determines which target markets the bank determines which target markets the bank
can best serve, and can best serve, and • decides on appropriate products, services, decides on appropriate products, services,
and programs to serve these markets. and programs to serve these markets.
Objectives of Marketing:Objectives of Marketing:
• Identify and attract depositors
• Improve competitiveness of services
• Promote the bank’s image and identity
Strategic Marketing
The Marketing Strategy
Strategic Marketing Framework
Development of brandattributes & positioningstatement
Branding communicationplan
i) Internalii) External
Corporate communications& public relations
Personnel training & development strategy
Delivery process development
Customer service
ACorporate
Brand Strategy
BProductStrategy
CProduct Delivery &Customer Service
Strategy
Differentiation & Segmentation
Brands, Taglines, USPsand Benefit Statements
Pricing strategy
Sales strategy & productmanagement
Direct - push
Advertising & promotions - pull
Client reward - retention
Customer oriented culture
Strategic Marketing Strategies
• Branding Strategy
• Product Strategy
• Product Delivery and Customer Service Strategy
Lesson 1. Developing a Corporate Brand
Strategic Marketing for Savings Mobilization
I. Developing a Corporate Brand
Outline of Discussion:
Brand Development & Positioning Examples of bank brands Processes to Build Brand
Developing a Corporate Brand
Definition of Brand
“A name, term, symbol or design (or a combination of them) intended to signify the goods and services of one seller or group of sellers and to differentiate them from those of the competitors”
- Philip Kotler-
Developing a Corporate Brand
The Importance of Brand
Instant recognition Differentiation Credibility Warranty Facilitated Promotion Word of Mouth Marketing Goodwill
Developing a Corporate Brand
More on Brand…
More than a symbol In the public eye, a brand is a warranty It is a promise that the service carrying that brand will
live up to its name and perform Brand can generate loyalty from customers
A SERVICE IS A PROMISE AND BUILDING A BRAND BUILDS YOUR PROMISE
Developing a Corporate Brand
Developing your brand….
Select Select attributesattributes that build on existing perceptions or that build on existing perceptions or perceptions that you wish to develop into a tagline: perceptions that you wish to develop into a tagline:
“ “Tradition of Leadership”Tradition of Leadership” “ “Your Bank of Choice” Your Bank of Choice” ““Subok Na Matibay, Subok na Matatag”Subok Na Matibay, Subok na Matatag” “ “We manage risks, We provide We manage risks, We provide
opportunities” opportunities”
Developing a Strong Brand: Sample Brands
Developing a Strong Brand: More Sample Brands
Developing a Corporate Brand
How to Build Brand
Define your brand’s personality - so that you cultivate that personality when communicating to your customers or the public
Build a set of positive associations – such as key attributes; benefits – not just features; corporate values; personality traits; and suggest the type of people that buy the brand
Push generic values (not specific product); such as “quality” and “convenience”
Developing a Corporate Brand: How to Build YOUR Brand
Understand what customers are looking for – then sell it to them; “This is what we stand for (positive values) This is what we’ll offer you.”
Test and validate your branding strategy and your products Get potential clients to the bank – then sell them the brand
and product Use taglines, common corporate colors, symbols & logos, etc; Communicate the branding campaign to staff and
management. It must be aligned with the organizational culture.
Ensure that your advertising consistently supports your brand
Price
Quality Product
Convenience, service-oriented
environment
Focus on one or two positioning
issues:
stand for something clearly and
convincingly
Developing a Brand: Perceptual Map
Lesson 2. Developing a Product Strategy
Strategic Marketing for Savings Mobilization
II. Developing a Product Strategy
• Definition
• Approaches
• Components
• Group Exercises
• Sales Strategy
Developing a Product Strategy
Definition:
“A strategic approach to developing and enhancing products to fit the needs of the market with the end-view of optimizing sales in the most profitable manner”
Developing a Product Strategy: Approaches
Develop and Differentiate Your Product
Branding Tagline Unique Selling Proposition (USP) Benefit Statements Sales Strategy
Developing a Product Strategy: Components
• Product brand. has similar objectives to corporate branding – namely differentiation, warranty and sales promotion.
Ex: “Double Your Money” time deposit; “Platinum” time deposit.
• Tagline. A positioning “line” that describes the way you want your customers to see the product. It seeks to communicate key product messages to the customer and must always be there in print and in the mind of the customers. Ex: “Double your money in 5 years”;
• Ultimate Selling Proposition. This is “the difference that makes a difference”. The difference you wish to communicate to your client and compels him to choose your product over that of the competition.
Developing a Product Strategy: Components (cont.)
• Benefit Statement. The key product attributes and by translating them into benefits for the customer. This list of benefits is the most powerful tool to convince potential clients to buy your product.
“Customers do not buy products and services, they buy benefits or value”
Developing a Product Strategy: Group Exercises
Exercise 1: Deciphering Product Strategy
1. Identify the brand name, tagline, ultimate selling proposition and benefit statements that are found in the promotional materials
2. Discuss your perceptions within the group
3. Report back to the full group
Developing a Product Strategy: Group Exercises
Exercise 2: Applying Product Strategy to Your Bank
1. Using one or two of your existing product/s, create a brand name, tagline, ultimate selling proposition and benefit statement for those products
2. Organize and compose your bank’s promotional materials or flyer with these messages
Developing a Product Strategy: Sales Strategy
• Components of Sales Strategy
• Approaches to Sales Strategy
• “Dos” for Promotional Literature
• Balancing Sales Strategy
Developing a Product Strategy: Sales Strategy
Components:
Promotional Strategies should be based on:
IMAGE: projecting an image of professionalism, safety and security;
QUALITY OF SERVICE: high quality product delivery; (speed, response, convenience)
RETURNS: Competitive interest paid on deposits
Developing a Product Strategy: Sales Strategy
Approaches:
I. Pull-based strategy. Utilizes big budgets for advertising and promotions to increase demand, which pulls the customers to demand the product.
Advertising Public relations Sales promotions Direct marketing
Developing a Product Strategy: Sales Strategy
Approaches:
II. Push based. Use the sales force to push the product.
Developing a Product Strategy: Sales Strategy
Developing Promotional LiteratureDeveloping Promotional Literature
• Promotional literature is usually the only thing the client will Promotional literature is usually the only thing the client will pick-up and see when considering a purchasepick-up and see when considering a purchase
• When selling is done on a face-to-face basis, after the When selling is done on a face-to-face basis, after the marketing people has explained the product and its benefits, marketing people has explained the product and its benefits, it is the promotional literature that the customer will take it is the promotional literature that the customer will take away/keepaway/keep
• … … and on which the he/she may make a final decisionand on which the he/she may make a final decision..
Developing a Product Strategy: Balancing Sales Strategy
The Marketing Communications MixThe Marketing Communications Mix consistent, clear
compelling company & product messages
Direct Marketing
Public Relations
Personal Selling
Sales Promotion Advertising
Lesson 3. Customer Service Strategy and
Product Delivery
Strategic Marketing for Savings Mobilization
III. Customer Service Strategy & Product Delivery
• Personnel Training & Development
• Customer Service
• Product Delivery
Personnel Training & DevelopmentPersonnel Training & Development• Defines your corporate imageDefines your corporate image• Makes/breaks your brandMakes/breaks your brand• Ensures quality/commitment (or otherwise)Ensures quality/commitment (or otherwise)• Delivers your productsDelivers your products
Focus on optimizing staff performance:Focus on optimizing staff performance:– Training/Staff DevelopmentTraining/Staff Development– Team BuildingTeam Building– Incentive SchemesIncentive Schemes
Customer Service Strategy & Product Delivery
Customer Service Strategy & Product Delivery
Personnel Training and DevelopmentPersonnel Training and DevelopmentStart with You & Your Employees!Start with You & Your Employees!
An efficient and economical method to market is through your An efficient and economical method to market is through your employeesemployees
• Each employee should know that every act is a marketing Each employee should know that every act is a marketing act upon which the bank’s success dependsact upon which the bank’s success depends
• Review the interactions that frontline staff have with Review the interactions that frontline staff have with customers and seek their input on attracting and retaining customers and seek their input on attracting and retaining customers.customers.
• Develop and pilot-test “frequency asked questions”Develop and pilot-test “frequency asked questions”
Customer Service Strategy & Product Delivery
Customer Service DeliveryCustomer Service Delivery
“ “ Good Customer Service Good Customer Service Means Loyal Customers” Means Loyal Customers”
Customer Service Strategy & Product Delivery
Above All Else: Client ServiceAbove All Else: Client Service
Five key reasons why superior customer service must be a Five key reasons why superior customer service must be a “prime directive” for your business:“prime directive” for your business:
• Good service keeps customersGood service keeps customers• Good service builds word-of-mouth businessGood service builds word-of-mouth business• Good service can help you overcome competitive Good service can help you overcome competitive
disadvantagesdisadvantages• Good service is easier than many parts of your businessGood service is easier than many parts of your business• Good service helps you work more efficientlyGood service helps you work more efficiently
Good Customer Service Means …Good Customer Service Means …
• Research and understand customer needs and Research and understand customer needs and expectationsexpectations
• Human resource policies and protocols for recruitment, Human resource policies and protocols for recruitment, training, motivation and incentives training, motivation and incentives
• Development of appropriate products/servicesDevelopment of appropriate products/services• Use of technology to optimize accuracy and efficiencyUse of technology to optimize accuracy and efficiency• Management of the delivery process and attention to Management of the delivery process and attention to
failure pointsfailure points• Monitoring customer care/service quality programMonitoring customer care/service quality program
Customer Service Strategy & Customer Service Strategy & Product DeliveryProduct Delivery
Setting Service StandardsSetting Service Standards
• Service standards are measures to evaluate actual Service standards are measures to evaluate actual performance performance
• Protocols must be clear and consistent so staff know what Protocols must be clear and consistent so staff know what to do, how to do it and when to do itto do, how to do it and when to do it
• Establish measurable criteria and set standardEstablish measurable criteria and set standard• Specify actions you want employees to take in response Specify actions you want employees to take in response
to customerto customer• Your service standards will get more notice if you reward Your service standards will get more notice if you reward
employees who exceed thememployees who exceed them• Involve customers in providing feedbackInvolve customers in providing feedback
Customer Service Strategy & Customer Service Strategy & Product DeliveryProduct Delivery
Improving Customer ServiceImproving Customer Service
• Diagnose key issues and opportunities for improvementDiagnose key issues and opportunities for improvement• Set measurable customer service standardsSet measurable customer service standards• Use mystery shoppingUse mystery shopping• Set performance based incentivesSet performance based incentives• Use service quality questionnairesUse service quality questionnaires• Think about service recoveryThink about service recovery
Customer Service Strategy & Customer Service Strategy & Product DeliveryProduct Delivery
Keeping CustomersKeeping Customers
It is more cost-effective to keep customers It is more cost-effective to keep customers than to win new ones.than to win new ones.
Keeping your ‘churn rate’ as low as possible Keeping your ‘churn rate’ as low as possible is a strategic objective.is a strategic objective.
There is only one boss – the customer. And he can fire everybody, by spending his money elsewhere
You must meet their needsYou must meet their needs!!
Customer Service Strategy & Customer Service Strategy & Product DeliveryProduct Delivery
Customer Service Strategy & Product Delivery
Improving Product DeliveryImproving Product Delivery
Product Delivery
Improving Processes- Alarm SignalsImproving Processes- Alarm Signals• Look out for Look out for signs of stresssigns of stress• Lengthening queuesLengthening queues• Decreasing numbers of new customersDecreasing numbers of new customers• Falling activity ratesFalling activity rates• Longer working hours in front officesLonger working hours in front offices• Increasing customer complaintsIncreasing customer complaints• Decreasing number of new accountsDecreasing number of new accounts• Increased rates of dropoutIncreased rates of dropout• Performance targets not reached Performance targets not reached
Improving Product Delivery ProcessesImproving Product Delivery Processes• Look for Look for quick winsquick wins::
– Simplify and speed up processing of normal Simplify and speed up processing of normal transactions through careful observation;transactions through careful observation;
– Reduce the number of people queuing at the counter Reduce the number of people queuing at the counter to make enquiries;to make enquiries;
– Communicate prices Communicate prices – Salary boards Salary boards – Dedicated customer service staff Dedicated customer service staff – FAQ guides FAQ guides
Product Delivery
Improving Product Delivery ProcessesImproving Product Delivery Processes• Look for Look for quick winsquick wins::
– Conduct process mapping Conduct process mapping – Reduce account opening formalities Reduce account opening formalities
• Carefully communicate account opening Carefully communicate account opening formalities;formalities;
• Reduce approval processReduce approval process• Reduce documentation requirements Reduce documentation requirements
– Dedicated product tellers Dedicated product tellers – Part time staff at month ends where possible Part time staff at month ends where possible
Product Delivery
Product Delivery Process MappingProduct Delivery Process Mapping
A detailed recording of systems and procedures A detailed recording of systems and procedures typically in the form of a flow chart used to identify typically in the form of a flow chart used to identify inefficient or redundant proceduresinefficient or redundant procedures
Passbook, Paying-in slip & Money
Checked by Teller
Teller Generates Receipt Note
Receipt Note
Product Delivery
Seminar Summary: Strategic Marketing for Savings Mobilization
A strong and cohesive strategic marketing strategy incorporates:
• A brand• A product strategy• A customer service strategy
and efficient product delivery
Thank you