Marketing for Banks & Financial Institutions
The Right Leadership and the Right Information can Create Opportunity for Profit Growth
There’s a LOT of Noise About Bank Marketing!
Sadly, the noise is mostly about Marketing Communications… on-line tricksters who don’t actually understand the Definition of Marketing… and/or operational experts who think they know Marketing because they know great tactics, promotional gimmicks or cost-savings methods.
What’s worse, is they loudly boast & aggressively hawk their services, so decision-makers in banks become cynical & dismissive – at the cost of REAL opportunities.
Banking Strategic Planners know Marketing Communications comes after the audience has been identified, the goals have been set & the strategy has been groomed and sculpted.
Promotion and Marketing Communications is NOT the answer!
Banking is serious business: Large profits are made from serious business people. Yet flamboyant ad agencies, creative digital firms and crafty promotional companies all insist graphs, logos and other visualizations are the key… nonsense!
In most banks, the most profitable segments deliver all the profits and the consumers who respond to certain promotional activity cause transaction volume that absorbs much of that profit!
Bank Strategic Marketing
Marketing Banks using Proven Market Research Insight
Innovative banking leaders are fast adopting our unique Customer Analysis Model that helps develop versatile and practical Customer Strategy development.
Customer Value Management (CVM) segmentation and customer management assists with:
- Acquisition of New Customers
- Customer Management
- Expansion of Existing Customers
- Retention of Valued Customers
- Optimised New Product Development
Bank Marketing: The Customer Insights Based View
Think about segmentation. Wouldn’t you rather identify segments by profit contribution rather than psychographics?
Most organisations tend to drill down at a product level first before considering the complexity of their customer base. Neither pathway is right in isolation – we have found a balanced approach is required to achieve maximum benefit… For example, for one bank, we used mix of Life-stage, Value and Product Usage moving both horizontally and vertically simultaneously until we identified “the perfect offer”.
This, an d other initiatives that came form the work we did resulted in an annual profit increase of 22% without any increase in transactions!
If you want to utilise proven marketing analysis and methods, shown to create profitable product development, marketing strategies and effective results, click this button to email, dial 02 8011 4355 to call, or fill out the webmail form, below.
Insights for Bank Marketing Strategy
Customer Insight is key for maximising positive customer experience in all Bank Marketing. Analysis and research is the springboard for sustainable competitive advantage in banking and financial services.
Marketing Input for financial institutions with challenging markets
You can expect the following after we scope out a project to help you with banking marketing…
- Your brief will help us Identify your company’s key problems and information needs
- You’ll work with us to Define market research objectives based on those needs
- Your consultants will Design a market research methodology tailored to your institution’s size, assets, customer characteristics, brand recognition, competitors and geographic markets served
- We’ll Collect the data needed to answer your questions. and
- Present results that can be put to use immediately in terms of marketing planning, product development, staff training, public relations, and customer communications efforts
Managing the Marketing of Banks
For over a decade, major Australian and Asian banks have prospered from winning marketing strategy developed from our research and analysis of the behaviour of customers, and discovering where real profits come from…
IF you are a senior banking executive, frustrated by market research that doesn’t give you competitive advantage and big increases in bottom-line profits, if you have a desperate need to improve your ROI on marketing spend, if you are keen to significantly improve the profitability of your bank and ROE for investors, and can take a low-risk “leap of faith” then call +612 8011 4355 now.
True Customer Profitability Analysis in Banking
Don’t be lured into high cost transaction level profitability modelling, or predictive lifetime value modelling… effective customer value and profitability analysis is readily available, even with the millions of records that hundreds of products and millions of customers can generate.
Scientific market research methods quickly expose opportunities to reduce attrition, increase customer acquisition, better manage pricing and expose unprofitable customer groups.
What ARE Best Banking Marketing Practices?
Accountable Marketing Decisions creating Profitable Outcomes
- Focus on the direct relationship between customer value and a company’s P&L
- Develop and design desirable customer-based propositions
- Design Attractive Potential Value Propositions
- Integrate a three-tier approach to Segmentation using Customer Value Management focus of acquisition, management and Cross-sell/Retention
By better understanding each market segment and key customer groups, banks can …
- Achieve better prospect conversion rates
- Enjoy employee engagement and support
- Experience higher levels of customer loyalty
- Prioritise implementation of operational activities