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Marketing Programs
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Marketing Programs
The solution is to develop effective marketing programs and marketing strategy before you spend any money on advertising, PR, direct marketing. etc. As a bank CEO, wouldn’t you sleep a lot better if you knew your marketing programs would work before going to market? Developing such winning marketing programs involves five steps.
1. Revisit Your marketing programs Strategy
What types of consumers or companies should you be going after? What are the predictive characteristics that define your best customers and prospects?
2. Revisit Your Positioning Strategy
Who and what are you competing with in your market(s). How do customers and prospects feel about your bank versus competitors? What do they value and desire most from you and your competitors? How can you differentiate yourself from competitors? (Remember, if you think of yourself as a commodity, so will everyone else.)
3. Refine Your marketing programs
What is the best way to express the bank’s value proposition? What is the hierarchy of importance for the bank’s’ “marketing programs” in the eyes of customers and prospects? What words and phrases should be stressed? What words and phrases should be avoided at all costs.
4. Refine Your Media Strategy
What are the most effective ways to reach prospective new customers? Do those message-delivery marketing programs overlap with the channels now being used to communicate with existing customers?
5. Revisit Your Internal Strategy
How well do the bank’s employees and systems deliver on the bank’s value proposition? How do employees feel about the bank? What steps does the bank have to take to optimize customer acquisition and retention?
The Process of Strategy Development
Strategy development starts internally—with a strategic retreat or strategic work session to define the issues and review the data that already exists on customers and prospects.
Participants should be asked to:
Explore the characteristics of current customers that make for a successful relationship.
Identify the types of problems the bank is good at solving or services provided.
Identify market or commercial segments that have similar characteristics or similar problems.
Review current sales and business development strategy.
Identify current value proposition
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