Page 35 - Banking Finance August 2020

ARTICLE

Tips and ideas for Banks' marketing Y The company that targets the market better wins the
competition
initiatives
Y Just being a pioneer is no big deal.
o Know what makes you unique
Y Marketing is about perceptions
o Know what products and services you are offering and
the benefits of each Y Have superb competitive intelligence
o Identify who you want to target and why? Y Sell benefits, not products
o Understand your competition Y Serve well ,then sell
o Get a Sales plan and monitor sales activities Y Play by the rules. Remember no one likes cheaters
o Create a referral program
Networking
o Pull existing marketing materials and see if they need
o Connect and be connected-see every interaction as an
updating
opportunity
o Make it easy for customers to do business with you
o Establish common ground-initiate common interest
conversations
Four Actions to make the competition
o Bring your uniqueness to the table
irrelevant
o Nurture and develop-Build relationships and maintain
Eliminate - Which of the factors that the industry takes for them
granted should be eliminated
o Know your network well-Focus on the important links
Raise - Which factors should be raised well above the
Industry's standard The objective of building a network is to build
relationships- People want to do business with people
Create - Which factors should be created that the Industry they know, like and trust.
has never offered
o Some rules for cultivating a successful network:
Reduce - Which factors should be reduced well below the - Go to trade shows, association meetings and
Industry's standard business events
- Talk about their business and their interests
Few Marketing Nuggets
- Focus on helping them- Help them and they will
Y Just a great product will not get you noticed
help you
Y A unique identity is the heart of any marketing campaign
- Get business cards and maintain contact
Y If you want to be in business you have to grab the - Follow up with matters of interest to them
attention of your target audience
- Send thank you notes when you get any
Y A great product means nothing. The market is changing communication from them
constantly. Reinventing the product again and again is
the key
Sales Planning and execution
Y Brands need to keep innovating to grab the "top-of-
mind" awareness in the consumer's mind o Setting objectives
o Determining operations to meet objectives
Y Creating visibility for the brand at a reasonable cost
should be the aim of any marketing campaign o Organizing action
Y Get noticed, you will get customers o Implementation
Y You need to find a place in the mind of the consumer. o Measuring results against standards

Y The more you are seen, the more you will sell. o Re-evaluating and control

BANKING FINANCE | AUGUST | 2020 | 35