Defining Your Difference

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Break through the marketplace noise and emerge as the premiere choice in banking. We will discuss ways to identify what makes you different, the questions to ask and how to communicate it to the marketplace.

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  • Defining Your Difference

    1. 1. Defining Your Difference Eric Gagliano MarketMatch SVP, Client Management [email_address] 937-832-7894 x106
    2. 2. Welcome & Introduction Eric Gagliano, CFMP Senior Vice President & “What if…” Guy MarketMatch [email_address] 866-501-2233, ext. 106
    3. 3. Discussion Overview <ul><li>Introduction </li></ul><ul><li>The Brown Bag Process </li></ul><ul><ul><li>Moderated discussion </li></ul></ul><ul><ul><li>Listen, learn, SHARE </li></ul></ul><ul><li>Participation </li></ul><ul><ul><li>Welcomed! </li></ul></ul><ul><ul><li>Initial comments and questions </li></ul></ul><ul><ul><li>Live questions and answers </li></ul></ul><ul><li>Feedback </li></ul>
    4. 4. Last Year’s Differentiation Brown Bag <ul><li>Price vs Value </li></ul><ul><li>Products/Services </li></ul><ul><li>Service </li></ul><ul><li>Organization </li></ul><ul><li>Message/Tone </li></ul>
    5. 5. Forrester Research - Bottom 7 <ul><li>Bank of America – 33% </li></ul><ul><li>Chase – 31% </li></ul><ul><li>Capital One – 29% </li></ul><ul><li>TD/Commerce – 28% </li></ul><ul><li>Fifth Third – 27% </li></ul><ul><li>Citi – 26% </li></ul><ul><li>HSBC – 16% </li></ul>2010 Survey of 4,500 bank customers “ My financial provider does what’s best for me, not just the bottom line.”
    6. 6. Forrester Research – Top Institutions <ul><li>Credit Unions – 70% </li></ul><ul><li>USAA – 64% </li></ul><ul><li>ING Direct – 46% </li></ul><ul><li>Regional Banks (PNC, US Bank, BB&T) – all around 40% </li></ul>2010 Survey of 4,500 bank customers “ My financial provider does what’s best for me, not just the bottom line.”
    7. 7. Why is this important? <ul><li>Retention </li></ul><ul><li>Attrition </li></ul><ul><li>Referrals </li></ul>
    8. 8. Purple Cow – Seth Godin
    9. 9. Step 1: Identify what is important to your market
    10. 10. What is Most Important to Customers <ul><li>Locations/Access </li></ul><ul><li>Pricing </li></ul><ul><li>Product Suite </li></ul><ul><li>Market Presence </li></ul>Tangibles <ul><li>Perception/Image </li></ul><ul><li>Expertise </li></ul><ul><li>Trust </li></ul><ul><li>Satisfaction </li></ul><ul><li>CUSTOMER EXPERIENCE!!! </li></ul>Intangibles
    11. 11. Customer Experience Snapshot
    12. 12. Conduct a Quantitative Survey <ul><li>Awareness </li></ul><ul><li>Perception </li></ul><ul><li>Satisfaction </li></ul><ul><li>Decision Criteria </li></ul>100 completes is typically enough to be statistically relevant
    13. 13. Step 2: Don’t show how good you are (everyone’s doing that) , show how DIFFERENT you are.
    14. 14. Questions to Ask <ul><li>How can we TALK different than anyone else? </li></ul><ul><li>How can we LOOK different than anyone else? </li></ul><ul><li>How can we ACT different than anyone else? </li></ul><ul><li>How can we LISTEN better than anyone else? </li></ul><ul><li>What do you KNOW better than anyone else? </li></ul><ul><li>How should the customer FEEL when they walk out of a branch? </li></ul>
    15. 15. Mood Rating <ul><li>“ Captain” assigns mood rating 1-10 when guest enters </li></ul><ul><li>7 or lower indicates displeasure or unhappiness </li></ul><ul><li>Mood rating is typed into computer, written on dining card, placed on spool in kitchen – COMMUNICATION </li></ul><ul><li>No one should LEAVE below a 9! </li></ul>“ If guests ran into terrible traffic on the way over hear, or are in the midst of a marital dispute, we need to consider it out problem. How else are we going to ensure that they have a sublime experience?” ~ Chef Patrick O’Connell
    16. 16. Step 3: Demonstrate how your differences allow you to be better than anyone else on the planet.
    17. 17. Differentiate through Value
    18. 18. Psychological Value Equation Value = (Expected benefits X Confidence they’ll get them) - Cost Value = (Expected benefits X Confidence they’ll get them) - Cost
    19. 19. A CASE STUDY
    20. 20. Set Standards
    21. 21. Take a Genuine Interest
    22. 22. Consultative Selling
    23. 23. Results <ul><li>Understanding the bank needs & situation </li></ul><ul><li>Understanding the market </li></ul><ul><li>Understanding the competition </li></ul><ul><li>Analyzing product suite </li></ul><ul><li>Analyzing sales process </li></ul><ul><li>Mutually setting standards </li></ul><ul><li>Regular training </li></ul><ul><li>Providing the right tools </li></ul>Attrition Dropped from 31.74% to 17.67% in one year!
    24. 24. Keys <ul><li>Know your market (customers & prospects) </li></ul><ul><li>Know your competition </li></ul><ul><li>Highlight differentiation that sets you apart in the eyes of the customer </li></ul><ul><li>Talk about differentiation in terms of Customer Benefits </li></ul><ul><li>Tell everyone! </li></ul><ul><li>Keep it fresh – listen to customer’s changing needs </li></ul>
    25. 25. Looking Ahead Next Brown Bag Session… Always the 3 rd Friday of each month. Next session is October 15. Topic: Budget Planning & Allocation: 5 Key Changes to Your 2011 Budget
    26. 26. Want more? Follow us on…
    27. 27. From the MarketMatch Team… Thank You! Eric Gagliano MarketMatch SVP, Client Management [email_address] 937-832-7894 x106 Thank You!

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