Research   Refine  &   Reposition   three steps to a more effective marketing strategy in today’s marketplace  JOE SULLIVA...
rethink  © 2011 Market Insights
Restating the Obvious:  THE WORLD HAS CHANGED  so have your customers, your markets, your competition, your challenges, an...
“ Americans’ Confidence in Banks Not Improving” July 23, 2010  © 2011 Market Insights
Source: Associated Press, Economic Stress Index , December 2010  © 2011 Market Insights
Source: Mint.com “ How do Americans feel about the Recession?”  October 27, 2010 © 2011 Market Insights
Source: 2010.Census.gov 2010 Census Data © 2011 Market Insights
“  The current financial crisis has saddled banks with many burdens, not the least of which is a wave of  government regul...
Meanwhile, Consumer Expectations are Growing  Brands are barely keeping up with consumer expectations now. Every day consu...
What is the single biggest change you’ve seen in your markets? Write it down: © 2011 Market Insights
How will you respond? © 2011 Market Insights
“ Community and regional banks face a series of daunting challenges, but there is ample opportunity for those that pursue ...
taking advantage of opportunities requires  strategic  choices and  strategic  action  © 2011 Market Insights
1. Research   2. Refine   3. Reposition   three steps to taking advantage of  opportunities  in today’s marketplace  JOE S...
Research   know your market & know your customers  © 2011 Market Insights
How much do you really know? © 2011 Market Insights
© 2011 Market Insights  psychographics demographics competition product usage & demand
<ul><li>who are my best customers? </li></ul><ul><li>what are they like? </li></ul><ul><li>where can I find them? </li></u...
<ul><li>East Nashville </li></ul><ul><li>Germantown </li></ul><ul><li>Cleveland </li></ul>sample markets: © 2011 Market In...
Shelby at 10 th  - East Nashville © 2011 Market Insights
6150 Poplar Avenue - Germantown © 2011 Market Insights
US 11 at Paul Huff Pkwy - Cleveland © 2011 Market Insights
Demographics © 2011 Market Insights
Psychographics  © 2011 Market Insights
Psychographics  © 2011 Market Insights
Competition talk about your © 2011 Market Insights
1-Year & 5-Year Projections © 2011 Market Insights
Projections: Product Breakdown © 2011 Market Insights
“ The true power of research is in the insights and action.”  Jeff Rosenblum, “Why data is ruining this industry”  Ad Age,...
Refine   make choices  © 2011 Market Insights
Name one company that serves a specific segment of the market  Share with your neighbor: © 2011 Market Insights
Targeted Marketing  JOE SULLIVAN| MARKET INSIGHTS  to reach consumers based on various traits such as demographics, purcha...
Targeted Marketing  JOE SULLIVAN| MARKET INSIGHTS  the act of making the right offers to the right customers at the right ...
Targeted Marketing  JOE SULLIVAN| MARKET INSIGHTS  the alignment of marketing efforts with the benefits sought by individu...
We are the bank for ___________.  © 2011 Market Insights
We are  not  the bank for ___________.  © 2011 Market Insights
New Account Openings by Segment  © 2011 Market Insights
Channel Usage by Segment  © 2011 Market Insights
Reasons for Switching by Segment  © 2011 Market Insights
“ ING Direct has built the fastest-growing bank in America by saying no.  When customers ask for a credit card, the answer...
What are your bank’s strengths? Write it down: © 2011 Market Insights
Which of those strengths are currently  unique ? Write it down: © 2011 Market Insights
Are any of those  irreplicable ? Write it down: © 2011 Market Insights
It’s all about  focus  and  choices : targeting  specific  market segments  who live in a  defined  geographic market area...
(Re)position   take action © 2011 Market Insights
alignment  customers needs values preferences products delivery channels messages people services experience © 2011 Market...
“ One of the most powerful principles in building a brand is focused alignment.  The result of alignment is coherence; the...
characteristics of  strong  positions:  strong positions  are   differentiated  &  relevant ; they communicate  value  in ...
strong  positions are:  <ul><li>ownable </li></ul><ul><li>leveragable  </li></ul><ul><li>sustainable  </li></ul><ul><li>ex...
3 kinds of  differentiation :  <ul><li>transient  </li></ul><ul><li>circumstantial  </li></ul><ul><li>strategic  </li></ul...
strong positions  are not   generic, broad, hollow, easily replicable, easy to develop, or easy to deliver.  © 2011 Market...
If your bank’s brand were a famous person, who would it be? Write it down: © 2011 Market Insights
If your bank’s brand  could be any  famous person, who would it be? Write it down: © 2011 Market Insights
What action steps will need to be taken to move from your current position to your refined position? Share: © 2011 Market ...
The 4 P’s of Marketing <ul><li>product  </li></ul><ul><li>price  </li></ul><ul><li>place  </li></ul><ul><li>promotion  </l...
And now… <ul><li>people  </li></ul><ul><li>partners  </li></ul><ul><li>processes </li></ul>© 2011 Market Insights
Alignment <ul><li>product  </li></ul><ul><li>price  </li></ul><ul><li>place </li></ul><ul><li>promotion </li></ul>target m...
“ I don’t think you can be very successful in leading your company on a path to growth if you don’t pay a lot of attention...
thank you.  © 2011 Market Insights
contact: [email_address] twitter:  @mi_sullivan  800-348-0220  |  312-961-0188  www.for market insights.com  © 2011 Market...
view & download this presentation with slideshare:  www.slideshare.net/marketinsights  © 2011 Market Insights
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Research, Refine and Reposition: Three Steps to a More Effective Marketing Strategy in Today’s Marketplace

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This presentation was delivered to the Tennessee Bankers Association on 3-15-2011.

Recent shifts in the economy and regulatory landscape have presented financial institutions with a series of new and difficult challenges. At the same time, these shifts have introduced a series of new opportunities for marketers who are able to recognize them and respond accordingly.

Joe Sullivan, CEO of Market Insights, leads this day-long marketing workshop that will introduce attendants to not only the concepts of research, refine, and reposition, but also to actionable next steps to be applied at their institution.

This workshop will highlight industry trends and pressing issues; introduce attendants to a process that can be applied in a variety of markets—urban, suburban, or rural—and situations across the state; and explore several case studies and examples of institutions that have followed this approach in developing effective marketing strategies.

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Research, Refine and Reposition: Three Steps to a More Effective Marketing Strategy in Today’s Marketplace

  1. 1. Research Refine & Reposition three steps to a more effective marketing strategy in today’s marketplace JOE SULLIVAN| MARKET INSIGHTS © 2011 Market Insights
  2. 2. rethink © 2011 Market Insights
  3. 3. Restating the Obvious: THE WORLD HAS CHANGED so have your customers, your markets, your competition, your challenges, and your opportunities © 2011 Market Insights
  4. 4. “ Americans’ Confidence in Banks Not Improving” July 23, 2010 © 2011 Market Insights
  5. 5. Source: Associated Press, Economic Stress Index , December 2010 © 2011 Market Insights
  6. 6. Source: Mint.com “ How do Americans feel about the Recession?” October 27, 2010 © 2011 Market Insights
  7. 7. Source: 2010.Census.gov 2010 Census Data © 2011 Market Insights
  8. 8. “ The current financial crisis has saddled banks with many burdens, not the least of which is a wave of government regulation not seen since the 1930s.” Source: ‘Riding the Regulatory Wave’ BAI Banking Strategies - September 1, 2009 © 2011 Market Insights
  9. 9. Meanwhile, Consumer Expectations are Growing Brands are barely keeping up with consumer expectations now. Every day consumers adopt and devour the latest technologies and innovations, and hunger for more. Smarter marketers will identify and capitalize on unmet expectations. Those brands that understand where the strongest expectations exist will be the brands that survive - and prosper. From: ‘10 Branding and Marketing Trends for 2010’ By: Robert Passikoff, President of Brand Keys © 2011 Market Insights
  10. 10. What is the single biggest change you’ve seen in your markets? Write it down: © 2011 Market Insights
  11. 11. How will you respond? © 2011 Market Insights
  12. 12. “ Community and regional banks face a series of daunting challenges, but there is ample opportunity for those that pursue strategically aggressive approaches in marketing and branding and that differentiate meaningfully . These banks will break out of the sea of sameness and become leaders in the community banking landscape.” David Ascher, Transom Consulting Group © 2011 Market Insights
  13. 13. taking advantage of opportunities requires strategic choices and strategic action © 2011 Market Insights
  14. 14. 1. Research 2. Refine 3. Reposition three steps to taking advantage of opportunities in today’s marketplace JOE SULLIVAN| MARKET INSIGHTS © 2011 Market Insights
  15. 15. Research know your market & know your customers © 2011 Market Insights
  16. 16. How much do you really know? © 2011 Market Insights
  17. 17. © 2011 Market Insights psychographics demographics competition product usage & demand
  18. 18. <ul><li>who are my best customers? </li></ul><ul><li>what are they like? </li></ul><ul><li>where can I find them? </li></ul><ul><li>How can I reach them? </li></ul>answer these questions: © 2011 Market Insights
  19. 19. <ul><li>East Nashville </li></ul><ul><li>Germantown </li></ul><ul><li>Cleveland </li></ul>sample markets: © 2011 Market Insights
  20. 20. Shelby at 10 th - East Nashville © 2011 Market Insights
  21. 21. 6150 Poplar Avenue - Germantown © 2011 Market Insights
  22. 22. US 11 at Paul Huff Pkwy - Cleveland © 2011 Market Insights
  23. 23. Demographics © 2011 Market Insights
  24. 24. Psychographics © 2011 Market Insights
  25. 25. Psychographics © 2011 Market Insights
  26. 26. Competition talk about your © 2011 Market Insights
  27. 27. 1-Year & 5-Year Projections © 2011 Market Insights
  28. 28. Projections: Product Breakdown © 2011 Market Insights
  29. 29. “ The true power of research is in the insights and action.” Jeff Rosenblum, “Why data is ruining this industry” Ad Age, March 2011 © 2011 Market Insights
  30. 30. Refine make choices © 2011 Market Insights
  31. 31. Name one company that serves a specific segment of the market Share with your neighbor: © 2011 Market Insights
  32. 32. Targeted Marketing JOE SULLIVAN| MARKET INSIGHTS to reach consumers based on various traits such as demographics, purchase history, or observed behavior © 2011 Market Insights
  33. 33. Targeted Marketing JOE SULLIVAN| MARKET INSIGHTS the act of making the right offers to the right customers at the right time © 2011 Market Insights
  34. 34. Targeted Marketing JOE SULLIVAN| MARKET INSIGHTS the alignment of marketing efforts with the benefits sought by individual market segments © 2011 Market Insights
  35. 35. We are the bank for ___________. © 2011 Market Insights
  36. 36. We are not the bank for ___________. © 2011 Market Insights
  37. 37. New Account Openings by Segment © 2011 Market Insights
  38. 38. Channel Usage by Segment © 2011 Market Insights
  39. 39. Reasons for Switching by Segment © 2011 Market Insights
  40. 40. “ ING Direct has built the fastest-growing bank in America by saying no. When customers ask for a credit card, the answer is no. When they ask for an online brokerage, the answer is no. When they ask if they can open an account with a million dollars in it, the answer is no. ING wants to keep things simple. That’s why the bank offers just a few savings accounts, certificates of deposit, and mutual funds – and that’s it. “ Jason Fried & David Heinemeier Hansson, Rework © 2011 Market Insights
  41. 41. What are your bank’s strengths? Write it down: © 2011 Market Insights
  42. 42. Which of those strengths are currently unique ? Write it down: © 2011 Market Insights
  43. 43. Are any of those irreplicable ? Write it down: © 2011 Market Insights
  44. 44. It’s all about focus and choices : targeting specific market segments who live in a defined geographic market area, that have certain delivery channel preferences & product needs , and can easily see and value how we’re different from our competition. © 2011 Market Insights
  45. 45. (Re)position take action © 2011 Market Insights
  46. 46. alignment customers needs values preferences products delivery channels messages people services experience © 2011 Market Insights
  47. 47. “ One of the most powerful principles in building a brand is focused alignment. The result of alignment is coherence; the result of non-alignment is wasted resources.” Marty Neumeier, Zag © 2011 Market Insights
  48. 48. characteristics of strong positions: strong positions are differentiated & relevant ; they communicate value in a meaningful way; and they inform the entire customer experience. © 2011 Market Insights
  49. 49. strong positions are: <ul><li>ownable </li></ul><ul><li>leveragable </li></ul><ul><li>sustainable </li></ul><ul><li>extendable </li></ul>© 2011 Market Insights
  50. 50. 3 kinds of differentiation : <ul><li>transient </li></ul><ul><li>circumstantial </li></ul><ul><li>strategic </li></ul>© 2011 Market Insights
  51. 51. strong positions are not generic, broad, hollow, easily replicable, easy to develop, or easy to deliver. © 2011 Market Insights
  52. 52. If your bank’s brand were a famous person, who would it be? Write it down: © 2011 Market Insights
  53. 53. If your bank’s brand could be any famous person, who would it be? Write it down: © 2011 Market Insights
  54. 54. What action steps will need to be taken to move from your current position to your refined position? Share: © 2011 Market Insights
  55. 55. The 4 P’s of Marketing <ul><li>product </li></ul><ul><li>price </li></ul><ul><li>place </li></ul><ul><li>promotion </li></ul>© 2011 Market Insights
  56. 56. And now… <ul><li>people </li></ul><ul><li>partners </li></ul><ul><li>processes </li></ul>© 2011 Market Insights
  57. 57. Alignment <ul><li>product </li></ul><ul><li>price </li></ul><ul><li>place </li></ul><ul><li>promotion </li></ul>target market market opportunities <ul><li>people </li></ul><ul><li>partners </li></ul><ul><li>processes </li></ul>your brand position marketing © 2011 Market Insights
  58. 58. “ I don’t think you can be very successful in leading your company on a path to growth if you don’t pay a lot of attention to the market you serve and how your company markets itself…a leader’s vision for the future of the company must be based on a clear understanding of what is happening in the marketplace.” Ray Davis, CEO of Umpqua Bank © 2011 Market Insights
  59. 59. thank you. © 2011 Market Insights
  60. 60. contact: [email_address] twitter: @mi_sullivan 800-348-0220 | 312-961-0188 www.for market insights.com © 2011 Market Insights
  61. 61. view & download this presentation with slideshare: www.slideshare.net/marketinsights © 2011 Market Insights

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