Indiana Bankers - Research Refine and Reposition

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Slides from presentation delivered by Joe Sullivan at 2011

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Indiana Bankers - Research Refine and Reposition

  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. © 2011 Market Insights "The banks got bailed out, we got sold out!“ Occupy Birmingham protesters - 10/15/2011 attitudes
  6. 6. Source: Associated Press, Economic Stress Index , December 2010 © 2011 Market Insights
  7. 7. Source: Mint.com “ How do Americans feel about the Recession?” October 27, 2010 © 2011 Market Insights
  8. 8. Source: 2010.Census.gov 2010 Census Data © 2011 Market Insights
  9. 9. “ 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
  10. 10. © 2011 Market Insights 2006 11,400 2010 8,550 Source: Novantas LLC, FDIC Average In-Branch Transactions Per Month behaviors
  11. 11. 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
  12. 12. What is the single biggest change you’ve seen in your markets? Write it down: © 2011 Market Insights
  13. 13. How will you respond? © 2011 Market Insights
  14. 14. “ 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
  15. 15. taking advantage of opportunities requires strategic choices and strategic action © 2011 Market Insights
  16. 16. 1. Research 2. Refine 3. Reposition three steps to taking advantage of opportunities in today’s marketplace JOE SULLIVAN| MARKET INSIGHTS © 2011 Market Insights
  17. 17. Research know your market & know your customers © 2011 Market Insights
  18. 18. How much do you really know? © 2011 Market Insights
  19. 19. © 2011 Market Insights psychographics demographics competition product usage & demand
  20. 20. <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
  21. 21. <ul><li>Brownsburg </li></ul><ul><li>Fort Wayne </li></ul><ul><li>Columbus </li></ul>sample markets: © 2011 Market Insights
  22. 22. Brownsburg – Main & 267 (3 Mile Radius) © 2011 Market Insights
  23. 23. Fort Wayne – Coldwater & Coliseum (3 Mile Radius) © 2011 Market Insights
  24. 24. Columbus – National & Herman Darlage (3 Mile Radius) © 2011 Market Insights
  25. 25. Demographics © 2011 Market Insights
  26. 26. Psychographics © 2011 Market Insights
  27. 27. Psychographics © 2011 Market Insights
  28. 28. Competition talk about your © 2011 Market Insights
  29. 29. Historical Deposit Growth by Market (2008-2010) © 2011 Market Insights
  30. 30. Market Potential talk about your © 2011 Market Insights
  31. 31. 1-Year & 5-Year Projections © 2011 Market Insights
  32. 32. Projections: Product Breakdown © 2011 Market Insights
  33. 33. “ 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
  34. 34. Refine make choices © 2011 Market Insights
  35. 35. Name one company that serves a specific segment of the market Share with your neighbor: © 2011 Market Insights
  36. 36. Targeted Marketing JOE SULLIVAN| MARKET INSIGHTS to reach consumers based on various traits such as demographics, purchase history, or observed behavior © 2011 Market Insights
  37. 37. Targeted Marketing JOE SULLIVAN| MARKET INSIGHTS the act of making the right offers to the right customers at the right time © 2011 Market Insights
  38. 38. Targeted Marketing JOE SULLIVAN| MARKET INSIGHTS the alignment of marketing efforts with the benefits sought by individual market segments © 2011 Market Insights
  39. 39. We are the bank for ___________. © 2011 Market Insights
  40. 40. We are not the bank for ___________. © 2011 Market Insights
  41. 41. New Account Openings by Segment © 2011 Market Insights
  42. 42. Channel Usage by Segment © 2011 Market Insights
  43. 43. Reasons for Switching by Segment © 2011 Market Insights
  44. 44. “ 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
  45. 45. What are your bank’s strengths? Write it down: © 2011 Market Insights
  46. 46. Which of those strengths are currently unique ? Write it down: © 2011 Market Insights
  47. 47. Are any of those irreplicable ? Write it down: © 2011 Market Insights
  48. 48. 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
  49. 49. (Re)position take action © 2011 Market Insights
  50. 50. alignment customers needs values preferences products delivery channels messages people services experience © 2011 Market Insights
  51. 51. “ 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
  52. 52. 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
  53. 53. 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
  54. 54. 3 kinds of differentiation : <ul><li>transient </li></ul><ul><li>circumstantial </li></ul><ul><li>strategic </li></ul>© 2011 Market Insights
  55. 55. strong positions are not generic, broad, hollow, easily replicable, easy to develop, or easy to deliver. © 2011 Market Insights
  56. 56. If your bank’s brand were a famous person, who would it be? Write it down: © 2011 Market Insights
  57. 57. If your bank’s brand could be any famous person, who would it be? Write it down: © 2011 Market Insights
  58. 58. What action steps will need to be taken to move from your current position to your refined position? Share: © 2011 Market Insights
  59. 59. 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
  60. 60. And now… <ul><li>people </li></ul><ul><li>partners </li></ul><ul><li>processes </li></ul>© 2011 Market Insights
  61. 61. Alignment <ul><li>product </li></ul><ul><li>price </li></ul><ul><li>place </li></ul><ul><li>promo. </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
  62. 62. “ 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
  63. 63. thank you. © 2011 Market Insights
  64. 64. contact: [email_address] twitter: @mi_sullivan 800-348-0220 | 312-961-0188 www.for market insights.com © 2011 Market Insights
  65. 65. view & download this presentation with slideshare: www.slideshare.net/marketinsights © 2011 Market Insights

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