BLOG: The Eagles Nest

 



During the last few months of my absence from blogging I have observed many strategic issues in our financial services industry that were good, bad and questionable so now I am going to raise a series of blogs related to the various subjects. Many of you know that WESI is founded on the principle of customer-centricity- a total focus of strategic performance and sustainability.

Years ago management was taught the disciplines of the four P marketing mix-Product, Place, Promotion and Price, a mix managed and manipulated by the the FI. Oh, how things have changed in our digital dynamics today where the customers are focused on Convenience, Control, Customization and Cost-Effectiveness. Yes, we are truly and totally customer driven.

The online world offers all the technology/apps for people to undertake these priorities and execute preferences of each individual, personally- a market of one! Now I admit in demographic definitions, I am a senior who has adapted to the open opportunities of the web. For example, research, education, shopping, servicing, donating, etc is for me online based. National and regional newspapers don't cross the thresh hold to my store-my house. Telemarketing calls are dismissed. Extremely infrequent visits are made to a branch/store and if so it is for access to the foyer ATM. The Internet with pop-ups, banners, bulletins, follow-up offers, etc perk my interest and with the little commercial TV watched a few messages there do the same in that medium mixed into news casts. I am curious as to what percentage of advertising budgets are allocated to the various channels that are not digitally dynamic and how do you calculate the quantifiable benefits?

Additionally, FI's have to update continuously the profitability profiles of the customers they want and those they have based on primary preference research, not "gut feel" of whoever has the the biggest clout. Digital customer profiles should not be allocated a cost sharing for other channels which are not an imperative. Simply determine is there a real dependency or is it an excuse to shore-up weak links. More later!

Pat Palmer | Wednesday, October 03, 2018 | Trackbacks (0) | Permalink

 


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