Seattle Biz Coach Terry Corbell says banking needs new approaches because banks are only keeping 21 percent of medium-sized business customers, according to new marketing research by TNS. But he says companies in other industries can learn from the banks’ lessons.
“The challenges faced by banks in trying to grow include marketing and other profit principles that are applicable to all business sectors that want opportunities for growth,” writes the business-performance consultant.
“The study suggests American banks need long-term strategies with new strategies to lay a strong foundation to attract new business customers,” Mr. Corbell explains.
His business-coaching column provides quotes from the study:
“For 70 percent of the market, multiple failures by the current lead provider on credit, pricing, operational reliability, or service would push the client to consider alternative providers,” according the TNS press statement. “When an opportunity arises, the banks most likely to be considered are those that have already established a base level of familiarity and rapport with the prospect.”
Such criteria were once assumed.
“Failure to meet these tests will immediately eliminate banks from consideration,”
As a profit professional, Mr. Corbell cites parallels between the banks’ challenges for growth and all companies.
For 18 percent of the world’s population, price or cost is the only consideration in buying products and services. For 82 percent, perceptions about value matter most, including these perceptions about a bank or any other business.
The full Biz Coach analysis: http://www.bizcoachinfo.com/
