10 areas of opportunity financial brand webinar

taking

areas of opportunity for financial institutions in 2011

JOE SULLIVAN| MARKET INSIGHTS 1© 2011 Market Insights

advantage ofnew marketopportunities

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Restating the Obvious:

THE WORLD HAS CHANGED so have your customers, your

markets, your competition, your challenges, and your

opportunities

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How will you respond?

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How has it changed, and how will it change?1Know your market.

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Source: 2010.Census.gov2010 Census Data

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psychographics

demographics

competitionproduct usage &

demand

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Adapt accordingly. 2Acknowledge the post-

recession consumer mindset.

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Source: Mint.com“How do Americans feel about the Recession?”

October 27, 2010

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“It’s not enough that we do our best; sometimes we have to do what’s required.”

- Winston Churchill

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Remember, you’re a consumer too. 3Find inspiration from

outside financial services.

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Move to meet expectations.4Understand parity.

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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

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And what you don’t want.5 Know what you want.

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Throughout your institution.6 Institutionalize & internalize the concept of marketing.

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Rosabeth Moss Kanter The Change Master Blog, HarvardBusiness.org

“In a recession, everyone should be in marketing.”

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Pursue it aggressively.7Adopt a specific target market.

We are the bank/credit union for ___________.

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We are not the bank/credit union for ___________.

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…on a daily basis. 8Focus on strategic differentiation.

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online & offline 9 Join the conversation

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things are different now10Let go of old ways, behaviors, and expectations

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10 Areas of Opportunity Recap1. Know your market

2. Acknowledge the post-recession consumer mindset

3. Find inspiration from outside financial services

4. Understand parity

5. Know what you want

6. Institutionalize & internalize the concept of marketing

7. Adopt a specific target market

8. Focus on strategic differentiation

9. Join the conversation

10. Let go of old ways, behaviors, and expectations

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Thank You Contact: Joe Sullivanjsullivan@formarketinsights.com800-348-0220 or 312-961-0188Twitter: @mi_sullivan