As a marketer, I always try to look at both myself and the company through these five filters in everything I do. Because a subpar performance in any of these five areas can quickly derail even the best laid plans.
Speed:
In today's world, information flows at the speed of light. Technology has changed our world forever. Does the corporate culture and management structure at you institution allow for fast innovation as market or competitive situations arise? Or is it the corporate equivalent of turning an oil tanker? It used to be that the big ate the small. Now the fast eat the slow. As a marketer, it is incumbent upon you to look for ways to streamline processes that will allow for your institution to quickly react to market conditions whether it be to communicate with customers, introduce new products or to promote your standing in the marketplace. Transform your institution from being innovative to one whose being is innovative!
Agility:
Changes in the financial marketplace are a daily occurrence--whether its interest rates, TARP news, deteriorating trust in banks, etc. How agile are you and your institution to these changes? As a marketer, do you wait for direction from your ALCO committee or are you part of the process? Are you ready to go to market quickly when faced with a declining or rising interest rate environment? Are you proactive or reactive? Are you ready to deal with these hurdles before they happen? If you assume and prepare for the worst-case scenarios you will be ahead of the curve--and the competition. And as the old saying goes: "unless you're the lead dog on the dogsled team then the scenery never changes."
Flexibility:
For financial institutions, new deposit generation is king in terms of liquidity and funding loans. And like in today's real estate market, deposits are a buyer's market. Now, more than ever, you need to retain and grow your best customer relationships to ensure future profitability and institutional viability. Do you have the flexibility to offer your best customers better value for their business loyalty in the form of discounted or relationship pricing based on their account balances and number of products? Do you coddle and nurture your best customers to make them feel special? Do your marketing plans have the flexibility to adapt to rapid market changes? Are you creating those barriers to exit for customers so they won't abandon you for 25 bp? Not being flexible in today's business climate is the equivalent to showing the customer the exit door.
Focus:
Keep your eyes on the prize! With all the chaos in the financial marketplace, focus on the two most important elements to success: giving your customers a compelling reason to stay and your prospects a compelling reason why your institution is their best choice. And that involves three critical factors: innovative products and services, outstanding customer service and instilling a high level of trust as a financial advisor in customers and prospects. In short, treat people as you expect to be treated--with respect and trust, and reward them for their loyalty!
Endurance:
Today's financial battlefield will be a protracted event that requires the utmost endurance in order to survive and prosper. There are no magic wands, silver bullets or quick fixes. Even if you mastered the other four disciplines, the lack of endurance will cause you to stumble over the final hurdle. Long-range strategic plans and yearly marketing plans will need to endure through all kinds of financial events--both known and unknown. Nothing can be set in stone. As you eye the finish line, never lose sight of what lies between the starting blocks and your ultimate goal. And with that, I'll leave you with this quote from the Chinese Taoist Philosopher, Lao Tzu, "If you do not change direction, you may end up where you are heading."
Cheers,
Nick Vaglio, CFMP
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