The Chips are Down --- Time to Cash Out or Go All In?

Greetings:

Okay, here is a challenge for you experienced marketers. I think you might be able to relate to this one.

I have a company that specializes in a niche industry. This target industry in turn is facing some of the most difficult challenges it has seen in decades. Competition is fierce, failures are everywhere, regulators and the news media are shining a spotlight on everyone and meanwhile, my clients are struggling with the day to day challenges of operating in a highly unfavorable environment.

So, with my target market at risk, what do I as a leader need to do to ensure my own company’s survival?

Well, I have a few options, I guess:

1. Hunker down and try to just hang on until it blows over
2. Get out while I can and expand into a different customer base that is not my specialty
3. Go all in and commit to do everything possible to help my clients succeed and save myself at the same time.
   

Option 3 -- that’s where I am.

After twenty years in the bank marketing business, I stand firmly with you in this mess and believe we can pull through it together and come out stronger.

So, instead of hunkering down, MarketMatch has made a move to strengthen its offerings and bring our clients the resources to succeed in these trying times. We took advantage of the disruption in the marketplace and invested in growing our business and positioning ourselves for the future by acquiring a regional competitor. The acquisition brings MarketMatch new products and adds key executives to our team with significant experience. For more details, read the announcement. (link to release)

Now, here is the parallel for your business. Your markets are disrupted. You and your competitors are struggling to operate in an unfavorable environment. Who will come through the challenges better off – those that hunker down and wait for things to blow over? Or, will those who take proactive action to better position themselves and their clients for the future come out ahead in the end? Obviously, I advocate the proactive approach.

I challenge you to ask “Are we doing everything we can to take advantage of the disruption in our market? “

Clients are concerned and many are moving or considering moving their money. The trust in bank/customer relationships is being eroded every day by the news media’s sensationalist headlines. Are you taking proactive steps to a) secure your current relationships and b) capitalize on your competitors’ weaknesses?

Comment and tell me what you are doing to proactively move your organization forward in this marketplace. Or, let me know if you need help identifying actions you can take to better position your bank for success.

Cheers,

Bruce Clapp