When MarketMatch begins working with new clients, we typically complete a 360 view analysis of the market that consists of online, telephone, and in person, and product reviews of the competition. We have recently completed a review for a client and it never ceases to astonish me the number of competitors that fall short with in-person delivery…We found some competitors that handed us a rate sheet and only discussed rates, another competitor was disengaged and handed us a brochure, but most competitors read off product features and left it up to the “potential customer” to determine what products and services were the best fit for them. We were rarely asked a qualifying question and never provided a recommendation or presented additional products – unbelievable.
If a potential customer/member is confused and doesn’t see the value of how or why a product works best for them, then you have failed to make a connection and they are much more likely to pass you by. Also, the lack of integration with marketing, product development, and sales delivery will directly impact acquisition and retention.
So, where is the breakdown? It might be that these financial institutions failed in delivery simply due to a lack communication, training, or motivated employees, but it may also mean that they simply haven’t developed a delivery process.
Developing a sound delivery strategy begins with a clear understanding of customer/member needs… and how can the frontline do that if they don't have a conversation with your customers/potential customers? Without identifying customer/member needs, it is impossible to make a product and service recommendation.
If someone walked into your financial institution today and asked for information on a checking account, what would your staff consistently do?... hand them a brochure or sit them down and have a conversation? Do you know what your competition would do?... if not, it’s time to find out where you are at and what you're up against.
Best,
Jamie
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