In his book, The Professional's Guide to Financial Service Marketing, Jay Nagdeman offers smart ideas and tips on practical marketing that provide a new perspective on marketing issues. Following are some of his insights.
Innovate to keep up with tomorrow's marketing
- Create a vision.
- Formulate a strategy to realize that vision.
- Develop an integrated marketing plan that systematically focuses on implementing the strategy with multidimensional programs that combine different market-driven approaches.
- Convert available customer data into programs that will improve the customer's loyalty and attachment. If you can't use your company's database for marketing purposes, create your own. Gather data yourself.
- Survey your best customers: Focus on their buying process and why they keep coming back. Find out about unmet and future needs and other concerns they might have.
- Survey your inactive accounts: Find out where they are doing business now, and why they aren't doing business with you.
- Review any complaints: You might learn a great deal of information about customers' priorities and concerns.
- A new marketing model is budding that advocates inclusive, interactive and responsive marketing. Many traditional elements like print advertising will fall out of favor compared to others, like online marketing.
- Aging boomers will propel companies to make new products, services and approaches to attract favor in that market segment.
- The balance of power among distribution channels is also changing--product and service providers will have to upgrade their marketing and sales support efforts.
Jay Nadgeman is president of marketing consulting company Suasion Resources, Inc. For more information, go to www.financialservicesmarketingbook.com.