Greetings!
You could have predicted the latest results from Forrester Research's Customer Advocacy Rating report:
Of the 40 financial institutions they rated, only 8 had a positive rating (which was not a high hurdle: only 50% of clients had to rate them highly).
Here is a report summary: http://tinyurl.com/o6j7ln
Those doing well? The usual suspects: USAA, State Farm, GEICO...
More to the point, only four large firms appeared in the Top Eight. You will find small outfits, such as regional banks and independent advisors, holding their own with the Big Boys. Smaller means more nimble, closer to the customer, able to respond, etc.
The Moral of the Story
Good customer retention strategies (and proper execution of the plans) are critical in this era of dissatisfaction. Loyalties that were once rock solid are now on shaky ground.
This is Bad: You need to be in touch with your customers as never before, and offer them real value, not just blandishments.
This is Good: Your competitors' customers are available as they haven't been for years. Get after them with honest messaging and real value.
Locking in a bigger market share NOW is going to pay lots of dividends when the business cycle turns!
|
|
When You Go Green, Please Do It Responsibly
 Lots of fluff and feathers are flying around the blogosphere and other "content" places about whether Corporate Social Responsibility (aka CSR) will wither with the Downturn.
(Click here for a well-penned example.)
Commitment to CSR is certainly being tested, but it would probably be a competitive advantage to reassert commitment to Greenery.
However, litigation is more prevalent, too, as was noted in an article in the Wall Street Journal last month. (You will have to sign in to find it. Search on: Legal Food Fight.)
Here is the summary:
"As Americans have grown more health-conscious, the country has seen a
surge in litigation against food companies for allegedly selling
unhealthy products and for misrepresenting their products' nutritional
value."
And this is just in the Food Aisle. Consumers are keen to believe that if they do business with you, they are helping to make a difference.
So, be honest about your CSR plans: Don't make up claims that are largely marketing puffery dressing up "business as usual". Consumers are starting to see through that chicanery! |
|
|
My Most Recently Published Articles
Here is the latest installment of my Forbes.com column series, targeted at the marketing of small businesses:
How To Maintain A BrandMay 15, 2009 Consumers control brand creation, but you can guide them along
And the previous one, still available:
Getting the Most Out of Sales and Marketing
April 1, 2009, Forbes.com
Healing that rift will
improve productivity significantly
|
|
510-329-8155: And the coffee is on me!
Call me to discuss how
I may be able to help you get ahead of your competition with
unexpectedly innovative and vigorous programming. Initial consultations, as always, are free.
|
|
Thanks for reading this, . I look forward to connecting in the near future!
|
|
Sincerely,
Kern Lewis
GrowthFocus, Inc.
510-329-8155 |
|
|
|
|
|
How May I Help You?
I am coming off a longish assignment, and am available to help a firm or two grow more aggressively. I am a marketing resource that is: - Scalable
- Affordable
- Experienced, and therefore effective
- Fast
My expertise: - Customer Retention
- Sales/Marketing Integration
- Multi-Channel Integration Strategies
Among other traditional strategic and tactical marketing abilities. |
Kern Lewis Webfolio
Phone:
510-329-8155
|
|
