© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited. © CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
Evolving With Expectations | CUNA Virtual Discovery Conference
Nov 02, 2014
As financial institutions look to differentiate themselves from the competition, many marketers and executives are turning to the latest industry trends as a means to do so. Whether it’s social media initiatives, mobile banking, new products, or microsites targeting a specific market segment, banks and credit unions are exploring any and every option to get and stay ahead.
In struggling to break free from industry commoditization, many institutions forget there are times when perceptions of parity should be fostered. Consumer expectations have accelerated rapidly in recent years—and, your ability to meet these expectations can be the difference between attracting, keeping and/or losing valuable customers. Rather than emphasizing differentiation for the sake of being different, this session will discuss how consumer demands in general have shifted and the importance of meeting a new series of expectations. This session will explore some notable industry trends, and will highlight examples of how these initiatives have been implemented—both successfully and unsuccessfully.
In struggling to break free from industry commoditization, many institutions forget there are times when perceptions of parity should be fostered. Consumer expectations have accelerated rapidly in recent years—and, your ability to meet these expectations can be the difference between attracting, keeping and/or losing valuable customers. Rather than emphasizing differentiation for the sake of being different, this session will discuss how consumer demands in general have shifted and the importance of meeting a new series of expectations. This session will explore some notable industry trends, and will highlight examples of how these initiatives have been implemented—both successfully and unsuccessfully.
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© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
Evolving with Expectations Evolving with Expectations
The Importance of Parity in Keeping Up with Consumer Expectations
Joe Sullivan, CEO - Market Insights
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What is Parity?What is Parity?
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What is Parity?What is Parity?The quality or condition of being equal or
equivalent; a like state or degree; equality; equivalence; close correspondence
© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
Consumer Expectations are Growing Brands are barely keeping up with consumer expectations now. Every day consumers adopt and devour the latest technologies and innovations, and hunger for more. Smarter marketers will identify and capitalize on unmet expectations. Those brands that understand where the strongest expectations exist will be the brands that survive - and prosper.
From: ‘10 Branding and Marketing Trends for 2010’ By: Robert Passikoff, President of Brand Keys
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How have your members’
expectations changed?
How have your members’
expectations changed?
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“It’s not enough that we do our best; sometimes we have to do what’s required.”
Winston Churchill
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© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
• Products • Delivery Channels • Websites • Social Media
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What About Member Needs?
valuespreferencesideas feedback engagement
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© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
Evolving with Expectations
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Evolving with Expectations
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Evolving with Expectations Evolution development: a process in which something passes by degrees to a different stage, especially a more advanced or mature stage
source: Wordnet
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How to Evolve Strategically
• Know your market • Know your members • Look inside and outside the industry • Think like a consumer• Focus on relevance
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Know Your Market. Know Your Members.
• Demographics • Psychographics • Product demands• Competition • Market potential • Attractive members (unattractive members)
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“The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.”
Peter Drucker
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Look Inside & Outside the Industry
• Financial services industry trends • Experience your competition • Other industry trends • Popular companies • Innovation
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Think Like a Consumer
Focus on Relevance
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Online Banking • Scan & Deposit • Account to Account Transfers • Graphing and Reporting • Free Bill Pay • Live Chat Support • View & Search Every Transaction • Credit Score Tracker
© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
© CUNA Mutual Group 2010. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
“It’s not about pop culture, and it’s not about fooling people, and it’s not about convincing people that they want something they don’t”
Steve Jobs
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Discoveries• Consumer expectations have changed. • Relevance requires action. • Do your research.
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Contact Information Joe Sullivan, CEO
Market Insights
3600 N. Lake Shore Drive, Suite 505
Chicago, IL 60613
800-348-0220
www.formarketinsights.com
Follow me on Twitter @mi_sullivan
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