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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
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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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• Products • Delivery Channels • Websites • Social Media
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What About Member Needs?
valuespreferencesideas feedback engagement
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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
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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.
© 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