Maybe you’ve been told that you need to provide your team members with more real challenges. In turn, they’ll reward you by working hard and being loyal.
Hiring managers from outside of the organization makes sense if you’re in the midst of a major shift in product strategy or a general company turnaround. But, if you need to fill a management position that is not slotted for significant change, why not promote from within?
Hispanics comprise a growing part of the U.S. population, over 17%. These consumers are on the move as they seek to improve their financial and personal prospects. A new survey by TD Bank finds that Hispanics are slow to form a relationship with a financial institution when they enter a new market. Banks can connect with new residents by promoting the services that Hispanic consumers are seeking.
The recent recession left consumers with a powerful urge to do something about the state of their personal finances. The new consumer mindset is a potential threat to traditional banks and credit card companies as it opens the door to new types of financial instruments and services. The change is also bringing about more ad campaigns.
The banking industry is still recovering from the Great Recession. While several large companies battle for national dominance, smaller regional and super-regional banks are looking to make their mark with consumers. Acxiom researchers call the current business environment the new normal and they have some advice for banking CMOs.
Banks are still feeling the pain from new legislation that limits the amount of money they can charge customers for some services. In addition, some banks have withdrawn from the mortgage market. These changes in the industry have left operators looking for new product lines, especially in investments and insurance.
Local and regional banks, along with credit unions, have a problem. These financial institutions are far less likely to offer the latest technologies to their clients and this is especially true of mobile banking. While a significant number of clients at these smaller financial institutions do not yet use new kinds of services, demographics are changing and to maintain market share, small banks and credit unions will need to begin promoting their mobile offerings.
Few industries are experiencing the kind of negative pushback that consumers reserve for banks. If they’re not looking over their shoulder in fear of a general economic collapse, consumers are concerned that their own personal financial situation is threatened. Executives at banks of all sizes understand they need to improve their image and communicate a message of stability and optimism this year.
With the worst of the economic contraction hopefully behind us, banks are looking for new ways to generate revenue. Recent legislation has hampered the way financial institutions operate and bad publicity about new fees has stung many banks. Now, banks are considering the best way to promote credit cards to improve profitability.
The Ad-ology Marketing Forecast video briefing is designed for strategic marketers: Ad agencies, in-house marketers, media buyers+sellers, business owners. Every month it features industry forecasts and trends from a variety of top sources, plus exclusive data from Ad-ology Research. The June 2011 Ad-ology Marketing Forecast features: Exclusive: Future New Car Buyers Financial Services Loyalty Marketing
Conservative Spending/Saving to Hold in 2010, Represents Opportunity for Banks & Financial Services Companies
We’re planning to keep our purses snapped shut and our wallets firmly lodged in our back pockets. Mintel Comperemedia predicts that in 2010, consumers will continue saving money at an elevated rate. “Consumers’ newfound financial conservatism presents many opportunities for financial services companies. As people look to save money and reduce debt in 2010, companies can benefit by gathering assets and building relationships with customers. Banks could also position themselves as advisors poised to help people build wealth and security in the new economy,” says Susan Menke, behavioral economist for Mintel Comperemedia.