Question

Topic: Strategy

Information On The Most Successful Customer Value Propositions In The Financial Services Industry

Posted by Anonymous on 5/29/2004 at 9:17 AM ET 250 Points
Differentiation in the financial services industry depends on how you do sub segmentation , then to link the market needs to these sub-segments. In creating customer value propositions for the different sub segments can almost imply that you want to be everything to everybody! How do you go about in finding the differentiators for different segments? Or how do you determine an umbrella differentiator for more than one sector together?
To continue reading this question and the solution, sign up ... it's free!
SUBSCRIBE
Or, SIGN IN

RESPONSES

  • Posted by Blaine Wilkerson on 5/29/2004 at 11:01 AM Accepted
    Check out www.crmguru.com. They have a TON of info on the subject.

    The short answer to your question is: surveys and focus groups. Companies host studies to find out what different segments want and what "bait" to use.

    good Luck!
  • Posted by Pepper Blue on 5/29/2004 at 11:14 AM Accepted
    Hi Son ja van Vliet,

    Look closely at what the industry, your competition, does on both a macro and micro level.

    Then, look closely at your core competencies - what makes you better, really, the reason you are in business - and build your differentiators for the different segments around this.

    Along with this, as Jett mentioned, would be to conduct surveys and focus groups.

    If you can afford a professional firm to do this, it is the way to go, you need to really push management to agree to this.

    If you can't afford it, there are plenty of ASP tools out there, the most popular being Zoomerang and SurveryMonkey, that allow you to do it yourself.

    I hope that helps!
  • Posted by jcmedinave on 5/29/2004 at 8:43 PM Accepted
    It is very difficult to be everything to everybody. That is why some Financial Institutions separate the different business (example: individuals vs enterprises).

    The Financial Services in general are very similar. How can I differentiate?

    1. Search your strengths: Technology, People, Channels, Service, Customer Knowledge, Innovation, Tradition, Present Customers, Flexibility, Agility, Customer Care, Type of Communication, Product Portfolio, Image, External Partners, easy operation, Personal Relation, ..

    2. Search Customer objectives: Develop my business, grow my family, be successful, have a partner, receive help and guide in my life, enjoy and be happy,...

    3. Mix both searches: I give you the technology and Portfolio to develop your business, The people support to be successful, The customer care to be your partner, The easy operation and environment to enjoy you.

    4. Guarantee your offer everyday and communicate it. Begin with your present customers, and they will help you to gain more business and more customers.

    The problem with the majority of Financial Institutions is that they aren't really in touch with their customers (needs and objectives), in order to grow with them and offer the exact portfolio of Products. Sometimes when you need money you don't find lenders, and when you have money you don't find partners.

    Bye,

    Juan Carlos
BACK TO TOP

Post a Comment

Related Discussions

Community Info

Top 25 Experts
(Strategy)