Growth is essential for all companies to survive and thrive. However, the traditional strategies for growth, particularly in the banking industry, are being reconsidered. The “build it and they will come” strategy is no longer a viable one, especially with the COVID-pandemic changing how so many people do things in their lives. Being all things to all people is no longer obtainable or practical – and it’s expensive. So, what is the best course to achieve that growth?
Market Opportunity Drives Strategy
To be successful – even viable – any business must be seen as valuable by its customers, either by providing advice or solutions, being convenient, or cheap. And to effectively support your company’s value proposition, marketing strategy has to differentiate your company, create competitive advantage, and support profitable growth.
Such strategy doesn’t just write itself. To deliver value you have to understand what is valuable to your customers – what do they need and want? To create competitive advantage, you need to understand how your competition is addressing those same customer needs and do it better – with better product solutions, smarter advice, greater convenience, or a lower price.