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.
Debt Reduction: Delivering Solutions to Meet the Need
During the recession of 2008 – 2009, the financial impacts were many and were felt widely. As the current health crisis continues (and continues and continues…), individuals and businesses are feeling the pinch and their financial picture may look quite different than when 2020 began.
The needs of your customers – business and retail – are changing right now, and it’s essential for FIs to know what those needs are and proactively address them.
2020 Vision Before the Fact
At the beginning of each year, every trade organization, Association and Think Tank issues its predictions and forecasts for the coming year. The team here at Galapagos has reviewed the collective punditry to identify the likely key issues that will shape marketing opportunities and challenges in 2020.
