The Eagles Nest

Value Propositions Win

Publications of all kinds from daily newspapers to industry periodicals are headlining the secrets for financial institutions to accelerate their recessionary recovery. There is the principle of network or branch expansions, continuous product sales, and even change the leadership!
Let's face it; there is no one magic solution for the variety of institutions and their differentiated problem sets. But, there is a foundation focus that will pay dividends- consumers' value needs. What do your customers really need from you? Commodities or real empathy? More branches or distribution linked to their preferences. New staff or a team dedicated to consumer concerns?
Actually, the recession has seen more retreats from consumer centricity at many levels in financial institutions. This past week I talked to a lawyer, an accountant and an entrepreneur about their financial service providers. On service, it was uniform.....declines at branches and even Internet channels. People in the units turnover too often and there is no local authority. Plus, their products are built for their own benefits not for our needs. How many of you are listening to your clients weekly?
Yes, there are various needs in the marketplace, in specific segments and with every customer you interface with in any channel. You must unlock those key needs when you have the opportunity to interface with consumers through knowledgeable staff using creative value ideas which are able to be personalized to the client or prospect in front of you, on your Web site or reaching for your contact centre. Knowledge management principles and practices can build the disciplines needed to make a real difference at every level of your organization. Do a test to see how many of your front line people and your headquarter's staff are really "consumer ready" versus commodity driven. Missed opportunities don't come back....they go elsewhere for real value.

Pat Palmer | Friday, July 17, 2009 | Comments (0) | Trackbacks (0) | Permalink