The post recession dynamics bring a new consumer! One that is not caught-up in conspicuous consumption, excess credit and collateral wealth. The past two years have changed behaviours, attitudes and personal goals. The new consumer is value conscious, more savings oriented and a person that shops and compares price and value for most purchases including financial services.
We have watched as some of the major banks in Canada and Australia start to adjust their value propositions to fit "segment of life cycle events/actions" to try and synchronize with the new consumer and avoid further commoditization. In some countries, most notably the USA, consumers have developed a "bank distrust" after the public greed and mismanagement plus hugh bailouts at their expense. There will be spill-over effects on other countries such as Canada even though the industry exhibited different dynamics. Also, eco and social issues are now more front and centre with consumers and these variables will be decision making elements as well moving forward.
The status quo approaches of the past by all financial institutions, large and small, will surely lead to an erosion of loyalty and business volumes by consumers who will expand their searches and range of supplier choices. Even though the average Canadian adult has probably a dozen financially related relationships, they will broaden the possibilities, especially with their Internet companion.
The leading edge CEO's will spend more effort on contemporary research, information gathering and customer listening to understand consumer preferences and the personalized solutions expected. They know that the buyers and influencers have changed an that their organizations have to adjust accordingly, from the Directors to the newest recruit.
Trackback Link
http://www.whereeaglessoar.com/BlogRetrieve.aspx?BlogID=349&PostID=47336&A=Trackback
Trackbacks
Post has no trackbacks.
Comments
Post has no comments.