It’s all too easy to become overly-accustomed to the rigmarole of the daily grind. This is not unique to banks and credit unions. It applies to pretty much every walk of life. Emails, voicemails, meetings, travel, social media, etc. Anybody — indeed, any retail entity — can fall victim to complacency.
If your bank or credit union is comfortable, that’s a bad sign. That means that you are more than likely complacent with the way things are. If the dizzying rate of change in how consumers handle their personal and business financial products and services is any indication, we can ill-afford to allow this type of complacency in our financial institutions.
For example, when’s the last time you felt challenged by a competitor? When’s the last time you analyzed your core products and service offers? When’s the last time you had a true outsider perspective on the way you advertise and work with your consumers?
If you’re having a hard time answering any of these questions, it’s a good time to consider a marketing audit. Marketing audits delve deeply into the cultural DNA of your financial institution and help analyze an enormous amount of data, from your collateral marketing materials to how your competitors treat consumers to key demographic information about your marketplace.
A marketing audit also offers a wealth of data, both strategic and tactical, that your bank or credit union can then use to fine-tune its approach to financial products and services. This offers a treasure-trove of actionable business intelligence.
If your bank or credit union is comfortable, it’s definitely time to analyze your marketplace position. Being too comfortable can, in certain situations, be a sign of sluggishness and unresponsiveness to change. The hyper-saturated financial services and products marketplace simply does not allow for this kind of complacency. A marketing audit can help combat that.