OnlineNewsletter
from
Davis & Associates(Strategic Marketing)

Edition 4: JANUARY 2001/FEBRUARY 2001


Item 1: Email Response Times in Financial Services

Recent UK research* shows that UK banks and other financial services providers are "at best mediocre" and "at worst totally unresponsive" in dealing with customers' queries via email. Of even greater concern is the perception gap between how financial services organisations think they respond to queries and customers' perceptions of their performance:

PERCEIVED RESPONSE TIME TO EMAIL ENQUIRIES

 
Banks
Customers
Less than 7 hrs
47%
27%
Between 7-21 hrs
20%
8.5%
More than 21 hrs
27%
34%
Never responded
0%
30%

The UK findings are also borne out by recent US research which found that 56% of some 150 financial services companies surveyed didn't accept web enquiries, while several others - overwhelmed by email - simply turned their response function off.

And there's nothing to suggest that similar research undertaken in the Australian market would yield radically different results for Australian banks and financial services companies.

The marketing implications are obvious: those financial services players who communicate effectively online, have a clear opportunity to attract customers from those who don't.

* Bank Marketing International, October 2000



Item 2: Online Marketing Services Exchange

Visit www.usmarketer.com - an interesting example of an evolving online marketplace that matches buyers and sellers for a wide range of marketing services.


Item 3: AMI Breakfast on "Best Practices in Corporate Citizenship"

Corporate citizenship will play an increasingly important role in organisations' positioning and branding strategies, investor and shareholder relations, and overall social responsibility. The AMI is hosting a breakfast seminar on Tuesday, 13 February, 2001, at The Renaissance Hotel, Sydney on:

"Corporate Citizenship - Doing it Right to Get the Best Results".

The seminar will look at best practice principles that underpin corporate citizenship programs in Australia, the UK and North America, including specific examples from the financial and professional services sectors.

The guest speaker is Anthony Lupi, Director of corporate citizenship consultancy, Positive Outcomes. Anthony was formerly Head of Community Development for Westpac(1996-2000) where he was responsible for some of Australia's most highly acclaimed corporate social responsibility initiatives.

For more information, contact the AMI's event managers, Furness Associates on (02) 9438 4141,or email:furness@ozemail.com.au.


Item 4: Opinion Piece - "Life After the Corporate Marketing Career"

What do marketers do when they've reached the acme of their profession (i.e. Marketing Director/General Manager Marketing),and they've done so not in just one but two or three organisations.

For most corporate marketers, their thoughts turn to general management roles (e.g. Divisional Director, regional GM), or newer corporate roles such as Director of Intellectual Capital/Knowledge Management, or the opportunity to be Managing Director/ Deputy CEO of a small-medium sized organisation.

Others - debilitated by years of corporate politics and ever decreasing budgets - take the brave step of going into business for themselves. In so many ways, the far tougher option to take - but invariably the most rewarding.

After years of relying on corporate titles to open doors and corporate infrastructures to access resources and information, senior marketers are often seriously challenged - both emotionally and professionally - when first starting their own businesses.

But increasingly, as the generation of marketers in their late 30s to late 40s reach their career goals much more rapidly than their predecessors, marketing executives are choosing to leave the corporate world and establish their own businesses.

While it is confronting, the positives outweigh the negatives; most notably:

  • Non-involvement in day-to-day corporate politics
  • The opportunity to develop a portfolio of projects and clients (more variety and diversity)
  • Greater exposure to a range of organisations and environments (breadth of experience)
  • More flexibility in terms of time and working patterns
  • A greater willingness on the part of client organisations to listen to your advice and acknowledge your expertise(after all they're paying for it).

Item 5: Branding: When a Bank is not a Bank

The latest branding trend in financial services is to deliberately avoid the word "bank"; for online players, it evokes a bygone era, and for a growing number of "clicks and mortar" banking groups, it as seen as limiting consumer perceptions of them and the range of products and services they offer.

Indeed, evidence suggests that financial services groups who avoid the 'bank' tag are able to build strong public images. In Interbrand's 1999 global brand survey, the only two finance brands to make it on to the list of the world's 60 best-known brands were two non-bank brands - Citigroup and American Express.

Of the major Australian banks, the NAB has already moved in this direction, rebranding itself in recent years as "The National". Watch this space.


Item 6: CRM and Customer Loyalty: Key Information Source

An excellent website for CRM /customer loyalty tools, methodologies, analysis and information is that of specialist CRM consultancy, eloyalty. Visit the site at:

www.eloyaltyco.com


Next Issue:

  • MARKETERS AND PROFESSIONAL SERVICES

 

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