Imagine selling financial services as you would shoes, cigarettes, fast
Banks are beginning to adopt a retailing approach to the
To my way of thinking, retailing encompasses
Of course, such point-of-sale marketing activities are only one aspect
This being the case, should bank CEOs view themselves as retailers when
I think not. In fact, bankers are marketers first and
Consider all the nontraditional ways financial services
These services may not fit the traditional definition of
Such distinctions aside, why should bank CEOs be concerned with either
Because they cannot afford not to be. These are the very functions
There is ample precedent for CEOs to expand their focus in this way.
For example, there was a time when few of the understood bank operations
But times have changed. Today, nearly all bank CEOs take leadership
Similarly, strategic marketing and "brand development" will demand more
Here are five question that they and other senior executives should ask
* What do I really need in terms of skills and expertise to ensure that
* What should my role be in helping to develop marketing strategy,
* Are we short-changing ourselves by bringing in retailing expertise
* Do we really understand what our customers want? If not, how can we
* How should we position ourselves in the financial services arena?
If you answer thoughtfully, your responses to these questions will be
To get started, think of yourself as head of a world-class marketer like
What would you do to build the brand?
Mr. Powers is the chairman of Boardroom Advisors, a Tampa-based