Savvy Buyers won’t be bullied or buy the BS!
Tuesday, 17 May, 2011 Leave a comment
In 2009, when I wrote this piece, the Financial Services industry (as I know it) was still intent upon ignoring or, more accurately, failing to embrace the necessary lessons. Not much has changed!
This WILL prove to be a very costly mistake for some.
To execute a successful change of direction, from PUSH to PULL, is not as simple as it sounds. The environment in which “pull” can be created is very different to that of “push” and it is built by deed and action WITH customers NOT constructed like a “corporate facade”!
For FS, it requires change…
of focus: from REVENUE to CUSTOMER
of culture: from SALES to SERVICE
of approach: from PRESCRIPTIVE to PARTICIPATORY
Savvy customers expect (perhaps demand) TRANSPARENCY! “Social business” requires a brand to live its marketing, be accessible and engage in two-way communication: to build TRUST.
The reward is referral, recommendation and retention.
So, with the “key” to a strategic change and a successful PULL marketing strategy identified, you may wonder why more FS companies haven’t spent the last two years repairing tarnished reputations!?
Because the irony, for organisations whose reputations were built upon trust, is that, they cannot afford to be transparent!!! It is, probably, the biggest obstacle for FS. To appreciate why this is always perceived as more of a threat you really need to understand what you may have always suspected to be the case…
…to satisfy collective greed and individual ego, this has become a morally corrupt industry dedicated to stripping-out VALUE and replacing it with a marketable illusion of customer care.
An ethos of SELLING ON PRICE has become the cornerstone of a, results-driven sector. It is reliant upon marketing, outbound sales and customer inertia to maintain an overly-complex and excessively-remunerated infrastructure.
“The cost of TRUST is TRANSPARENCY and it is a price they can’t afford”
I sincerely hope that this snapshot helps the understanding of just WHY the global financial system is (still) in crisis despite the billions in bail-out money and WHY, what they crave the most is the very thing that they cannot buy…