Last Updated Mar 6, 2011 8:39 PM EST
(Episode 696; 18 minutes 43) Less than half of all Aussie customers say they are loyal to their bank. This is a shocking statistic when you consider their multi-million dollar marketing budgets.
Part of the problem is where the bank marketers are spending that budget. Their approach seems more to do with trying to change customer behaviour than meeting their needs. This was highlighted in a recent report "What's Critical in the Vertical: A Look at Retail Banking in Australia", conducted by the Chief Marketing Officer (CM) Council, commissioned by Computershare Communication Services and InfoPrint Solutions (a division of IBM).
In this edition of BTalk I discuss the findings of the report with Ross Ingleton, Sales Director at Computershare and Lee Gallagher, Director of Precision Marketing and Sales and Mike Bryant, Practice Leader Marketing and Analytics, both at InfoPrint Solutions.
It's an interesting example of how marketers might be asking for more information, but missing the key point about what is influencing sales and retention.
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