What we call today “marketing” began long before the name was coined. In the mid-1800s, traveling salesmen in disguise tonics worthless luxury bottles to their “sell snake oil” to a gullible public. Initial successes of the belief that the right marketing approach could help to produce positive results in almost any business situation led. The result was a plethora of new applications for the promotion, some ethical, not many. Over the years, businesses of all types have spent billions of dollars to find out what works and what does not, marketing has evolved from its rudimentary beginnings of something designed to include a large number of challenging strategic and tactical techniques.
Over the years, the consumer goods industry bore the burden of marketing and created the best marketing practices, spawn the giants of the consumer contributed. Meanwhile, most financial services is pulled kicking and screaming, into the era of sophisticated marketing. Putting the customer first, Peter Drucker was a star academic marketing and whose writings have greatly influenced the thinking of marketing experts. More than fifty years, developed the concept for a printer integrated customer marketing and coined the term “customer” defines the value. “This concept has become an integral part of marketing literature and the guiding principle of modern marketing. The following statements, printer paraphrase extensive writings reflect its fundamental mandate that ‘the interests of customers first,” The only valid definition of business The aim is to create a customer. What does the company it is not produced as important as what they are buying customers, what value customers, it is critical. Each company has only two basic functions: marketing and innovation. Marketing is everything business as seen through the eyes of the consumer.
While the concept articulated simply and easily, most financial institutions have significant practical difficulties in implementing customer-focused. Some of the most common obstacles have a push mentality products, a focus on short-term profitability, low investment in the marketing activities, and the lack of solid market information about the wishes and needs of the markets of destination. But in the future the most successful financial institutions are those services that the printers principles make their own applications, customer-oriented and creative. The State of Advance Financial Marketing Services by the Financial Services industry has been on the edge of the turbulence lived the last two decades. As a result, has experienced the industry make major structural changes. Furthermore, in response to growing competitive pressure, many organizations and financial services are aware of the necessity of their traditionally conservative marketing practices reconsider undisciplined and very expensive. They know that success depends on the future development and improvement of market-driven processes.
Our observations suggest that the most progressive financial services organizations to experience an intellectual and practical realization led her to the role of marketing to increase their company. traditionally have focused provider their efforts on initiatives that the management application, while it was broader strategic issues affecting the future of the company. The advent of customer marketing and the consequent need to To understand influences on the market caused management to the importance of accurate and timely information to identify to customers and in-depth knowledge of marketing, markets, distribution channels, products and services for the process of strategic planning. To these new demands, began marketing director plays a increasingly important role in strategic planning and decision making.
As a consequence, the nature of the marketing function in many companies is changing dramatically. This new generation of marketing professionals are now working closely with management on key strategic projects that impact the entire organization and the shape of their future success. These projects include the development and improvement of the statement the company’s mission and key objectives of the business messages and value propositions relevant to the company, differentiation and competitive advantage. At the same time, but the status quo still prevails not have many financial services organizations to the benefit of the addition of sophisticated marketing mix in order to recognize their business to. Some organizations continue to provide valuable resources marketing campaigns to increase visibility or gaining “share of voice” waste. “Moreover, it remains the continuing problem of differentiation the marketing and sales largely unknown in many of these organizations. The balance of the financial services industry is in a dramatic change in marketing. Since the efficient marketing of financial services develops in a cross-functional, multi-disciplinary activity that successful companies a culture of customer orientation to create in the entire organization and take over the welfare of the customers in all business decisions. Unfortunately, this brings the body of substantial at a distance of far too many financial service providers. The management challenge is the leadership necessary to the current situation move and a culture of equal opportunities. To compete effectively, have financial services adapted to the market and take (and hold) a market-based approach, the whole of an organization. companies that successfully develop a customer-oriented culture, with more opportunities for innovation, improved performance and incremental profitability will be rewarded.