What Financial Services Can Learn from Fast Food

by Jim Perry on January 9, 2012

Every sector has its race for the top.  Toyota came close to claiming the #1 spot in the auto industry before its 2010 recalls.  Mobile providers like AT&T, Verizon and Sprint constantly jockey for position.  So many examples come to mind.  What can we learn from these high profile brand wars?

This morning Advertising Age ran an article that offers a few important lessons from the fast food industry’s most notorious rivalry: the #2 spot in the burger wars.  In the article, Maureen Morrison takes a look at how Wendy’s positioned itself to move past Burger King for the spot behind category leader McDonalds.  I recommend the whole article, but here are the important takeaways:

  • Understand your core brand and who it targets
  • Even good products need updating
  • Improve the customer experience
  • Be opportunistic

Improving your position in the marketplace doesn’t happen by accident.  Understanding your brand, your market and your customer are essential if you hope to create competitive advantage.  Think about these while you enjoy your burger at lunchtime! :-)

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Here’s a Thought for the New Year

by Joe Sullivan on January 3, 2012

It is the first business day of the New Year and there are so many things to think about – emails to answer, calls to make, etc.  There are so many things that require attention, but if you’re like me, you are starting the day with enthusiasm and excitement. 

My own sense of optimism is fueled by a new initiative here at Market Insights.  I’ve developed a program called Purpose, Passion and Profits – A New Path to a Profitable Future.  The content of this program is adaptable to a variety of formats and can be delivered as a conference speech for an association or a seminar/retreat for a board or group of employees at individual banks and credit unions. I am completely psyched about this and will write about it frequently throughout the year. 

Organizations too often make profitability a strategic objective, when it is actually the result of executing on a clear sense of purpose and having the kind of team in place that is passionate about what needs to be done.  

In 2012, envision not what is possible or probable, but what your competitors think is impossible.  Please drop me an email if you would like to know more.

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Just One More Insight

by Jim Perry December 29, 2011

I tried to resist the urge to add one more list to the flood of 2011 reviews and 2012 predictions that fill our inbox…but these books, blogs, or articles really spoke to me this year so I hope this short list will offer you a few resources and a fresh perspective as you start new year: [...]

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Let’s Help Create Jobs this Holiday Season

by Joe Sullivan December 19, 2011

As I reflect on the past year I have this overwhelming sense of gratitude – for the opportunity to do work I love, and to partner with such great clients and colleagues. Our team has worked all over the United States in communities large and small. One thing we’ve seen in every area of the [...]

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Bank Local. Really?

by Jim Perry December 15, 2011

Some of the most memorable, most successful marketing campaigns are the ones that are correctly aligned with the needs of a target market.  So it surprises me when I see community banks rolling out marketing campaigns that use “bank local” as their primary marketing message.  A few months back I noticed this billboard.  In asking [...]

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The Evolving Banking Delivery System

by Joe Sullivan November 17, 2011

I recently read an article in USA Today entitled “Will bank branches wither away?”  (see article here). Basically the article talked about the evolution of the branch to reflect the shifting consumer priorities and more tech savvy behaviors, and that the growth in branches has far outpaced population growth, among other trends.   I agree with [...]

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The Value of Connection

by Jim Perry November 2, 2011

Last week I was a featured speaker at the Community Bankers Association of Alabama’s Operations and Management Summit – speaking on the topics of marketing and cross-generational mentoring.  (A quick shout out to conference organizers for a great summit.  Well done!)  Prior to my first presentation I had the opportunity to hear John Moser talk about the [...]

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A Lesson Learned from a Risk-Taker

by Joe Sullivan October 6, 2011

This is obviously a day to think about, write about and blog about Steve Jobs and his amazing contributions to who we are as people, consumers, and business people. I have certainly read many stories over the last 24 hours about Mr. Jobs, but the one that has most impacted me was the story about [...]

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Do What You Love

by Jim Perry October 5, 2011

The death of Apple Inc. former Chairman and CEO Steve Jobs will inspire thousands of news stories and blog posts and commentary.  For me, these 7 secrets from this guru of innovation sum it up nicely: Do what you love Put a dent in the universe – have a big vision Kick-start your brain–use creativity and have [...]

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Marketing Messages That Miss

by Jim Perry September 29, 2011

Yesterday I was walking through a neighborhood in Chicago and noticed this ad for Fifth Third Bank.  As I posted on Twitter, you’d think that a bank this size could come up with a more compelling, relevant marketing message.  It is a nice sentiment.  The intent of the message seems safe enough…but is anyone likely [...]

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