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More advertising is not the answer.



"Only 26 percent of the average bank's customers expressed any interest in considering that banker their next financial purchase."

"In the post two years overall loyalty to brands (has) declined by 11 percent."

"Last year ad spending at large banks increased 10.8 percent"

--American Banker, August 18 and 22, 2003, citing Forrester Research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
  • Founded: 1983 by George F.
 and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street.  

Sometimes, lightning strikes lightning strike nhuelga relámpago

lightning strike n (Brit) → grève f surprise

lightning strike n (BRIT
 twice. We found ourselves at one of the large discount electronic retailers--the same place we bought our last television--in need of a new one. "Shopping for a television?" we heard. It was our neighbors Bill and Sally. "Yes," I answered. "That lightning last week knocked out the television in our bedroom."

"Just one?" Bill asked. All four of their televisions had been knocked out; it was the second time for them to be struck in 10 years. Bill, a lawyer always ready to ply (mathematics, data) ply - 1. Of a node in a tree, the number of branches between that node and the root.

2. Of a tree, the maximum ply of any of its nodes.
 his negotiation skills, suggested we pool our needs and see if together we could get a "five-set discount."

The store had rows of televisions. We had already navigated through flat screen, high definition, custom, SONY, Samsung and a plethora of sizes. We had finally narrowed down our choices, and so had Bill and Sally. Bill approached the nearest salesperson and asked, "If we buy five TV sets, what kind of discount can you come up with?"

Obviously underempowered, the salesperson was caught off guard. "Well ... maybe ... sometimes they do that ... I'll have to ask my manager," he offered as he edged away.

I saw him talking to Noun 1. talking to - a lengthy rebuke; "a good lecture was my father's idea of discipline"; "the teacher gave him a talking to"
lecture, speech

rebuke, reprehension, reprimand, reproof, reproval - an act or expression of criticism and censure; "he had to
 a guy about two rows away--the same one I had chatted with a couple of minutes earlier. I remembered his name tag said "store manager." The salesperson returned after a few moments.

"No, we can't do anything."

That's all. No, "I'm sorry we can't budge on the price, but on delivery and installation I can give you a good deal." Just one delivery stop for five sets should have been worth something. No manager coming over to say, "I would like to find a way to do business with you."

What happened to the buying experience?

Apparently the manager was willing to avoid us and our business in order to bypass a "conversation" about price. Yet, he was this close to selling five TVs. We were predisposed pre·dis·pose  
v. pre·dis·posed, pre·dis·pos·ing, pre·dis·pos·es

v.tr.
1.
a. To make (someone) inclined to something in advance:
 to buy--just a little encouragement probably would have done the deal. We had offered what seemed like an opportunity for both sides and had been rebuffed. We all left without buying anything.

That company spends millions on advertising and branding to get people like us in its stores. The company has held down costs like a bad cowlick cow·lick  
n.
A projecting tuft of hair on the head that grows in a different direction from the rest of the hair and will not lie flat.


cowlick
Noun

a tuft of hair over the forehead

Noun
 so they can price their goods competitively. So why did the sales manager sales manager ngerente m/f de ventas

sales manager ndirecteur commercial

sales manager sale n
 and salesperson avoid a discussion, a handshake, some sort of nod to close the deal?

All the focus on price and the ease of comparison pricing on the Internet seems to have convinced managers and salespeople that price is all that matters, even though research and experience say price is most often a disqualifier. Where we buy is often tied to how we feel about the buying experience. Has the buying experience ever been worse?

Live the brand

It's a vicious circle A Vicious Circle (1996) is a novel by Amanda Craig which dissects and satirizes contemporary British society. In particular, it describes the world of publishing -- its aspiring young authors, busy agents and opportunist literary critics. . Receiving nominal relationship value in the buying experience, the customer focuses on price. The salespeople perceive price to be most important, so they forego basic attempts at relationship ("We can't do anything.") Which turns up the pressure on pricing, which....

What are the odds of a company hilling aggressive revenue growth targets when only 26 percent of its current clients are even interested in considering it for their next purchase? Right up there with getting snuck snuck  
v. Usage Problem
A past tense and a past participle of sneak. See Usage Note at sneak.
 by lightning twice. Wonder what it would take to get marketing and sales to lock arms and live the brand?

Robert Hall

For other people named Robert Hall, see Robert Hall (disambiguation).
Robert Hall (2 May, 1764 - 21 February, 1831) was an English Baptist minister.
 is group executive for EnAct, a business of the Carrketer Corp., which is based in Dallas, with offices in Atlanta, London, Sydney and Toronto. Telephone: (972) 851-1174; e-mail: rhall@carreker.com
COPYRIGHT 2003 Bank Marketing Assn.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Marketing Solutions
Author:Hall, Robert
Publication:ABA Bank Marketing
Date:Nov 1, 2003
Words:660
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