Build a Solid Financial Base Through Effective Marketing

Effective marketing, consistent advertising and active community relations demonstrate a solid financial foundation to your financial institutions.

In North America there are tens of thousands of rental locations. The uncertain part of choosing your marketing strategy is while many of these rental operations are similar, no two offer the same exact product to the same exact customer base. You should see this as a great opportunity to separate yourself from the pack.

Good marketing, consistent advertising and active community relations very effectively demonstrate to your financial institutions the solid business practices you use. This becomes yet another brick in the building of a strong financial foundation.

Following are some tips for the effective marketing of your business:

  • The leading business in any marketplace normally understands the needs of the customer better than any other and sets up the business to match that need.
  • As the owner or general manager of a business, make it a point to talk personally with your top 20 customers every six months. Unfiltered market intelligence from your top customers keeps your perspective fresh and puts you ahead of your competition.
  • During these visits ask the hard questions of your customers, find out what they do not like about the way you do business, ask how you can improve, then implement as it makes sense. Every one of us yearns to do business with a company that listens and acts decisively. (Also - find out what they like - and do it even better!)
  • Starting tomorrow, walk into your business with a fresh set of eyes. Is the message you are trying to send consistent in everything the customer sees? Do your employees solve problems or take orders? Does your business appear sharp, smart and innovative or dusty, tired and drab?
  • Resist the urge to constantly "re-invent" your message or the look of your business. Some of the greatest companies and greatest brands - UPS, Tide, Campbell's Soup, Chevron, Wal-Mart and AT&T are models for consistent message, attention to detail and a rigid belief in customer satisfaction.

If you have questions or comments on this topic or would like to make a suggestion for future editions of Financial Forum with Mike Farley, please contact Mike at [email protected].