Are You Leaving Money on the Table?

Two of my five boys are in sports. My 9-year-old, Tyler, loves any kind of competition. He’s basically a legend in his mind, and when he’s playing, he’s playing to win the game. Jeremiah is my 6-year-old, and he has a different goal in mind for playing sports: “winning” snacks at the end of the game. Jeremiah is convinced he’s a soccer superstar because he “wins” snacks every time. We’re not sure how much he actually enjoys soccer itself yet, but apparently the snacks are worth it.

I like to tell this story because

What About Marketing?

Banks, in most cases, have always been profitable and it has been easy for the banks to get clients to open accounts. Even though the banking industry is very competitive, banks have always had the customer coming to them for banking facilities. Banks hardly win customers by going to the consumer; with a presentable branch and great customer service, the customer is easily won.

Now bankers are being threatened by the likes of retail outlets such as supermarkets that have so much information about their customers. Most of these customers would visit these outlets whether offline or online than go to their local banks. Some banks are struggling to get their customers to log on to their websites and use the online banking facilities but these same customers will be found online visiting online retails sites such as amazon.com.