In The Beginning

Written by Jay Nagdeman


The greatest occupational high that financial services Marketing Directors experience is bringing a vision to market through a financial product or service innovation. Seeking to experiencerepparttar same euphoria that great inventors like Benjamin Franklin or Thomas Edison must have felt, they follow their dream of implementing a financial product idea that they believe will generate significant incremental sales. Unfortunately, that dream seldom becomes reality.

We have been monitoring financial product launches for over two decades and now recognize thatrepparttar 119956 failure rate of financial products and services is well in excess of 80%. Despite these odds,repparttar 119957 search forrepparttar 119958 next big financial product idea lives inrepparttar 119959 hearts and minds of almost every worthy financial services Marketing Director.

Only a few decades ago,repparttar 119960 vast majority of new financial products and services introduced intorepparttar 119961 marketplace were successful. In today’s cluttered competitive financial services marketing environment, however, virtually all financial product and service categories have matured and are over-represented. Now, to become a marketplace success, a new financial product usually has to take market share from already established brands.

Financial product and service categories have become so saturated that market structures exhibit what economists call monopolistic competition. This apparent oxymoron describes a market in which no single brand dominates, where price competition can be intense and where differentiation among competitors is not so much in performance as in brand perception.

When planned and orchestrated effectively,repparttar 119962 product launch activities surroundingrepparttar 119963 introduction of a new financial product or service can be as large a factor in its success as its design or pricing. Experienced marketers know that:

* Pre-launch activities should build anticipation and interest, while internal activities should provide enthusiasm and support forrepparttar 119964 forthcoming product launch. * Product launch activities should build visibility and momentum. * Post-launch activities should sustainrepparttar 119965 interest and momentum and serve asrepparttar 119966 foundation on whichrepparttar 119967 firm can build a sustained, cumulative marketing process.

There is a high cost associated withrepparttar 119968 failure of new financial products. We have done a number of autopsies on failed financial product and service launches and have concluded thatrepparttar 119969 following key issues arerepparttar 119970 major influences for new financial product and service success or failure:

* People always hope for new and better concepts and approaches that offer promise and fulfillment. Therefore product launch positioning and messaging should fully recognize that customers buy expectations, not products and services. * Do not underestimaterepparttar 119971 importance of a product name. A good name can serve as a marketplace banner that generates greater visibility—and acceptance. A name that communicates benefits gets extra mileage and provides opportunities for effective, lower-cost branding.

7 Steps to Marketing Success

Written by Kathleen Gage


Title: 7 Steps to Marketing Success Author: Kathleen Gage Email: kathleen@turningpointpresents.com Word Count: 1017 Copyright: © 2005 by Kathleen Gage Web Address: www.kathleengage.com

Publishing Guidelines: You may publish my article in your newsletter, on your web site, or in your print publication provided you include repparttar resource box atrepparttar 119955 end. Notification would be appreciated but is not required.

7 Steps to Marketing Success by Kathleen Gage

Inrepparttar 119956 past it didn’t take nearly as much marketing effort to build a business as it does today. Unfortunately, many people are holding on torepparttar 119957 belief that things are stillrepparttar 119958 way they were and are not doing what needs to be done to make their businesses succeed. Marketing your business is something that is a constant process and takes a considerable amount of focus and commitment.

Competition in virtually ever industry has increased. Additionally, there is no guarantee that once you do manage to attract a customer to your business they will keep coming back. We have a highly mobile and fickle society. This simply means it is more important than ever to evaluate what you are doing, why you are doing it, and what you must do inrepparttar 119959 future in order to stay competitive.

Here are some steps you can take to increase your chances of success in your business.

1.Get clear on your values and mission. I recently read a book called “The Path” by Laurie Beth Jones. She beginsrepparttar 119960 book with a story her uncle told her of his experience during World War II. According to her uncle, if an unidentified person appeared to a soldier and could not immediately identify their mission, they were shot on site. Wow! Would this ever make a person clear on their mission. It was literallyrepparttar 119961 difference between life and death.

This can hold true in business. If we are not clear on our values and mission it is easy to flounder and eventually our business could die. However, by being very clear on your values and your mission, you are assured more of a chance for your business to grow and thrive. Take time to write out what your values are. From there, create a statement that clearly defines what you offer your customers and clients. If you find that you are getting off track with what is important, simply take time to review your written statement.

2.Effective and realistic planning. I strongly suggest you create a solid marketing plan. As a result of completingrepparttar 119962 plan you will be much better prepared and know whether or not your marketing idea is feasible. Additionally, take time to fully understand how marketing works. Marketing is not a one-time shot or one size fits all. You must plan your campaigns. You must be committed forrepparttar 119963 long-term and test various types of campaigns as you move forward. The more solid your plan,repparttar 119964 more success you will experience.

3.Take action. Once you create a good marketing plan takerepparttar 119965 necessary actions outlined inrepparttar 119966 plan. More times than I care to think about, I have talked to business people who put together plan after plan after plan and yet, don’t take appropriate or consistent action onrepparttar 119967 plan. For whatever reason time is invested inrepparttar 119968 plan, but then very little, if anything, is done. Again, keeprepparttar 119969 long-term goals in mind as you take action.

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