3 Ways Banks Marketers Can Respond to Market Share Data

Financial Institutions like banks are constantly reviewing and analyzing different numbers. If the financial department sends you, the bank marketer, the bank’s market share value and volume, would you know what to do? Maybe you know what it means but aren’t sure what to do next. Don’t worry. We’ll go through three ways bank marketers can respond to market share data. 

See What the Competition is Doing

Let’s say the market share value of total deposits in your county is not as high as you like. One step to take is to see what your competitors with a higher market share are doing. Maybe their website has more information about their checking and savings accounts. Or maybe they offer promotions for the number of deposits a consumer makes in a given time period. This is a great time to analyze what they’re doing compared to what your bank is doing. 

Identify New Opportunities

When analyzing what your competitors are doing, it might spark an idea. You could develop a blue ocean strategy that brings in more customer deposits. You might even decide to appeal to new and larger demographics in order to increase your market share of deposits. 

Analyze Your Current Marketing Strategies 

If your market share is not where your boss wants it to be, it might be time to rethink your marketing plan. Determine what’s working and what isn’t and put in place new strategies that will get you where you need to be. Understanding your market positioning will also help you set benchmarks and point you in the right direction.  

All three of these tips work hand in hand together. You can’t identify new opportunities if you aren’t seeing what the competition is doing and you can’t analyze your marketing strategies if you aren’t identifying new opportunities. Don’t be intimidated when the financial department calls to tell you the new numbers. Instead, be excited, this will help push you to do the right thing for the company while helping them reach their goals. 

Feel free to leave me a note at [email protected]. I’d love to hear what ideas and strategies you come up with!