We believe the folks that can learn that skill will be the ones five to 10 years from now that will have the majority of the market share, Richard says. They must have a core belief in marketing expenditures. In many banks, advertising or marketing expenses are the first things to go when there s trouble in the quarterly earnings. That s not the type of belief that s going to allow someone to become a true consumer marketing organization. PepsiCo, Procter and Gamble and AOL all have multimillion-dollar marketing budgets, for example.
Banks fail in comparison.
The number of accounts that you have is proportionate in large measure to the amount of money that you re going to spend on it, Richard adds. The answer is found in large part right here. There will also be magnified consequence of reputation, Richard predicts. Prior to the Internet, a customer who felt he was poorly serviced by his bank or who felt he received outstanding service might tell a few people. In the Internet age, these kinds of things will go much further, good or bad.