Lessons from a trip to the local market

Posted by extadmin - November 5, 2014 - Categories: Marketing

We’re big supporters of local farmers and that’s why we’re always returning to the market to buy fresh fruits, vegetables and meats. While walking among the aisles, we got to thinking about what we could learn from these businesses in the market.

1. The customer is in control
At the local market, you can choose what steak, fish fillet or apples you want. If you have a custom request, all you need to do is ask. There’s a great sense of satisfaction knowing that you’re choosing what’s right for you.

There’s a lesson there for financial services firms – keep listening to your clients because they want to be heard, and they can teach you a few things about what you’re doing right and wrong.

Keep listening to your clients because they want to be heard, and they can teach you a few things about what you’re doing right and wrong.

2. People want to know the owners
That big guy behind the counter – you know, that guy tending to the pig – he owns the place and he is passionate about his work. He can tell you everything about what you want to buy. And it feels good buying from him because you know who you are supporting.

We don’t think financial services firms should shy away from featuring the people who run your company. They have stories to tell and people want to hear them. Blogs and videos are a great start. So is putting a favourite executive into the Twitterverse.

We don’t think financial services firms should shy away from featuring the people who run your company. They have stories to tell and people want to hear them.

3. There will always be a place for “local”
We think the local food movement will eventually take over the entire food industry. The more people learn about the farming process, the more they want their food to come from somewhere nearby. (A February raspberry craving may be another story.)

We believe that it is important for financial services firms – especially those engaged in investment management – to highlight their global resources and global reach. Nevertheless, we think it’s also a good idea to keep your local people such as sales reps, client services staff and portfolio managers – the individuals who interact with your clients – in the spotlight as well.

If you have any questions about your marketing strategy or execution, please contact us at 416.925.1700 or info@ext-marketing.com.


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