Fact: US gross domestic product has risen by over 3% in every year since 2003. Total population has continued to grow apace and reached the landmark figure of 300m in 2006. Personal income has increased by approximately 1% pa over the same period.* 1
The banking sector is the barometer of any national economy. Fuelled by population growth and entrepreneurial spirit, the US economy continues to expand. Correspondingly, the banking sector grows with it. After all, growth means more people with more wealth needing banking services.
But with opportunity comes competition. And that competition is looking for new and innovative ways to increase their share of the market.
Fact: In 2004 there were 7,630 national commercial banks with 69,975 branches representing a 21% increase over the previous ten years.* 2
The Internet has also added another dimension. It introduces another arena for competition. But it also provides information. The consumer can quickly and easily compare and select. Today, your customer is better informed and has more options than ever before. You have to fight even harder to win and retain their custom.
In a saturated market where it can be hard to differentiate product, the key is people. The key is understanding your customer
- Who is your customer? Who makes up your core customer base?
- Where do they come from? Do they bank in person, online by telephone?
- Which of your services do they use? Do they use the competition? Why?
- Who is your ideal prospective customer?
- What do they want from their experience with you?
- What does your bank, your brand mean to them?
- How do you best communicate with them?
- How do you maximize your marketing dollars?
The bigger the banking chain, the harder it is to maintain this critical local knowledge. That is where you turn to consumer research.
Timely, actionable market intelligence
Information is the basis of all sound business decisions. But, at Alexander Babbage, we know that you need more than just data, you need it to suggest the course of action that is most likely to deliver success.
Our experienced professionals work with you to determine the information you need, design and implement the most appropriate way of collecting it and then interpret that data to give you timely, actionable market intelligence.
We provide the local market consumer research that delivers
the results:
- More customers
- Increased service uptake
- Higher volume of transactions
- Better marketing ROI
- More profit
* 1 Source: US Bureau of Labor Statistics and US Bureau of and US Census Bureau
* 2 Source: FDIC (Federal Deposit Insurance Corporation)
