<span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text" >Ensure Your 2023 Plan is Consumer Driven</span>

Ensure Your 2023 Plan is Consumer Driven

by La Macchia Group

Consumers are changing how they think about banks and credit unions. In response, financial institutions must alter their approach. Will your path forward be consumer-driven or a roll of the dice?

As we look at 2023, it has never been more important for financial institutions to invest time and resources into market studies and research. Most annual plans will include key stats - growth (or reduction) in assets, new accounts, etc. - but if your analysis stops with internal reporting after more than a year of changing market dynamics, you are missing a great opportunity to both understand and, ultimately, meet the needs of your current and future consumers.

PLAN, BECAUSE CHANGE IS IMMINENT

Times - and consumers - have changed and will continue to change. At La Macchia Group, we do not ascribe to the falsehood that “the branch is dead,” however, you cannot ignore the fact that the way people bank is changing. While you can find studies and data points that identify trends toward digital, and movement to or away from "big banking," too often we get caught up in the headlines and top-line reports. What matters most is your market, your current and prospective customers and what they think about what your financial institution has to offer.

As we often say at La Macchia Group, you could guess, but wouldn’t you rather know? Through comprehensive market research and analysis, you can look at your markets through multiple lenses and determine what (or even IF) your target audience is thinking about your institution.

"No one expects your to be a mind-reader," said Tim Klatt, Director of Retail Strategies for La Macchia Group. "Whether you're considering a building, branding, or technology integrating project for your bank, a critical first step is to conduct demographic and consumer research to discover what, if any, points of friction currently exist within a user's financial experience and how your project can address those issues. Your next steps shouldn't be a guessing game; they should be rooted in data and actionable insights and should clearly demonstrate a return on investment."

Are you curious if your branch strategy, technology integration and / or mobile banking options are helping you attract and retain customers? Do the research, and most importantly, ask real people. Far too often, actual, direct customer perceptions are left out of market analyses and brand assessments. Don’t make that mistake; bring your customers to the table.

GO STRAIGHT TO THE SOURCE

Consumers are changing how they think about financial institutions. In response, banks and credit unions must also shift how they think about consumers. Start a dialogue with your customers through a comprehensive market analysis and invite them to establish a relationship with you and your brand. Odds are the result will be loyalty and long-term investment.

NEXT STEPS

To learn more about what a comprehensive market analysis could do for you, connect with one of our analysts today.

Ensure Your 2023 Plan is Consumer Driven

PLAN, BECAUSE CHANGE IS IMMINENT

GO STRAIGHT TO THE SOURCE

NEXT STEPS

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