- August 27, 2018
- Posted by: Eileen Sullivan
- Category: Business Plans, Strategy
As management teams and directors look forward to 2019, CPG believes the following factors must be considered within strategic plans, and will have great influence on which companies outperform others in a very crowded financial services industry.
- Where will we win? Top performing institutions are clear on the segments of the market and the lines of business in which they will dominate the competition and which will drive market share growth and profitability. Many high-performing institutions are exiting business lines that are not a part of this equation for them. Focus is a key strategy for 2019.
- Why should you bank with us? Having a clear reason for why you are a better choice than your competition (for targeted segments) remains critical. If this cannot be easily answered (e.g., your value proposition(s) are not clear or strong enough), make this job #1 for 2019. Assuming you have addressed #1 above first.
- What strategies will enable us to win? Insights into consumer/business behavior, technology developments, and the competitive strategies that will be required for success going forward will enable you to create a roadmap to ensure you win and keep
winning the business of targeted segments.
- How do we make every day “Day 1”? If you haven’t read Jeff Bezos’ letter to his shareholders about “Day 1”, you should. There’s a great synopsis of his Day 1 philosophy here. The point is: if you aren’t changing and moving quickly, you’re becoming obsolete. It may be happening slowly, but it is definitely happening. Every financial institution needs to adopt management approaches that drive faster and continuous improvement (in delivery, processes, etc.).
- What is our story? A great strategy is a great story – easy to tell and easy to appreciate. It makes people want to do business with your company – buy from it, invest in it, work for it. And it’s a story that is uniquely yours; no other financial institution could put its name on it. Do you have a great story?
CPG has well-tested and proven methodologies to help your team define a vision that is unique and build the strategies to execute effectively.