Joe is CEO of Main Street Community Bank. Joe’s board of directors is unhappy with Main Street’s loss of customers, revenues and profits to Big Banks, Internet Banks and Phone Banks…especially from Millennials who don’t place much value in having a local community bank offering traditional banking services.
Joe’s board tells him to figure it out and fix it. Or they will have to sell, merge or close the doors.
Joe talked to some high-priced consultants and advisors who said they could solve the problem. But then Joe found out these consultants really don’t SOLVE the problem, they just say you HAVE a problem. [In a different voice] “Joe, you have in the industry what we call, a problem.”
Frustrated, on his way back to his office, Joe met Kelly Coughlin, CPA, and CEO of BankBosun. They talked and Kelly recommended he meet with his business partner, Sun Tzu, a brilliant strategy and tactics consultant.
“Joe, avoid your competitor’s strengths and attack their weaknesses. Joe, what are your enemy’s weak spot? If your strengths compete well and rival your enemy’s weaknesses, then develop your tactics around this strategy to exploit their weaknesses. This is your high ground. In war and business, you must seize the high ground”
Kelly suggested that Joe implement Tactical Ecosystem Marketing. It would enable Main Street Community Bank to cost effectively gain new customers and retain existing customers. It would also attract Millennials to the bank who didn’t like traditional banking relationships.
Joe went back to his board with the good news. He solved the problem. Now his Board is happy. They are getting new customers. They are keeping existing customers.
Contact Kelly Coughlin, CPA and CEO of BankBosun, helping C-Officers navigate risk and discover rewards in the banking ecosystem.
Kelly Coughlin, CPA, is the CEO of BankBosun. He is the program host of the syndicated audio podcast BankBosun.com, helping bank C-Suite Officers navigate risk and discover reward in the banking ecosystem. Kelly specializes in helping community bank manage three Rs: Risk, Revenue and Regulatory challenges.
Contact Kelly Coughlin at: kellycoughlin[at]bankbosun[dot]com or 612-232-[six-six-four-zero]
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