Weekly FinTech Tip: Utilization of New, Specifically Tailored Growth Strategies Will Help Your Institution Enter New Markets
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“How do I achieve strategic growth?” Well, it’s not the same as it used to be.
Everybody is out to grow, but how do you do it? The old ways aren’t working anymore.
The first piece? You have to use data. If you don’t have data, you can’t be precise. And if you can’t be precise, you can’t grow in the most strategic way. That means with products and services that make sense for your growth in areas that you are strong.
Leverage digital to enter new markets using inbound marketing, mailing lists, Twitter, all of the social media. You’ve got to go into a market understanding how the community works from a digital perspective. Create a specific digital entity to engage that community. Something that meets their needs and something that brings your brand to them in a way that they understand.
Another way to grow strategically is to get more out of what you already have. I find that many organizations are out there looking for deposits and looking for growth, but they’re not looking in their own backyard. That means running the credit reports for your current customers, understanding where their money is elsewhere, and trying to give them an opportunity to bring that to you.
Look for adjacent markets. What is your core business? Now, what’s adjacent to that? A good example: We sell car loans. It makes sense to maybe pair that with car insurance. That’s an adjacent market. We have to start thinking about the digitally adjacent markets. What are the other things that today’s car owners need, that today’s homeowners need, that are related to digital? Maybe it’s internet service, maybe it’s solar. We have to think about what the adjacent markets are for assets, particularly secure assets that we as organizations can bring to the table. These are just a few of our ideas for strategic growth, and these ideas have to be customized for you.
For that, I would encourage you to visit big-fintech.com/consulting. Set up a free meeting with us, and we’d be happy to talk about this again. Thanks for listening, and subscribe using the link below to get notifications whenever we post new videos!