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The marketing strategy should be designed in such a way that it increases sales so that your company has a competitive advantage which is sustainable in the long run. Diversification is a high risk strategy which involves diversifying the range of products and services that you offer. This is the process of developing your current market and could include entering new markets with your products and services. One of the most difficult parts of running a small business is putting together a marketing strategy. I’ve talked about creating a marketing plan in each of my online digital marketing training videos.
Invest in some market research to indentify everything about your ideal buyer including where they live and the products and services they need.
Keep following this process with even more accurate goals to reach the greatest possible success. The comparison was performed in the retail branches between the hours of 12 pm and 2 pm on a weekday (See note 1 below).
TD Canada trust branch had a 4-5 person line up and an about equal number of tellers serving the customers.
TD Canada Trust has discontinued the use of hard copy brochure and offered the credit card comparison only on their website. The RBC Royal Bank location had about 3 person line-up in the middle of the day and approximately 4 tellers servicing the customers.
The BMO location had a 2 person line-up and2 tellers plus an information desk representative servicing the customers. Across all banks, none of the tellers were able to help the customer narrow down the choices. Overall, a few patters and improvement opportunities emerged as a result of this experience. Second, tellers need to be trained to be more knowledgeable and show enthusiasm by actively offering cards and working with the customer to find the best suitable option. While it is important to recognize that more and more customers are applying for cards online, the traditional retail channels need to ensure that they can continue servicing customers at the branches. Note 1: The output of the study is illustrative of one customer experience and may not give a true representation of the customer experience in aggregate. Whatever the scenario, finding ultimate meaning in one’s job would greatly contribute to workplace satisfaction. To become a trusted advisor for a client involves moving through the key stages of relationship building. Financial accounting ratios help analyze company’s performance in any given year and through out the years. The stakeholder management includes identification the stakeholders, stakeholder analysis, stakeholder engagement, stakeholder information flow, abiding by agreements, stakeholder debriefing.
Answering these basic business questions will help you develop your company’s business model. Gantt charts are useful project management tools because they conveniently display project tasks against one another.
Distribution channels are important in helping you grow your business and increase your bottom line. The Channel Marketing Plan Maker Template for Excel is a worksheet specially designed for creating a marketing strategy to maximize business distribution channels. This Channel Marketing Plan Maker Template is a free Excel template to help you determine the best route to take for your marketing activities.
This spreadsheet is also designed to allow you, or other channel managers, to organize tasks and create detailed sub-tasks so you can easily filter through the information that you need to view or present.
Another feature of this template is the built-in Gantt Chart that will allow you to create a visual presentation of your project status as it progresses through time.

Unlike most free Office templates that give you a generic marketing plan template and therefore take time to customize, this template has a specific purpose that you can easily fill out with the right information and instantly generate reports and data. In this worksheet, the Planned Dates and Actual Dates for each of the project tasks in the marketing plan will show the costs and durations to allow you to create projections and create an overall reasonable and effective plan. Your marketing strategy is therefore a set of rules which direct what you do to promote and sell your products or services. It is high risk in that it is usually a high cost strategy which medium to large sized established companies use in order to continue to grow the business. You could visualize it almost like a pyramid with your overall business aims and objectives at the bottom.
Your marketing mix is very simple, it consists of your what product you are going to sell, what price you are going to sell it at and where you are going to sell it. The process takes a lot of time, money, and effort, so it’s essential to have a plan in place before you even begin. Your marketing strategy will be influenced by the values and goals outlined in your mission statement. This was done to examine the banking experience free of additional customer volume interruption and possible teller fatigue following a long shift.
As soon as the information desk representative became available she approached the customer and offered her help.Upon the request to outline BMO credit card options, the teller did not ask any questions and proceeded to provide a brochure. This could include being more upfront with advice and being more familiar with the credit card brochures. This includes presence of knowledgeable employees and relevant information such as well-designed hardcopies of brochures.
Having a job: A lot of people draw satisfaction, a sense of pride and security from having a job in the first place.
Having job security: This is another quite basic aspect that means LACK of constant threat of being fired.
Identifying your distribution channels will help you to more effectively market your product or service. Using this channel marketing plan template will help you create professional and comprehensive plans to secure the most revenue-generating and most efficient channels of distribution. It allows you to quantify information to create thoughtful, sensible and rational decisions for your company.
This is a helpful component in marketing plans as well as in business plans to show exactly how certain objectives will be achieved through action plans and detailed tasks. This can be achieved by finding new customers or getting your current customers to buy more of your product, instead of your competitor’s product.
Once this is established, you can write a marketing plan, which is the detail of the specific marketing activities you are going to take action in order to achieve your business aims and objectives. A detailed marketing plan will help define what you want to accomplish with your business as well as put on the correct path to make it happen. Take into consideration your audience’s age, location, gender and other demographics. The 5 major Canadian retail banks were compared: TD Canada Trust, RBC Royal Bank, Scotiabank, CIBC and BMO.
When asked to outline the credit card options, the teller provided limited and somewhat disorganized information. When the customer inquired about the credit card offerings, the teller asked the customer which bank she currently banked with and whether she had any other credit cards, but did not inquire about the customer’s purposed for the card. As in the case of RBC Royal Bank, the teller presented a brochure that she used to explain the various credit card options. When the customer inquired about card offerings with the teller, the welcoming representative approached the customer from the back with a brochure and explained the service offerings. Like at other banks, this teller failed to circle the card choices she recommended to the customer.

Brochures were helpful in providing the information, however they were also somewhat confusing due to an overwhelming amount of information and available choices. To boost credit card sales, tellers could benefit from a streamlined process for assessing and segmenting customer needs. Narrowing the choices down with the help from the teller would lead to higher sale penetration and better overall client experience.
These distribution channels may include dealer, retail, sales representatives, direct selling, online, distributor or wholesale, and many more. This will then guide you as you go about fulfilling your more general organizational goals. The template also helps give you your road map for your marketing deliverables, channel strategy, tasks and accountable personnel, cost, duration, and summaries of every phase of every project. This will help you see your progress as you go and keep you from becoming overwhelmed by the big picture. To eliminate possible differences resulting from customer service at different areas, all the branches visited were in close proximity to one another. She did, however, briefly inquire about the customer needs by asking what was the customer’s current bank, whether the customer was a frequent traveller and what would the primary use of the card be. The teller had to solicit help from other associates and left the customer waiting at the desk for some time, which also held up the line.
The teller then presented a brochure, but did not go into detail regarding which card better suited the customer’s needs. The customer felt that the teller was displaying inattentiveness to customer’s needs by repeatedly mentioning the travel card, even after the customer stated that she was not a frequent traveller.
It was a bit confusing why she did this considering the customer was already being serviced by the teller.
However, in comparison to TD Canada Trust, BMO representative was more clear in outlining those more suitable options.
Another related framework is The Pig a metaphor that shows that everyone sees the pig differently, the butcher, the piglet, the farmer, the environmentalist and the store owner, etc.
After the information was finally printed, the teller handed it to the customer but failed to comprehensively outline the most popular credit card options.
She did not try to cross-sell or really push any products and did not display much enthusiasm in satisfying customer’s needs. However, CIBC personnel was enthusiastic to address the customer’s card needs and asked questions.
Again, the customer did not feel that the representative was trying to cross-sell or push the product. Furthermore, the printed credit card table was partially cut off and in non-legible format (i.e. The teller offered to make an appointment with a financial advisor, who would assist in the card sign up process. Once customer preferences and needs are identified, the teller would then align their recommendations with the most suitable credit card product.
The information given to the customer was quite thorough and the service was very friendly. The teller failed to narrow down the customer’s choices based on the preferences the customer has communicated.
More specifically, the customer has asked teller to circle the 2-3 preferred card offerings for customer to consider at a later point.

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