Disruption in the Market Strategy – Take Advantage of Changes in Your Market

Did you know… in 2019 there were more than 1,200 branch closures?

Another branch closing or changing names gives a great opportunity to increase brand awareness during this disruption in the market. This is the perfect time to use marketing analytics to focus your efforts on the areas with the highest propensity to be customers of this competitor and provide the products they are most likely to need.

The key to any disruption program is to be proactive and be on alert for when opportunities are coming. There could be several reasons for change in the market, and knowing ahead of time so that you can plan your communication strategy. Many times, these opportunities need to be acted on quickly or the opportunity is missed. Market disruption is the best time to put your financial institution’s name in front of these potential customers and provide options in a time of uncertainty. There may be other digital options for consumers to stay with an institution that is closing a branch, but many still prefer a bank that is “local” to where they live/work.

Situations for a Disruptor Communication Campaign:
• Relocations
• Name Changes
• Closings
• Mergers & Acquisitions

Successful Results
Every campaign and branch closure situation will have different variables, but the combination of timing (being out in front of a branch closure) along with the market analysis has been a successful combination for our clients. A most recently tracked disruption campaign results showed 84% of the new accounts coming from the focus area based on a competitor’s closing branch. With ongoing branch closures, mergers, and relocations coming in 2020, we look forward to talking with you about WordCom’s Disruption in the Market Strategy.