Outside-in and not inside-out: A small case study
Look at this a new angle. A bank is trying to cross-sell most of its products to high-valued customers and has failed miserably. Its employees are over-worked and have a low-morale; bottom line has taken a hit; and the company is thinking to shed some weight. In this case, what is the non-traditional approach that this bank Bank Co. should take?
Here are some ten steps that the bank can see to boost its bottom line:
- Involve customers in decision-making abilities, and also during the product launch for a new geography. This may sound odd, but working with this idea definitely can work wonders.
- Listen to the employees and customers; lend them an ear to all the small petty things happening around the bank.
- Make carrots fitted to actual efforts, process of result orientation and results rather than results alone, and mark appraisals based mostly on the process to get the results.
- Referral schemes earning the customers and employees a bonus scheme based on the cash deposit and initial product signed by the new customers.
- Diverse portfolios based on needs, geographies and demographics; but launch one idea in one geography first depending on the concept launched.
- Try and test products on small groups to see the change, and then modify the results.
- Please remember that money alone cannot buy happiness, employees are always a top priority; one needs to pamper them in small amounts in necessary.
- Make life easy for customers by making a room for smaller adjustments by saving their time, resources and patience.
- Involve in a unique way of identifying Bank Co.; be is CSR or running an NGO, or even devote a day’s salary to the immediate lower rung to be shared; the lower most for the society- the whole idea being a top-down approach to a baksish towards your juniors.
- Steady and stabilize your core offerings first; but do not miss out on alternative investments at all.
I believe that this will actually allow some space for Bank Co. to work towards the outside in synchronization, rather than inside-in, where Bank Co. actually propagates its offerings orally.