Selling Experiences and Dreams

Retail Delivery '04 wrap-up:
Most prestigious show on the earth know about happenings in banking technology was held and concluded recently. Pick up the latest by clicking on the image above to visit for more photos and interesting product announcement.

Most important part was the Wrap Up by Management guru Tom Peters closed out Thursday’s General Session with a series of amusing anecdotes and stories designed to underscore some important lessons for retail bankers. Peters, whose most recent book is entitled Re-imagine! Business Excellence in a Disruptive Age, said companies that “can’t compete with China on cost and Wal-Mart on price” (which includes about everyone) need to focus on adding value. And one of the best ways to do that, Peters said, is to market experiences and dreams to customers. As examples of companies that have been able to do that successfully, Peters cited Starbucks, Harley Davidson, and Ritz Carlton. Interestingly, New Jersey’s Commerce Bancorp was one of the few financial services companies that met Peters’ criteria for excellence. Peters also made the point that bank marketers need to focus more of their attention on female customers, since women tend to make most of the important purchase decisions in American households.