As 2018 ends, many of us reflect on their past year and begin to prepare for the next. In preparation for 2019, many follow the annual tradition of creating resolutions to accomplish something or make their lives better in some way. A survey was conducted by offers.com and based on the findings the leading New Year’s resolutions are typically:
- Exercise more / lose weight
- Save money
- Get a new job / hobby
- Make new friends
- Find love
Resolutions are not just for you and I, they are for businesses as well. Businesses should consider making resolutions to help prepare for the next year and improve to better compete in this fast-moving world. Banks and retailers should also take note because the top made resolutions can apply to their business models as well. You might have a quizzical look on your face currently, but just wait for me to connect the dots.
Exercise More / Lose Weight
Banks & Retailers: Be Smaller
Banks and retailers need to “lose weight” and think smaller this next year. Banks need to consider smaller branches that look sleek and attractive, while retailers need to have smaller stores that work better in urban or city centers. By thinking smaller, there are many benefits for these businesses. A few include keeping up with your competition, being where your customers are, reducing your footprint costs to save money and reinvest in other areas of your business.
Banks & Retailers: Find Cost Savings
Finding cost savings for banks and retailers is crucial in 2019. We know costs are rising so by finding ways to save more you can reduce your overhead and redirect funds that went towards other costs and place them in high value areas that will promote your business and increase sales. Some suggestions of where to invest these savings are outlined below.
Banks & Retailers: Expand to new locations and find new channels
Banks and retailers simply need to travel. Financial institutions should consider new strategic locations and revenue channels in customer dense areas to assist their businesses. On the other hand, retailers should expand geographically to locations where they already have an established customer base but also have a large population density of potential new customers.
New Job / Hobby
Banks: Become a community member (From Banker to community member)
Retailers: Open in a shared space
The more visibility a bank or retailer has, the better. In 2019, banks can bridge the gap between banker and community member by getting involved: volunteer at community sponsored events, host community functions at their branch locations, and all in all just be present as active neighborhood members. Along the same lines, retailers have opportunities to open locations in shared retail/community spaces. For instance, one can open a storefront in a shared space that also houses a gym and salon. This will prompt greater visibility and increase sales opportunities because customers can do more in a one-stop-shop space.
Make New Friends
Banks & Retailers: New Customers
Find new friends and customers! Any business no matter the industry always wants to find new customers/ members. Any company can be passive and allow new customers to come to you, but the best initiative is to actively seek out new customers. They can attract these new customers through marketing campaigns, community events and business outreach initiatives.
Banks & Retailers: Build Customer Loyalty
In this very competitive market, helping customers find an unwavering love of your brand is crucial to consistent repeat sales. This love is also known as customer loyalty and is probably one of the most challenging problems to overcome for a business. Customers/ members have many options for financial institutions they can bank with as well as retailers they can shop with, but if a bank or retailer can find the key to customer loyalty it will reap many dividends for the business long term.
Just like each one of us, businesses like banks and retailers need to step up and develop their own resolutions to better themselves in 2019. As 2018 winds down, I strongly recommend you take a few minutes to yourself to reflect on your own aspirations and create resolutions of your own. Wishing you only the best in 2019. Happy New Year!