I have been in a deep-dive considering how risk management practices and policies should change in financial services. Clearly, the old assumptions are no longer valid. Here are three papers for consideration.
The first are questions board directors should be asking (or any executive managing within financial services). The second places emphasis on insights on credit liquidity and what that might mean going forward. Last, but not least, is the executive summary from the Counterpolicy Risk Management Group about containing systemic risk. The full report can be downloaded here.
Happy risk mitigating!
by Rick on February 27, 2010
There were quite a few provocative talks at Kellogg Innovation Network’s Customer Experience conference this year. Ted Wright of Fizz gave us some interesting “word of mouth” marketing insights:
- 76% of people don’t believe companies tell the truth in advertising
- 68% trust other people “like themselves”.
- 92% cite WOM as the best source for product ideas.
- A personal contact referral is 57% very convincing (independent reviews at 36%).
Ted then discussed work they did with the American Dairy Association to apply Word of Mouth marketing to increase milk sales. To make a long story short, Fizz identified an untapped segment – teenagers – and created a word of mouth program through key influencers – football coaches – based on a piece of research – chocolate milk is the best post exercise recovery drink – and the rest is history.
OK, maybe it sounded too good, but wait! Last week I was chatting with an associate and I mentioned I was feeling a bit peckish. He then says, “You should try chocolate milk, after all research shows it’s the best post recovery drink…” My eyeballs popped out and I asked where did you hear that? Answer: From my Health Club instructor who heard it from…
Later that day I was running errands with DW, aka the artist, and we were in a bead shop. At the front of the shop were several women around a table taking a bead class. One of them was a small business owner and she started talking about how helpful PNC Bank had been in helping her lower her costs with a new small business thing. It sounded to me like they helped her lower the cost of payroll through the QuickBooks software – which she loved – and handled all her back office transactions. Before you know it she had “sold” the package to the store owner and 2 of the other women at the table.
Hmmm… maybe you need some Fizz in your marketing?
The first are questions board directors should be asking (or any executive managing within financial services). The second places emphasis on insights on credit liquidity and what that might mean going forward. Last, but not least, is the executive summary from the Counterpolicy Risk Management Group about containing systemic risk. The full report can be downloaded here.