This is very true in the new business paradigm. Customers are now more aware and wary of being traditionally marketed. Inferring one’s worthiness in the market based on size or making self-referential claims of being the best is no longer a viable strategy. In addition to rethinking the historical mindset, banks need to embrace the new e-marketing strategies where Sales and Marketing align better to engage customers based on demonstrated value and trust. Business cannot stand aloof in this new economy. I agree that restoring respect and integrity is the order of the day. Building relationships through conversations with customers in the new electronic marketplace, is where victories over competitors will be fought and won. For instance,more and more people are interacting in the social media space, which increases in sophistication every day. Embracing the new electronic strategies that attract this audience to a brand will positively impact lead generation and lead nurturing programs going forward.

I recently met someone who works at a large insurance firm. Her department is the nexus between sales, marketing and customer service. She recognized that if she could engage better with current customers, that not only would there be increased opportunity for cross-selling, but more opportunity for lead generation through referrals.

It’s relationships that build trust. Listening and responding to customer need and nurturing those relationships will help create the new competitive edge.