Market Analysis - Strategically how to thrive in today's market

 

The new normal for the financial service industry forces bankers to understand their primary service areas (PSA), increased competition, and the changing demographic profiles and business composition in the area. Add to this the evolving demand customers place on service and technology the “proactive” banks will need to stay abreast of changes in the markets they serve.

Senior management needs to change their mindset to focus on recovery, and more strategically how to thrive in the new normal. By becoming aware of the changes in the markets you serve you will be able to create Hyper Focused and Targeted marketing to attract and convert quality leads, design or improve the products offered and differentiate your institution from your competition.

We provide services that can simultaneously increase your reach into your target markets while saving you time and money and improving your efficiency, all grounded on data. Using GIS technology, combined with years of experience, we help you develop a focused view of your markets based on the most current data.

Understand your primary service area (PSA) or trade area, your competition, changing demographics and how these factors impact your target customers.

Understand Your Effective Trade Area and Competition

We offer a comprehensive analysis based on:

  • Target customers and non-customers for both up-sell and cross-sell opportunities - "increase your share of wallet",
  • HMDA and CRA analysis - both deposits and loans
  • Business trends,
  • Trade Area analysis including the new 2020 census tract definitions which have to be understood as they might change the LMI area
  • Definition of the Competition,
  • Business distributions by SIC and Sales Volumes,
  • Deposit trends,
  • Customer Profiles and service utilization for the institution and by branch or location – and more.
  • We integrate your customer account data with enhanced market data into our GIS-based analytics to help you understand customers, where they are located, and changes that are occurring in the market.

    For example, do you know how these changes are affecting your specific markets?:

    Based on the 2020 census, the overall racial and ethnic diversity of the country has increased since 2010, according to U.S. Census Bureau analyses released in January 2022. The most prevalent racial or ethnic group for the United States was the White alone non-Hispanic population at 57.8%. This decreased from 63.7% in 2010. In addition, over the last decade, the nation grew at its slowest rate since the 1930s, a slowdown broadly reflected in local area 2020 Census population counts released earlier this year. Less than half of the nation’s 3,143 counties or equivalents gained population from 2010 to 2020. Population Change

    As the population changes so do the businesses in the communities you serve. Have you addressed the impact on your marketing efforts as a result of the changes in the demographic composition of your market?

    Use our customer data analysis and customized market segmentation to become laser focused for 2022.

    The market diagnostic package includes:
    Population Profiles: Demographic, household, and family characteristics
    Business Profiles: Characteristics of your market's workers and businesses. For a sample overview click here of call for more information.
    Product potential: Define the potential of the market area based on your customer characteristics and the market area characteristics - for deposits or loans
    Distribution System & Network Coverage: Define the natural trade areas for each branch based on the proximity of customers to the branch - for both deposits and loans
    Competitive Study: Analyses of your market's competitive structure and dynamics with key share and share-of-wallet measures highlighted
    Customer Profiles and Market Segmentation: Evaluation of your institution's - specific trends related to household profitability, service and delivery channel usage, cross-sell success and relationship growth For more information on Market Segmentation Click here

    Use our customer data enhancement and customized market segmentation to become laser focused.

    Watch this two minute video about customer data enhancement at the household level.

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    For more information contact Integrated Tracking Systems at email:sbouton@gisbanker.com


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    ITS - Integreted Tracking Systems - All maps and GIS analysis presented in this web site are produced with Maptitude GIS software, by Caliper. Maptitude is the most capable, and least expensive, full-featured mapping software available. Visit Maptitude for more information on their GIS software







    Integrated Tracking Systems - The Leader In Banking Compliance, Marketing, GIS Analysis and Tracking Solutions