Magazine article Marketing


Magazine article Marketing


Article excerpt

Karan Douglas, managing director, Richardson Europe, London W1

Training is key to Coutts' allure

'Will ads harm Coutts' allure of exclusivity?' (Marketing, September 13). Whatever the answer, advertising may be a costly exercise unless prospective clients' expectations are met by Coutts' response. Can Coutts' private bankers succeed in selling their range of services to prospects?

Institutions such as Coutts, which trade on their discretion, are not often comfortable with the idea of selling; private bankers are traditionally sales-reluctant.

Today's highly competitive banking environment makes it difficult to differentiate private banking on product alone. Coutts' distinction has always been its exclusive client base, which it is clearly looking to broaden.

What the advertising seeks to do is to differentiate on the basis of Coutts' people, which is correct.

What Coutts must do, now that it has 'gone public' as it were, is to support the advertising with appropriately trained people.

It will need a team of relationship managers with strong consultative sales skills to deal with the hoped-for new enquiries and to cross-sell its full range of services to existing clients.

Staff will need to be trained in the seemingly impossible task of maintaining discretion while meeting what are, in effect, sales targets.

Coutts also needs to make sure the 'dream team' it advertises and that represents the Coutts value proposition, holds together in reality.

Teams have to learn how to work together and team skills need to be taught if the sales response is to offer the seamless delivery proposed in the ads.

Direct mail needs an overhaul all right -- in the language it uses

Steve Morris, senior partner, Burton Morris, London w5

I read with interest the article on direct mail requiring a creative over-hall (Marketing, September 27).

I couldn't agree more, but I think the whole emphasis of the piece is wrong.

More creativity in direct mail would be good. It would certainly relieve some of the tedium of the stuff I receive through my letter box.

But the real problem with direct mail is far more basic. …

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