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B8609-001 Marketing of Financial Services Spring 2016, A term Professor Seshadri Professor: Raj Seshadri [email protected] Classes: URI 140, 12:30 – 2:00 pm on Mondays and Wednesdays Wed Jan 27 – Wed. Mar 2 (both inclusive), and Fri Jan 29 First class is Mandatory. Office Hours: After class Class structure: Approximate schedule, may vary: 12:30-12:45 – Announcements and discussion of what we learned last time 12:45-2:00 pm - Content/case for today’s topic or Guest speaker TA Brian Biggins COURSE DESCRIPTION Marketing of financial services is unique in its incredible diversity, strict regulatory requirements and unique challenges, even though many of the foundations of marketing in financial services are similar to marketing in other industries. Marketing and strategy are intimately linked in financial services, as marketing insights drive strategy and strategic aspirations drive marketing. Marketing of financial services can be Business-to-Business or Business-to-Consumer, and in many cases it is both. Marketing often differs in an important way from other financial services functions, in that it is both quantitative and qualitative – it is both creative and analytical. The financial services sector is the set of industries that provide financial products and services to consumers and businesses. Examples include credit cards, payments, merchant services, retail banking deposits and lending, insurance, brokerage, asset management, wealth management, hedge funds etc. Marketing broadly is about developing intelligence and insights about customers, competitors, and the business environment, and then using these to shape the business which includes driving sales, profits, and perception. The overarching goal is to serve customer needs profitably and differentiated from competition. 1 Marketing is a very critical area that drives differentiation and distinctiveness in financial services. Understanding and leveraging customer preferences, perceptions and behavior is of key importance. Segmentation is critical. The availability of information provides for sophistication, yet execution often requires simplicity. Strategic marketing plays an important role during all stages from value proposition development to identifying sources of competitive advantage. Product development, targeting, position and management as well as pricing also involve a regulatory dimension. Translating all this into tactics requires crisp messaging across a wide array of channels including traditional advertising, digital marketing, direct marketing, promotions, collateral, event marketing, product marketing, communications, and media relations. The importance of reputation, particularly since the financial crises and through this economic cycle, makes managing the customer experience and interactions across all sales and service touch points an important element. The role of a brand – its relevance, ability to drive differentiation and loyalty - is different from more traditional consumer businesses. And ability to think globally together with understanding of local differences often matters, as does managing through mergers and acquisitions, given the period of industry consolidation. This class will focus on a combination of interactive case studies, dialog on specific articles, and conversations with guest speakers who work in this area. Students will improve their ability and knowledge of marketing in this sector, and learn about careers in financial services. Students will be assessed based on (1) Case participation and preparedness – with a focus on conduct and quality; (2) A written report and class presentation on a project (on the last day of class) that critically assesses all the facets of marketing for a specific financial institution. B6601 - the first part of the two-part core marketing sequence - is a prerequisite for this course. Course Objectives: The main objectives of this course are to improve your ability to: 1. Assess strategic opportunities in financial services sector by analyzing customers, competitors and the strengths and weaknesses of a company. 2. Design, communicate and defend effective marketing strategies to maximize a company’s chance of success in the markets in which it competes. 3. Understand potential career paths in financial services. 2 COURSE MATERIAL Required Reading The key resources for the course are B8699-001 Readings and Case Packet. Any readings added during the term will be communicated to you in class. STUDENT EVALUATION Case Participation & Preparedness Engagement with Guests in Class 35% 35% Type B Type B Group Assignment 30% Type A These align to the assignment types delineated by the University Type Designation A group / group B group / individual C individual / None of any kind Individual individual An optional category to be defined in detail by the individual faculty member D Discussion of concepts Permitted with designated group Permitted Preparation of submission By the group Individually (No sharing of any portion of the submission) Individually Grade Same grade for each member of the group Individual The school laptop policy will be observed: laptops, cell phones, tablets, and any other wireless devices are prohibited. Please print out whatever you need and bring it to class in order to facilitate discussion. You are expected to conform to the norms of behavior outlined in the Columbia Business School Integrity Code. Any allegation of academic dishonesty will be forwarded to the Office of Student Affairs for investigation. Any case of proven academic dishonesty will result in failure of the course. (1) Case Participation & Preparedness A portion of class time will be devoted to analyzing assigned cases. The case method is one of the most effective means of sharpening your decision-making abilities. A case discussion requires that you be an active participant. The discussion format provides an opportunity to argue for your position and to learn from others by listening to their comments, analysis, and criticism. 3 You will learn the most from the cases if you and your classmates prepare and participate fully. For that reason, your class participation / class preparedness grade will be based on: Attending class and being on time. Being prepared for class which will be necessary to participation. Participating in class. This is the most important element and will be based on your conduct in class and the frequency of quality comments. Sheer quantity is neither sufficient nor necessarily desirable. Quality comments that are rare are not sufficient either. Participation should productively move the dialog forward. Criteria include: Comments that add to our understanding of a case or situation. Comments supported with robust qualitative and/or quantitative reasoning Comments that take into account the comments of your classmates and are relevant to the topic under discussion. (2) Engagement with Guest Speakers This class will give you exposure to successful professionals in financial services marketing. They will speak about what they do, cases they have worked on and their career paths. Note the sequence of speakers will not always align to the sequence of class topics as the scheduling of speakers is based on their calendar and availability. You will be assessed on how you capitalize on this opportunity in the classroom. Always remember that these are our Guests at Columbia and your conduct will shape their impression of our school. Thoughtful listening, comments and questions supported by logical reasoning, and participation that enables the whole class to get as much as possible from the Guest are key areas of focus and assessment (3) Group Assignment The assignment is to be done in groups of 4 to 6 students. For this assignment your group will select a financial services firm. The assignment should include a description of the firm, the market it operates in and the core tenants of its strategy. The assignment should then critically assess the company’s marketing efforts and their link to the company’s strategy across as many dimension of marketing as are applicable. Constructive observations on what they do well and what they could to better/differently will be expected. You can communicate your preferences for being in a group together, but we reserve the right to intervene and reassign you to balance all the groups out. Any group preferences need to be communicated to us by end of class on Wed Feb 10. Final groups will be communicated to everyone by Mon Feb 15. Once these groups are communicated no further changes to group composition will be made. 4 A one page written summary of the company and topics your group has chosen is due in class on Mon Feb 22. Presentations will take place during class on Wed Feb 24 and Wed Mar 2. The final written assignment is due by end of day on Mon Mar 7. It should not exceed 6 pages of text and can also include up to 3 pages of exhibits. All assignments should be typewritten in 12-point font, double-spaced, with one-inch margins. No late submissions will be accepted. Tentative Schedule (subject to change): Regular class time is MW 12:30-2 pm - but not GSB schedule has a class on Fri Jan 29 Class Topic Wed Jan 27 Introduction Fri Jan 29 Centering on the Customer Mon Feb 1 Financial Services Advertising Wed Feb 3 Marketing Consumer Credit Mon Feb 8 Marketing in Retail Banking Required reading Reading – Chapter 3, Marketing Financial Services by Hooman Estelami Case – Schwab & Co., Inc: The “Talk to Chuck” Advertising Campaign Reading – The Customer Has Escaped, HBR 2003 Guest Speaker Guest Speaker Submit group preferences Guest Speaker Case – Merrill Lynch: Integrated Choice Reading – Chapter 8: The Discrete Charms of the CMA, Joseph Nocera, A Piece of the Action Reading – A Logo is Not a Brand, HBR 2011 Groups defined Wed Feb 10 Segmentation, Product, & Pricing Mon Feb 15 Group time Class does not meet. Groups meet for working sessions. Wed Feb 17 The Impact of Technology on Marketers Guest Speaker Case – Citigroup: Re-Branding in 2007 (A) Reading – See Your Brands Through Your Customers Eyes, HBR 2001 Group summary due Mon Feb 22 Branding in Banking 5 Case – Customer Profitability and Customer Relationship Management at RBC Financial Group (Abridged) Reading – Why Fusing Company Identities Can Add Value, HBR 2011 Reading – The Quest for Customer Focus, HBR 2005 Guest Speaker Wed Feb 24 Customer Profitability: Data and Analytics Mon Feb 29 Marketing of Hedge Funds Wed Mar 2 Groups Group Presentations Monday Mar 7 Final Group Written Assignment Due Recommended books (chapters above are required reading, others in the books are optional): Marketing Financial Services by Hooman Estelami A Piece of the Action by Joseph Nocera Additional class (pending time availability): Digital innovation: Man vs. Machine Case – The Vanguard Group in 2015: Celebrating 40 Reading – The Virtual Financial Advisor: Delivering Personalized Advice in the Digital Age, McKinsey, 2015 Reading – Hungry Robo-Advisors Are Eyeing Wealth Management Assets, Morningstar 2015 Reading – DOL Proposes Rule to address conflicts of interest in retirement advice, www.dol.gov/protectyoursavings/FactSheet COI 6