Introduction
The financial services marketing course was an opportunity to work on my skills and behavior. Class experiences, seminars, and lectures each brought something new to the table. Additionally, project work, group work, and other external interactions caused me to challenge my way of thinking, learning, and solving problems.
Learning from the study of financial services marketing
This course has sharpened my problem-solving skills. In some of the course work, it was necessary to use these skills in order to answer questions. For instance, when studying situation analysis for financial service providers, it was necessary to examine how an institution operates and some of the strengths and weaknesses of the organization. To identify these areas, one needed to think about the reasons behind the company’s processes.
It was also necessary to analyze the customers, managers, conventional employees, and corporate partners (Klink, & Athaide 2004). Even the research process involved in doing course projects has sharpened my problem-solving skills. Some of the research questions could not be found in the lecture notes. Therefore, I needed to apply a lot of ingenuity in order to get solutions. On occasion, there was plenty of information to carry out the investigation, but in other scenarios, one had to make do with minimal resources. This meant forming links between keywords and improvising with the available information.
I have since developed a three-prolonged approach to marketing research. First, I evaluate the available information. Secondly, I examine the different avenues that organizations can utilize it. Thirdly, I employ different techniques to analyze the information. The systematic approach will be quite useful in organizational market research.
Most of the course content has taught me how to integrate and contextualize material. An effective marketing strategy for a financial services firm must incorporate theories, current practices, and other elements of design, execution, and organization (Ennew & Waite 2007). In order to create a workable marketing plan for a bank, one requires contextualization of knowledge learned throughout the course. For instance subjects such as product reposition, market share, delivery of banking services all have to be integrated into the creation of the ultimate promotional campaign. Therefore, one must consider contextual factors carefully before implementing a new program.
Group work significantly assisted me in sharpening my communication skills. During our discussions, it was not possible to listen to every team member concerning a project issue; therefore, only those with something valuable to say got the chance to speak. This taught me to think about economizing my words and only speaking when I was going to add value. Additionally, when we were coming up with material to make the final report, only the most relevant and content-rich suggestions would be selected. This thinking is now quite relevant in the way I communicate. Instead of merely trying to get people’s attention, I have learned to focus on making an impact using what I say.
Aside from the group sessions, the course also assisted me in appreciating the value of new technology. Social media websites were a perfect place to initiate discussions and start debates on course material. I would also use the same platform to understand how certain banks are redefining their marketing strategies. This same approach became relevant in my life. I have found that new communication technologies are essential in reaching a vast number of people and that there is real power in these tools (Sarel & Marmorstein 2003).
The financial services marketing course has caused me to become goal-oriented. At the end of every assignment, I had to hand in my work and wait for a grade. Additionally, my whole performance in the course will depend on the input that I made throughout each challenge. I have found that being goal-oriented is imperative in ensuring proper outcomes. Sometimes lecture notes would contain a lot of material that was not examinable. In these scenarios, I preferred to use previous exam questions to determine some of the areas of focus. The approach assisted me in culling out information and delivering results when it mattered. This focused approach has made me quite conscious of goals. Before embarking on a task, I will determine why I need to perform it and decide on the most relevant areas of focus.
My approach to learning has also changed dramatically owing to this course. I now appreciate the contributions that different intellectuals made to the field of financial marketing. All the journal articles and professional documents available on this subject have taught me that there is no end to learning. Writers are publishing new material, and only those with intellectual curiosity can keep up with the latest developments. I have learned how to appreciate marketing thought, especially from those who have spent so many years studying the discipline.
Business to business marketing was a powerful concept that I learned from this course. Financial service providers often depend on corporate clients for a large portion of their income (Vargo & Lusch 2004). Therefore, learning about business to business marketing caused me to appreciate the value of attracting corporate clients. These skills are quite useful in managerial positions as company profitability highly depends on an institution’s ability to seize and maintain large-scale clients.
Cross-functional coordination is also another skill that I have learned from the course. The material in the lectures and seminars differed slightly from group work. Additionally, the environment and stakeholders involved in these platforms were quite different. I learned that the marketing domain can be expanded to include a series of other traditional approaches that others may not consider. In this regard, one must look at course material holistically.
Overly, the course has taught me about the relevance of understanding consumer needs. A financial service provider can only grow if the organization meets the needs of its buyers (Eisingerich & Bell 2006). One must conduct marketing in a way that either leads to the acquisition of new clients or to the growth of the current consumer base. I have learned how to apply marketing concepts in the creation of a marketing plan. This is critical in making effective public relations campaigns, promotional strategies, as well as other types of marketing strategies.
My approach to learning has also changed because no marketing function is ever complete without the use of interdisciplinary perspectives. In the course, we learned about the usefulness of psychology, cultural studies, economics, and many other aspects involved in marketing messages. It was enthralling to know that one’s social class, generation, culture, and life course affiliation temper the purchasing decision. I have now learned that a good marketer is one who understands the motivations behind consumer behavior (Lee 2002). It is not enough to listen to what a small number of consumers in a survey are saying.
One must analyze trends and patterns in a manner that provides a holistic view of the buyer. The interdisciplinary approach has taught me that human behavior is quite complex, and one must not contend with the technical aspects of marketing alone.
How learning and skills will help my future employability
I believe these skills will be imperative in my future career as a marketer. I will be able to analyze the dynamics in my organization and thus determine the reason behind their performance. I believe that such problem-solving skills will be imperative when working with difficult clients, under minimal supervision. They will also come in handy when diagnosing problems in the workplace and rectifying them.
Sometimes it may be necessary to create new job practices so it will be necessary to use problem-solving skills in order to make those changes. As a problem-solver, I would be quite useful to my organization because I would spare my supervisors from having to micromanage. Additionally, if these skills are a reflection of what goes in the rest of the organization, then the company would not require complicated bureaucratic structures. Furthermore, I will be able to prioritize information and thus use my time to apply my skills resourcefully (Peter et. al. 2009.
Contextualization skills will be imperative in my future career as a marketer because they will facilitate effective job performance. With the advent of social media and online streaming of organizational data, it is now possible for trends to change in a matter of seconds. In this era of frequent data flow, a marketer requires contextualization skills to determine the most critical bits of information that will affect the marketing function (Jukka 2005). One has to cull out irrelevant numbers and focus on the ones that have a strategic value.
Communication skills will have a direct impact on my marketing carer because I will focus on content rather than expenditure when doing a campaign. When conducting a promotion, I will emphasize content before attention-seeking. It is likely that people will want to listen to an advertisement if it has something valuable to say. An aesthetically pleasing promotion would only attract viewers but would not be sufficient to keep them (Zeithaml 2008). In the future, I will exploit new communication tools to perform my job assignments. The power of video sharing and viral promotions cannot be underestimated. I plan on harnessing these new outlets in order to create higher output.
The goal-oriented approach will be quite useful in different aspects of my career. For instance, when creating an advertisement, I will focus on a targeted approach. The intended audience will determine the roadmap for the marketing strategy. I will use this strategy to present the message and decide whether emotional, attitudinal, or behavioral tactics will be the most effective approach for the concerned group.
My appreciation of intellectual knowledge will assist me in becoming a continuous learner at my place of employment. As mentioned before, information at the workplace is ever-changing. Therefore, only those who commit deeply to continuous learning can keep up with these changes. Furthermore, the attitude will boost my career development goals as I will always be thinking of new ways of training or modifying my knowledge. This will not only assist me in competing with other employees in the organization but will lead to greater competitiveness within my organization. I will become an asset that frequently dwells on developing myself and thus building the institution.
Business to business marketing concepts will be quite relevant in my future career. When I climb the organizational hierarchy, I will be responsible for revenue growth generation. Business to business marketing will be crucial to success in these positions. Most marketing executives have to think about the large-scale effects of their actions (Hoffman & Bateson 2011). Alternatively, if I choose to go the entrepreneurial route, then it will be essential to apply this approach to growing the company. The course has provided me with proven theoretical approaches to business development in entrepreneurship as well as in management.
Analytical, operational, and performance outcomes are all imperative in conducting a sound marketing strategy. Therefore, if someone has a cross-functional approach to the marketing function, then this will substantially increase one’s perspective. A marketing manager must expand his understanding of the marketing function. The person must work with others from different domains (Berger et. al. 2000). I believe that the case analyses, student group assignments, term papers, and lectures assisted me to work across various environments and I thus developed a holistic view of my job.
The knowledge about interdisciplinary perspectives in human behavior will be useful in doing multicultural marketing, brand management, and advertising in a more effective way. I will use the cultural and psychological knowledge I learned from the course to become a better employee in any of these professions. Therefore, it is likely that I will yield results in whichever marketing job I will have.
Conclusion
This course has sharpened my communication and problem-solving skills through greater contextualization of information and goal orientation. I have appreciated others’ intellectual contributions and will thus commit to continuous learning. Furthermore, I have learned the benefits of working in cross-functional teams as well as the relevance of interdisciplinary focus. These concepts have improved my employability and job prospects.
References
Berger, A, Demsetz, R & Strahan, P 2000, ‘The consolidation of the financial services industry: Causes, consequences and implications for the future’, Journal of Banking and Finance, vol. 23 no. 2, pp. 135-194.
Eisingerich, A & Bell, S 2006, ‘Relationship marketing in the financial services industry: the importance of customer education, participations and problem management for customer loyalty’, Journal of Financial Services Marketing, vol. 10 no. 4, pp. 86-97.
Ennew, C & Waite, N 2007, Financial services marketing, Butterworth-Heinnemann, Burlington, MA.
Hoffman, D. & Bateson, J 2011, Services marketing: Concepts, strategies and cases, South Western Cengage, Mason, Ohio.
Jukka, R 2005, ‘Mobile banking: A powerful new marketing and CRM tool for financial services companies all over Europe’, Journal of Financial Services Marketing, vol. 10 no. 1, pp. 11-20.
Klink, R & Athaide, G 2004, ‘Implementing service learning in the principles of marketing course’, Journal of Marketing Education, vol. 26 no. 2, pp. 145-153.
Lee, J 2002, ‘A key to marketing financial services: the right mix of products, services, channels and customers’, Journal of Services Marketing, vol. 16 no 3, pp. 238 – 258.
Peter, C, Verhoef, Peter, S, Leeflang, H 2009, ‘Understanding the Marketing Department’s Influence Within the Firm’, Journal of Marketing, vol. 73 No. 2, pp. 14-37.
Sarel, D & Marmorstein, H 2003, ‘Mobile online banking services: The voice of the customer’, Journal of Financial Services, vol. 8 no. 3, pp. 106-118.
Vargo, S & Lusch, R 2004, ‘Evolving to a new dominant logic for marketing’, Journal of Marketing, vol. 68 no. 1, pp. 1-17.
Zeithaml, V 2008, Services marketing management, Lavpisier, Paris.