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Keywords
Banking, Product positioning, Services
Abstract
County Community Bank (CCB), the largest community bank in the state of Mississippi, built its success in the regional business market through relationship marketing and a high-touch approach. However, by the mid-1990s, CCB management began to believe that its image as "a small town bank" would be detrimental to future success. To be better aligned with new national competition, an image change was undertaken whereby the bank shifted its competitive advantage to include the area of technology, eventually becoming one of the most technologically aggressive banks in the state, and even the region. Had CCB become too product-driven in its business-to-business marketing decisions, or were they still customer-driven? Had the changes resulted in the intended outcomes? Consequently, CCB commissioned a market research study in which current business customers were surveyed. The results of this study are presented. This case ends with discussion questions that will assist in guiding the instructor and students in the interpretation of the research results and, ultimately, in making recommendations to the bank regarding how best to attract and manage business customers.
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Introduction
County Community Bank (CCB)[1] was founded in 1965, and has since grown to become the largest community bank in the state of Mississippi. An emphasis on the regional business market is critical to the success of this community bank. As the bank and its business customers enter the twenty-first century, the management at CCB felt it was time to reflect on its direction. Had recent changes in the bank's business-to-business marketing strategy resulted in the intended outcomes? Or, in retrospect, were these changes ill advised, perhaps, some suggest, even resulting in the alienation of its loyal business customer base?
This case provides an overview of county community bank with emphasis on its efforts to reach the lucrative business market. CCB's marketing approach and positioning strategy, both past and present, are examined. In order to evaluate the effects of changes to the bank's strategy, CCB commissioned a market research study in which current business customers were surveyed. The results of this study are presented. This...