Harnessing the team

Direct marketing is now considered a standard operating procedure at most major banks. In the past, this strategy was used only occasionally in launching specific promotions to target customers. Banks are now using direct marketing channels to make savvy sales pitches to attract their rivals' most profitable customers. To succeed in this area, bank managers must develop the necessary skills, such as data analysis to generate leads and promote the development of new products and services, and marketing through telephone or direct mail. The challenge facing bank managers is to improve their direct marketing efforts by creating teamwork. There must be greater coordination among data analysts, product developers and sales personnel.