All of us can be lured by the idea of being everything to everyone—after all, who doesn’t want more friends or customers? The temptation can resonate with some community bankers who worry about losing customers to larger institutions that offer an array of products and services.
However, the result can be scattershot efforts that require time and money, yet fail to gain traction.
Focusing on a niche or several niches can lead to greater success.
EVB, a wholly owned subsidiary of Eastern Virginia Bankshares, Inc., has successfully targeted women entrepreneurs and business owners through its P.O.W.E.R.—Potential of Women Entrepreneurs Realized—initiative. Along with financial products and services, P.O.W.E.R. offers opportunities to connect with other business women through networking events and social media. Podcasts and seminars offer the chance to hear experts discuss marketing, the use of social media, sales strategies, and other subjects that are key to building and growing their businesses.
“It’s an exciting program designed to meet the unique needs of women in business,” said Michelle Hastings Simon, senior vice president and chief marketing officer with EVB, and the catalyst behind the program. Eastern Virginia Bankshares, Inc., a bank holding company with $1.3 billion in assets, operates more than two dozen branches and offices in eastern Virginia.continue reading »