Authors: Kelly, Donald and Ayala, Maria
Summary
As described in this report, community credit needs, market needs, market opportunity and good business overlap in at least four areas: retail storefront lending and industrial development lending, home improvement lending and mortgage lending for current residents. With the exception of commercial and industrial lending, Drovers’ market share to date in these areas has been minimal. However, substantial opportunities exist in all of these areas through development of more competitive products, a strong marketing strategy and innovative cost-cutting partnerships. As Drovers Bank experienced with past community lending efforts, the mere offering of a product is not sufficient to assure its use. Whether it is home improvement lending, mortgage lending, commercial lending or consumer lending, a competitive environment requires a competitive product, aggressiveness, initiative, and expenditure of advertising dollars. Marketing and advertising is especially important when the targeted market is latent and needs to be motivated and educated as is the case with some of the recommendations made in this report.
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