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As mentioned earlier, Peoples Bank, based in Connecticut, uses its web site as a key channel for reaching individuals, business customers, and prospects. Not only can customers e-mail the bank with questions, they can click on a link to have a bank representative call them with further information or choose another link if they want to chat online. In addition, prospects can open new accounts online, print out and fax account applications, and even order printed checks with a few keystrokes. Now the company has expanded its financial services offerings by adding insurance products for consumers and businesses.
Visit the Peoples Web site (www.peoples.com). After looking at the home page, follow the link to read about Online Services and click for a demonstration of People's Online. Next, follow the Insurance link and dig deeper by clicking on Auto, Home, and Other Personal Insurance.
How would you describe the channel positioning of People's Bank?
What is People's unique selling proposition (USP) OR unique value proposition?
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This solution explains the channel positioning of People's Bank (peoples.com), as well as People's unique selling proposition (USP) and/or unique value proposition.
Please refer to response attached, which is also presented below. I hope this helps and take care.
1. How would you describe the channel positioning of People's Bank?
Channel positioning works by "owning" distribution channels, which creates barriers of entry to competitors. The "channel captain" is usually the one with the most bargaining power and dictates terms. Carefully selecting channels helps create a powerful position.
I would describe People's Banks' channel positioning as an intensive multi-faceted distribution, which gives it the competitive advantage. For example, the People's Bank has ...
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