- Deluxe might opt for targeting only those banks that favor printed checks and they might focus on them by giving them extra attention and proper services.
- Customizing their approach and getting personal with the customers by knowing their preferences might solve this issue.
- Waiting for other players in the market to take a step forward and then opting a me-too strategy because the industry is declining and they can’t do anything (Olsen).
Recommended course of action
All the alternatives that are listed above are following the conventional approach, but the second option is the best possible action and it’s following a modernized approach that is in accordance with the preferences of customers. Giving customized checks to customers and valuing them personally would be very beneficial. Transforming your operations from check “printer” to check “retailer” would enhance company’s vision and it would result in more satisfies customers. Deluxe transformed its strategy and presented its concept of Deluxe Select to certain FI’s in the testing phase. Deluxe Select is powered with detailed customer descriptions which include what checks they want, at what price they want it, how they want to be communicated etc. Transforming the entire strategy and moving one step closer to both the direct customer and the primary customers proves to be beneficial for deluxe financial services. They focused in the B2B arena and implement a modern approach. Deluxe arranged a couple of events for its FI customer and named it Knowledge Exchange Series. Thus, by implementing a modernized strategy which integrated both the primary and secondary customers produce staggering results. Deluxe through this transformation earned the reputation of a legend and it might lose the market and would wipe out of the industry but the forward looking approach of its managers help Deluxe top achieve its desired mission.
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