The business economist at work: marketing a specialty - regional economist at First National Bank of Chicago

Business Economics, April, 1995 by Diane Swonk

I held three more press conferences between mid-1990 and late 1991, and started a tradition for the Christmas forecast that continues today. (I actually get calls from reporters in September about our Christmas outlook.) We had tapped a market for regional analysis and wanted to capitalize on that momentum before it disappeared. It was a period of high energy and intensive research. Virtually everything that I did for planning was repackaged and marketed to the press.

OPENING NEW MARKETS

Expanded press coverage and increased visibility within the bank opened new markets for the regional analysis. The regional slant distinguished our analysis from the Wall Street crowd, and our bankers were beginning to see the advantage. Customers were calling, and I was responding. There is a tremendous market for information out there if your customers know that you exist!

Initially, I accepted virtually everything that I was offered. I was doing speeches at a rate of about one a week, and customer calls of about the same. Once again, I was trying capitalize on the momentum created from those first press conferences.

The effort paid off. By early 1991, I had built a loyal and influential customer base, which included both internal and external clients. It was becoming clear to senior managers that First Chicago had something to gain by marketing its own brand of informational expertise in the market place. I was being quoted on a weekly basis and had begun to do regular T.V. interviews on the financial programs in the area. The free air time alone was worth at least a portion of my salary.

THE CORPORATE RESTRUCTURING

In 1991, First Chicago moved to downsize. The economics department, like many across corporate America, was one of the hardest hit. The position of regional economist, however, was spared. In a survey of senior managers, regional analysis was one of the few areas considered necessary to the ongoing efforts of senior planners. I had built a loyal list of internal clients.

The more important list of clients, however, likely came from outside of the bank. I was well known in the local press and had some influential followers. (The Governor of Illinois was included in the list.) Essentially, First Chicago's management thought that regional analysis was important because its customers deemed it important. It helps to be known when restructuring occurs.

With the downsizing, I inherited the responsibilities of those above and below me. The regional forecast was moved to a monthly cycle, and the regional publication was integrated into the publication that we were doing for the nation. Our national and regional analyses were now being reported side-by-side, on a monthly basis. The long-term analysis was shelved, and the short-term forecast for the Midwest was expanded. The Economic Council was disbanded, but we now reported directly to the Chairman's office. Our strategic planning functions continued, albeit in a less formal manner, and our marketing functions were expanded. The regional winners and losers analysis was still updated on an ad hoc basis, but the focus of my job returned to the Midwest. I also, ironically enough, started doing more of the national forecast.