It has been a grueling month, and many apologies to those of you who read regularly, however Arena Stage has now officially relocated to its temporary offices in Arlington, VA and the groundbreaking for the Mead Center for American Theater is being held this Wednesday. I think I am finally starting to get a little comfortable, and am ready to start writing again. Thank God I finally figured out how to use our new phone system.
Many of you are probably wondering how our PURL (personalized URL) campaign went. I will go into more details in a later post, but the PURLs worked out great. Each of our subscribers were given a personalized website that they logged into which provided them step-by-step directions from their house to the new theatre, restaurant discounts, interactive seating map showing them the location of their new seats, and other important information. Our subscribers really loved it. However, I do have one word of caution: it seems the rather new technology doesn't seem to play well with Macintosh computers. I am happy to report that we have had less than 1/2 of 1 percent of our subscribers ask for a refund, and that the last two weeks have had the highest grossing sales so far in our fiscal year.
The real story of today's post comes from my friends at the Repertory Theatre of St. Louis (specifically Lory Bowman, Director of Marketing and Brad Graham, Public Relations Manager). I have known Lory for several years, and recently had the pleasure of meeting Brad Graham when I spoke at an event for the St. Louis Regional Arts Commission. Every now and then I take a look at their website to see what they are up to, and this last time I found something really interesting. We all know that word of mouth marketing gets exponentially better if you provide your advocates the right tools to spread the word. Well at the Rep, they have a page that allows you to spread the word about a particular production via Facebook, MySpace, Yahoo!, Google, and email all with just the simple click of your mouse. Check it out here: http://www.repstl.org/season/share/765/.
I promptly emailed Lory and told her that I thought the idea was genius, and asked if I could copy it. Here is our version: http://www.arenastage.org/about/news/ella-friend.shtml.
Thank you to Lory, Brad and the Rep for establishing the page. I am very grateful for the wonderful relationships that I have developed as I have traveled around, and this instance has reminded me of one of my favorite quotes:
"If I have seen a little further it is by standing on the shoulders of Giants." -- Isaac Newton, 1676
Monday, January 28, 2008
Customer Loyalty
I have another real-life example of a fantastic marketing program that went terribly wrong! It is not specific to banking, but the lesson can certainly translate well to our industry.
My husband and I married in a small ceremony in October of 2006. With only a few family and friends in attendance, we opted NOT to have a wedding-party but to have a wedding party instead...what I mean is, no bridesmaids/groomsmen but invite everyone to our house for a party in lieu of a rehearsal dinner...hence a wedding party!
The same weekend of the party, a new wine and specialty beer store opened very close to our home...let's call it DJ's for the sake of keeping things coherent! Since we were providing the food and beverage for the wedding party, we thought we would go to DJ's to get some unique "Colorado" beer and a few bottles of wine. We were very excited to learn that they had a "customer rewards" program in which we would earn points for every purchase we make and the points can be redeemed for a percentage off a purchase (in accordance with Colorado state liquor laws, of course!). We purchased everything for the party from DJ's and continued to purchase special gifts, decanters, wine aerators, and all kinds of specialty beer and wine from them over the course of the next year.
At one point, we had earned more points than any other customer enrolled in the program! We were really excited...and each time we entered the store we asked about redeeming the points, and got the same response for a year..."we haven't formalized the program yet, but you will be the fist to know when we do!" UGH!!!
In October of 2007 I discovered a fabulous Sauvignon Blanc called Pomelo. I asked the owner of DJ's (and several other stores) if they carried it and the result was a resounding, "No." However, DJ's and one other store (called DaveCo, and that's not a made up name whereas DJ's is!!) offered to order it for me...I should also mention that while this wine was a bit harder to find, it was scored more than 80 points in Wine Spectator Magazine and was named a "great buy of 2007."
So, the owner of DJ's said they would order it for me, but I would have to pay, in advance, for the entire case of wine (retail would be roughly $120). It would take me MONTHS to drink 12 bottles of wine and I didn't want to spend $120 on wine (at least not all at once!!). The other store, DaveCo, is a bit out of the way and more of a warehouse and less of a specialty shop, offered to not only order the wine for me, but continue to stock it for as long as people would buy it...without requiring me to buy anything!!!
So, what's the lesson to learn? There are a few:
1. If you establish a customer loyalty program, make sure it is well-developed with a clearly articulated reward for loyalty. And don't launch until the plan is complete!
2. If your most loyal customer asks for something, make every effort possible to make it happen. Even if that means it may cost you a $120 (however, I am sure wholesale is less than retail) today, the benefits in the long run will FAR OUTWEIGH the costs.
3. When you lose your best customer they will likely tell everyone they know about the bad experience with you and how great it was from the competition.
My husband and I have not shopped at DJ's since the Pomelo incident as it has come to be known in my house. And it is worth noting that this particular bottle of wine made a great hostess gift for 3 holiday parties, 4 bottles were consumed during our family Christmas Eve and Day celebrations, one for our New Year's Day chili and football party, and four were given as gifts to friends who share our love of wine. That adds up to a full case purchased throughout the months of October, November and December. Not to mention the other wines we have purchased over the same period of time for two birthday celebrations, and three "date nights" with my husband. That is a a significant chunk of lost revenue for DJ's, but I am sure DaveCo LOVES us!!!
Lesson(s) learned!
Jenna
My husband and I married in a small ceremony in October of 2006. With only a few family and friends in attendance, we opted NOT to have a wedding-party but to have a wedding party instead...what I mean is, no bridesmaids/groomsmen but invite everyone to our house for a party in lieu of a rehearsal dinner...hence a wedding party!
The same weekend of the party, a new wine and specialty beer store opened very close to our home...let's call it DJ's for the sake of keeping things coherent! Since we were providing the food and beverage for the wedding party, we thought we would go to DJ's to get some unique "Colorado" beer and a few bottles of wine. We were very excited to learn that they had a "customer rewards" program in which we would earn points for every purchase we make and the points can be redeemed for a percentage off a purchase (in accordance with Colorado state liquor laws, of course!). We purchased everything for the party from DJ's and continued to purchase special gifts, decanters, wine aerators, and all kinds of specialty beer and wine from them over the course of the next year.
At one point, we had earned more points than any other customer enrolled in the program! We were really excited...and each time we entered the store we asked about redeeming the points, and got the same response for a year..."we haven't formalized the program yet, but you will be the fist to know when we do!" UGH!!!
In October of 2007 I discovered a fabulous Sauvignon Blanc called Pomelo. I asked the owner of DJ's (and several other stores) if they carried it and the result was a resounding, "No." However, DJ's and one other store (called DaveCo, and that's not a made up name whereas DJ's is!!) offered to order it for me...I should also mention that while this wine was a bit harder to find, it was scored more than 80 points in Wine Spectator Magazine and was named a "great buy of 2007."
So, the owner of DJ's said they would order it for me, but I would have to pay, in advance, for the entire case of wine (retail would be roughly $120). It would take me MONTHS to drink 12 bottles of wine and I didn't want to spend $120 on wine (at least not all at once!!). The other store, DaveCo, is a bit out of the way and more of a warehouse and less of a specialty shop, offered to not only order the wine for me, but continue to stock it for as long as people would buy it...without requiring me to buy anything!!!
So, what's the lesson to learn? There are a few:
1. If you establish a customer loyalty program, make sure it is well-developed with a clearly articulated reward for loyalty. And don't launch until the plan is complete!
2. If your most loyal customer asks for something, make every effort possible to make it happen. Even if that means it may cost you a $120 (however, I am sure wholesale is less than retail) today, the benefits in the long run will FAR OUTWEIGH the costs.
3. When you lose your best customer they will likely tell everyone they know about the bad experience with you and how great it was from the competition.
My husband and I have not shopped at DJ's since the Pomelo incident as it has come to be known in my house. And it is worth noting that this particular bottle of wine made a great hostess gift for 3 holiday parties, 4 bottles were consumed during our family Christmas Eve and Day celebrations, one for our New Year's Day chili and football party, and four were given as gifts to friends who share our love of wine. That adds up to a full case purchased throughout the months of October, November and December. Not to mention the other wines we have purchased over the same period of time for two birthday celebrations, and three "date nights" with my husband. That is a a significant chunk of lost revenue for DJ's, but I am sure DaveCo LOVES us!!!
Lesson(s) learned!
Jenna
Tuesday, January 22, 2008
Marketing Lessons from American Idol
I was watching the first round auditions for American Idol last week with my wife … wondering why so many people voluntarily spend up to 4 hours of their week to watch mostly-talentless people embarrass themselves on national television. When I realized that there are a few lessons in this rubbish for us marketers.
Lesson 1: No Costumes … EVER: Some of these fools wear costumes into their auditions to try to stand out from the crowd. In reality, all it does is amplify their lack of talent and no one takes them seriously.
For marketers, we definitely want to stand out from the crowd … just remember that all of your promotions and “stunts” reflect on your overall brand image and integrity.
Lesson 2: No Dancing: I don’t watch regularly, but I know enough to understand that American Idol is a SINGING competition. Why do so many people throw poorly choreographed dancing into the audition.
We need to stick with what we do best … stay focused … and know your limits. If you’re the city’s best lender – capitalize on it. If no one knows your towns small businesses like you do – make it more profitable. When you try to be all things to all people, often the message … and more importantly, the service … is diluted.
Lesson 3: Know Your Audience: When Randy, Paula and Simon are looking for is the next great POP star. Stepping up to sing “Tip toe through the Tulips” or “My Din-A-Ling” will not qualify you for the actual competition.
What is YOUR audience looking for? Understand their unique needs and have the financial solutions and products to help them meet those needs. Don’t just push Autoi Loans because it’s spring time.
Lesson 4: Be Consistent: The only way for these kids to become the next American Idol is to be on top their game every week. We need to do the same … at every branch … on every phone call … with every employee. Remind your staff that THEY are on stage and that their performance will affect whether the customer votes you in or out this week.
By just remembering a few simple rules, you too can be A-Marketing Idol.
Lesson 1: No Costumes … EVER: Some of these fools wear costumes into their auditions to try to stand out from the crowd. In reality, all it does is amplify their lack of talent and no one takes them seriously.
For marketers, we definitely want to stand out from the crowd … just remember that all of your promotions and “stunts” reflect on your overall brand image and integrity.
Lesson 2: No Dancing: I don’t watch regularly, but I know enough to understand that American Idol is a SINGING competition. Why do so many people throw poorly choreographed dancing into the audition.
We need to stick with what we do best … stay focused … and know your limits. If you’re the city’s best lender – capitalize on it. If no one knows your towns small businesses like you do – make it more profitable. When you try to be all things to all people, often the message … and more importantly, the service … is diluted.
Lesson 3: Know Your Audience: When Randy, Paula and Simon are looking for is the next great POP star. Stepping up to sing “Tip toe through the Tulips” or “My Din-A-Ling” will not qualify you for the actual competition.
What is YOUR audience looking for? Understand their unique needs and have the financial solutions and products to help them meet those needs. Don’t just push Autoi Loans because it’s spring time.
Lesson 4: Be Consistent: The only way for these kids to become the next American Idol is to be on top their game every week. We need to do the same … at every branch … on every phone call … with every employee. Remind your staff that THEY are on stage and that their performance will affect whether the customer votes you in or out this week.
By just remembering a few simple rules, you too can be A-Marketing Idol.
If you have more lessons learned from American Idol or any other pop-culture phenomenon, please post them in the "Comments" section.
Think 2015
OK....
Its snowing, windy, cold, and really cold (...did I say cold?) and I am 3 days away from going to Puerto Vallarta for a much needed vacation and break!!!
So...I need to Blog for some warmth. Let's get some conversation going to stir some activity!
As I sat down in my office this morning and logged into my computer, MSN popped up with a shot of the universe, UFO and black holes. Interesting stuff! It started me thinking and BIG ideas and that led me to think about BIG ideas for banking....at least how I may see them.
Let' think big....to start, My thoughts for the year 2015:
Its snowing, windy, cold, and really cold (...did I say cold?) and I am 3 days away from going to Puerto Vallarta for a much needed vacation and break!!!
So...I need to Blog for some warmth. Let's get some conversation going to stir some activity!
As I sat down in my office this morning and logged into my computer, MSN popped up with a shot of the universe, UFO and black holes. Interesting stuff! It started me thinking and BIG ideas and that led me to think about BIG ideas for banking....at least how I may see them.
Let' think big....to start, My thoughts for the year 2015:
- Customers will have ONE universal card from their bank for access to all their funds (checking, savings, investments, mortgage, 401K, etc.) and will allow online access and activity from the card
- The ONE device everyone will have will be a "Communicator", ala Star Trek that can communicate regardless of device with anyone and we will have a universal communications platform
- The largest bank in the world will be a Chinese bank
- The rest of the top 5 will be US Banks that have hybrid names of those we know now (Citi/Bank America, JP Morgan WAMU, Merrill Lynch Wachovia)
- Community banks will continue to thrive
- We will have MORE banks than we have today
- Customers will STILL visit the bank, on average 3-4 times a month
Give me back your thoughts...and your ideas for 2015!
Cheers!
Bruce
Monday, January 14, 2008
Channel Surfing
Happy Monday!
So, I had a major revelation over the weekend. It was a stream of consciousness that I am going to try and articulate to you...hopefully it will make some sense!!
I have XM radio in my car and listen while I am at work as well. I have 10 stations programmed in and chronically switch between them depending on my mood and the task at hand. I recently switched to The Blend...It would not be unreasonable to call it the Michael Bolton/Billy Joel/Adult Contemporary station. I like it...most of the time! I am also a BIG James Taylor fan and he fits well into The Blend lineup. However, imagine my surprise when I heard a remake of "Fire and Rain" by Kenny "Babyface" Edmonds. Maybe I have been hiding under a rock, but I thought Babyface exited the scene with the introduction of the new millennium...guess not. But good for him for making an effort to rebrand...hopefully he has a bit more success than PuffDaddy/SeanPuffy/PDiddy/Diddy or whatever his name is now/Combs.
That's when I came to the conclusion that some things just shouldn't be duplicated, copied, remade or otherwise changed. My husband pointed out to me that for a few weeks I was listening to Christmas music and didn't seem to mind the fact that there are only 10 songs performed by 200 different people...rendering my opinion useless.
So is it true that some things shouldn't be duplicated? Maybe. But more importantly, I am recalling the ABA Marketing Conference in Baltimore where a speaker said, "I don't want to be first, but I certainly don't want to be third either."
I can ramble for days trying to make the point...so let's cut to the chase...No new product will be perfect. Some of the bigger banks in the market have more resources and can afford the occasional product failure. We don't have that luxury. That's why sometimes it is OK to be second...learn from someone else's mistakes (or successes). Being second also gives us the chance to take what THEY did and make it better...In my opinion, second is a great place to be. Third means you are prepared to give the best share of the market to the guys who came in first and second.
Be an innovator, be a leader, be content to be second to launch...But don't settle for third. Or to use my music analogy...Did you know that Otis Redding first released "Respect" in 1965 and it was remade by Aretha Franklin in 1967? That's a great example of why it is OK to go second!
Have a great week :)
Jenna
So, I had a major revelation over the weekend. It was a stream of consciousness that I am going to try and articulate to you...hopefully it will make some sense!!
I have XM radio in my car and listen while I am at work as well. I have 10 stations programmed in and chronically switch between them depending on my mood and the task at hand. I recently switched to The Blend...It would not be unreasonable to call it the Michael Bolton/Billy Joel/Adult Contemporary station. I like it...most of the time! I am also a BIG James Taylor fan and he fits well into The Blend lineup. However, imagine my surprise when I heard a remake of "Fire and Rain" by Kenny "Babyface" Edmonds. Maybe I have been hiding under a rock, but I thought Babyface exited the scene with the introduction of the new millennium...guess not. But good for him for making an effort to rebrand...hopefully he has a bit more success than PuffDaddy/SeanPuffy/PDiddy/Diddy or whatever his name is now/Combs.
That's when I came to the conclusion that some things just shouldn't be duplicated, copied, remade or otherwise changed. My husband pointed out to me that for a few weeks I was listening to Christmas music and didn't seem to mind the fact that there are only 10 songs performed by 200 different people...rendering my opinion useless.
So is it true that some things shouldn't be duplicated? Maybe. But more importantly, I am recalling the ABA Marketing Conference in Baltimore where a speaker said, "I don't want to be first, but I certainly don't want to be third either."
I can ramble for days trying to make the point...so let's cut to the chase...No new product will be perfect. Some of the bigger banks in the market have more resources and can afford the occasional product failure. We don't have that luxury. That's why sometimes it is OK to be second...learn from someone else's mistakes (or successes). Being second also gives us the chance to take what THEY did and make it better...In my opinion, second is a great place to be. Third means you are prepared to give the best share of the market to the guys who came in first and second.
Be an innovator, be a leader, be content to be second to launch...But don't settle for third. Or to use my music analogy...Did you know that Otis Redding first released "Respect" in 1965 and it was remade by Aretha Franklin in 1967? That's a great example of why it is OK to go second!
Have a great week :)
Jenna
Friday, January 11, 2008
Wrap it up with a brand
Happy Friday! It's been a great week filled with new ideas and strategies to get me well into the first quarter of this new year! I have just a few final thoughts for you today...
First, I want to remind you that this is all about giving your customers and your potential customers a compelling reason to listen to your message while merely hearing the competition. Is it your offer, your brand, your new product, your amazingly involved CEO? Without knowing your situation I can only say that this is for you to decide and that "excellent customer service" is not a differentiator or compelling reason to listen...everyone claims to have excellent customer service! Just remember that when you communicate your compelling message it must be customized and targeted to the right audience (remember Ron Howard?) otherwise it will be lost in the noise of the marketplace.
Second, when you have your customers in your bank, strike up a conversation! Ask questions that will get to the root of their (financial) problems and help them find a solution (read: switch all of their accounts to you).
Third, give your customers a reason to stay. Entirely too many banking decisions are made out of ambivalence...The perception is that switching banks is hard, and we all know that perception is reality. Customers and non customers alike have not been given a compelling reason to either switch or stay...hence the ambivalence. Find a way to give your customers a compelling reason for both staying and switching everything else over to you.
And finally on this beautiful Friday morning, read another blog. I wanted to talk more about branding this morning, but I think "Customer Experience Matters" has communicated the message so clearly that you need to take a read! Click here for the link!
Have a great weekend :)
Jenna
First, I want to remind you that this is all about giving your customers and your potential customers a compelling reason to listen to your message while merely hearing the competition. Is it your offer, your brand, your new product, your amazingly involved CEO? Without knowing your situation I can only say that this is for you to decide and that "excellent customer service" is not a differentiator or compelling reason to listen...everyone claims to have excellent customer service! Just remember that when you communicate your compelling message it must be customized and targeted to the right audience (remember Ron Howard?) otherwise it will be lost in the noise of the marketplace.
Second, when you have your customers in your bank, strike up a conversation! Ask questions that will get to the root of their (financial) problems and help them find a solution (read: switch all of their accounts to you).
Third, give your customers a reason to stay. Entirely too many banking decisions are made out of ambivalence...The perception is that switching banks is hard, and we all know that perception is reality. Customers and non customers alike have not been given a compelling reason to either switch or stay...hence the ambivalence. Find a way to give your customers a compelling reason for both staying and switching everything else over to you.
And finally on this beautiful Friday morning, read another blog. I wanted to talk more about branding this morning, but I think "Customer Experience Matters" has communicated the message so clearly that you need to take a read! Click here for the link!
Have a great weekend :)
Jenna
Thursday, January 10, 2008
Who is Ron Howard?
Seriously! Is he Opie Taylor, Richie Cunningham or an award-winning Director? While all of the above are true statements, Each living generation will think of him differently. I am an X-er and think of Richie. When I ask my parents the same questions, they more closely align with Opie Taylor...any guesses as to why? Yup, they are Boomers. So if my husband were to turn to me and say, "Good golly, I can't believe I just paid a nickel for a Coke." I would probably laugh myself to death! It doesn't fit.
Here's the point. What's good for the goose is not always good for the gander. Today, the lion's share of your customer base are aging Boomers who are planning for retirement...if they haven't retired already! Their children are the X-ers and the occasional Gen-Y. These generations do not communicate in the same way or with the same words. Remember my blog on Christmas Eve when my mom asked what a Blog is...that's the point.
You can't expect the younger generations to bank with you because their parents and grandparents did. They are mobile, technologically savvy and will go where they feel comfortable...often taking advice from a friend, teacher or coworker. You need to find ways to reach out to them. Mobile banking is a great example, and I don't mean your courier service...I mean the bank-by-text brilliant invention. I have already signed up...just one more reason that I am REALLY faithful to my bank. I have peace of mind knowing that (because I don't own a check book or check register...I do it ALL online) that when I am in Ann Taylor, I can instantaneously determine whether or not I should get the really great shoes to go with my new suit.
With the new year will come new messages to communicate. My challenge to you is to find a new and creative ways to communicate them. When you issue a press release...maybe you should think about blogging it. Set up an account Facebook or MySpace or one of the bazillion other social networks. Keep it specific to the bank. Have you given any thought to a Podcast. Did you know they are not exclusive to iTunes or Apple? There are credit unions out there that are very successfully educating the younger generations about the Credit Union Difference via MySpace and Podcasting. Go to myspace.com and search for "Credit Union" or "Bank" and see what kind of results you get. Google for "banking podcast." I think you will be amazed!
Generational marketing (or at least the appreciation of the generational gaps) can be your best friend...or also your worst retention enemy. Give it a try!
TTYL
(that's "talk to you later" in text-speak)
Jenna
Wednesday, January 9, 2008
Share of wallet vs. Share of market
Here we are on day three of the 5 day blog and you already have extra words of wisdom from Bruce...the guru of Bank Marketing (and my mentor/boss!!!)! What a great week this is :)
So, we have established the fact that the average American consumer does business with more than 10 financial institutions. So let's add another statistic to the mix...The average rate of attrition (customers leaving your bank) is 14.6% annually. So, if you know that your customers are banking all over the place and that 14.6% of them will leave the bank, what are you doing to either capture that business, or put a lock on your back door?
Measuring your Market Share on the FDIC website is great if your main purpose is to see how your deposit base stacks up against the other banks in your geographic footprint. But what that won't tell you is how many of your customers have HUGE deposit accounts at State Farm Bank or any other online depository. I know of a bank in New England that has generated a significant deposit base through strictly an online promotion, paying a great rate (last I knew it was nearly 4% APY) and operating it as a Money Market Account. Did your customers make a deposit? How do you know?
That's the difference between share of market and share of wallet. Most of your customers have a need for more or new accounts. Are you having conversations with them to determine their needs, or do you determine their needs when they come to you and tell you about them? If you wait for them to come to you, you are missing the boat on tremendous opportunities.
Think about implementing a switch kit for all new customers...at a minimum you will learn that either a.) they have accounts elsewhere that they don't want to move or b.) they have accounts elsewhere that they are ready to move. Either way, you win. If option "a" is the answer, you now have a great chance to WOW your new customer into switching. If the answer is "b" then you are already a step ahead.
Good luck :) And a final thought for you: Minimizing your attrition by 1% can add nearly 17% back on your bottom line.
Happy customer retention!!
Jenna
So, we have established the fact that the average American consumer does business with more than 10 financial institutions. So let's add another statistic to the mix...The average rate of attrition (customers leaving your bank) is 14.6% annually. So, if you know that your customers are banking all over the place and that 14.6% of them will leave the bank, what are you doing to either capture that business, or put a lock on your back door?
Measuring your Market Share on the FDIC website is great if your main purpose is to see how your deposit base stacks up against the other banks in your geographic footprint. But what that won't tell you is how many of your customers have HUGE deposit accounts at State Farm Bank or any other online depository. I know of a bank in New England that has generated a significant deposit base through strictly an online promotion, paying a great rate (last I knew it was nearly 4% APY) and operating it as a Money Market Account. Did your customers make a deposit? How do you know?
That's the difference between share of market and share of wallet. Most of your customers have a need for more or new accounts. Are you having conversations with them to determine their needs, or do you determine their needs when they come to you and tell you about them? If you wait for them to come to you, you are missing the boat on tremendous opportunities.
Think about implementing a switch kit for all new customers...at a minimum you will learn that either a.) they have accounts elsewhere that they don't want to move or b.) they have accounts elsewhere that they are ready to move. Either way, you win. If option "a" is the answer, you now have a great chance to WOW your new customer into switching. If the answer is "b" then you are already a step ahead.
Good luck :) And a final thought for you: Minimizing your attrition by 1% can add nearly 17% back on your bottom line.
Happy customer retention!!
Jenna
The Bottled Water Affect
Good morning...
As I was sitting this morning eating my "heart healthy" bowl of Special K cereal sitting next to my 8-year old little girl, I had an inspiration....all based on a bottle of water.
Think for a moment of the impact of bottled water. From the innocent beginnings of a creative genious that decided to sell bottled water and fast forwarding to today....where the largest beverage companies of the world have staked their business models on bottled water and various flavored varieties.
The core idea: taking a very basic commodity and creating value and tangible desire.
The value and tangible desire of bottled water? Portability and the assurance of available, clean refreshment wherever you go.
The inspiration for me...creating trial for our bank clients for their commodity products through a news "lens" of looking. We are in the midst of creating a "new lens" for the looking glass we will give our bank clients' customers...we want them to see banking in a whole new light of VALUE and TANGIBLE desire.
Stay tuned....
This is going to be exciting!
Cheers!
Bruce
As I was sitting this morning eating my "heart healthy" bowl of Special K cereal sitting next to my 8-year old little girl, I had an inspiration....all based on a bottle of water.
Think for a moment of the impact of bottled water. From the innocent beginnings of a creative genious that decided to sell bottled water and fast forwarding to today....where the largest beverage companies of the world have staked their business models on bottled water and various flavored varieties.
The core idea: taking a very basic commodity and creating value and tangible desire.
The value and tangible desire of bottled water? Portability and the assurance of available, clean refreshment wherever you go.
The inspiration for me...creating trial for our bank clients for their commodity products through a news "lens" of looking. We are in the midst of creating a "new lens" for the looking glass we will give our bank clients' customers...we want them to see banking in a whole new light of VALUE and TANGIBLE desire.
Stay tuned....
This is going to be exciting!
Cheers!
Bruce
Tuesday, January 8, 2008
Dolby Digital Surround Sound Marketing
Well, have you given any of this any thought? How do you overcome so much noise in the marketplace? Sorry, no universal remote for this one! Here are your options in a solution and conclusion format:
1. Solution: Talk louder than everyone else.
Conclusion: All the other banks will follow suit rendering your efforts useless.
2. Solution: Attract customers will really cool toasters or something.
Conclusion: Seriously? Do I really need to address this? If so, I have two words for you...JUST DON'T.
3. Solution: Talk to your existing customers, not louder, but better!
Conclusion: Now we're talking (pun intended!). Your customers want to listen to you and your message. They have already determined that they like you. Consider them to be on their third date with you. How should you treat someone you really liked on a date? Would you maybe step up the restaurant a little? Maybe ditch the Corner Bakery and take them to Rioja (my favorite downtown Denver establishment...Google it if you are curious!). What I am saying here is that with a little finesse, and a little extra effort, you can probably make your customers fall in love with you. We all know that it is so much harder to say goodbye when you are in love!
4. Solution: Ask your customer for a referral and reward them accordingly.
Conclusion: This is a MUST! Birds of a feather flock together. Once your customers are in love, they will tell the world about you. If they think they get a perk for doing so, watch out! You may have to open your doors 8 days a week to keep up with all the demand!
So thinking about a few minor changes you can make at your institution...what can you do better to make your customers fall in love with you? How can you ask your best customers for a referral and reward them for it (keeping in mind that the reward must be something of value to them and toasters and Coleman coolers aren't going to cut it.)?
Each market, each institution, each customer is a little different. There are no clear cut answers and if there were, I would share them with you now! Just sit back and think about it. Often times it is only a small change in the way you communicate and the words you use that can make all the difference in the world!
Tomorrow we will talk about gaining a greater share of the wallet!
Happy Tuesday :)
Jenna
1. Solution: Talk louder than everyone else.
Conclusion: All the other banks will follow suit rendering your efforts useless.
2. Solution: Attract customers will really cool toasters or something.
Conclusion: Seriously? Do I really need to address this? If so, I have two words for you...JUST DON'T.
3. Solution: Talk to your existing customers, not louder, but better!
Conclusion: Now we're talking (pun intended!). Your customers want to listen to you and your message. They have already determined that they like you. Consider them to be on their third date with you. How should you treat someone you really liked on a date? Would you maybe step up the restaurant a little? Maybe ditch the Corner Bakery and take them to Rioja (my favorite downtown Denver establishment...Google it if you are curious!). What I am saying here is that with a little finesse, and a little extra effort, you can probably make your customers fall in love with you. We all know that it is so much harder to say goodbye when you are in love!
4. Solution: Ask your customer for a referral and reward them accordingly.
Conclusion: This is a MUST! Birds of a feather flock together. Once your customers are in love, they will tell the world about you. If they think they get a perk for doing so, watch out! You may have to open your doors 8 days a week to keep up with all the demand!
So thinking about a few minor changes you can make at your institution...what can you do better to make your customers fall in love with you? How can you ask your best customers for a referral and reward them for it (keeping in mind that the reward must be something of value to them and toasters and Coleman coolers aren't going to cut it.)?
Each market, each institution, each customer is a little different. There are no clear cut answers and if there were, I would share them with you now! Just sit back and think about it. Often times it is only a small change in the way you communicate and the words you use that can make all the difference in the world!
Tomorrow we will talk about gaining a greater share of the wallet!
Happy Tuesday :)
Jenna
Monday, January 7, 2008
Who are your best customers?
So, who are they? Your best customers are the customers you already have!! No rocket science in that one! And yes, I know that (to paraphrase George Orwell's "Animal Farm") all customers are created equal, some more equal than others.
Confused? Let me clarify. Your VERY best customers are the most profitable ones. Be nice to them...OK, be nice to ALL of your customers, but be extra nice to the profitable ones. Go the extra mile for all of your customers, but go 10 miles for the most profitable!
Tracking customer profitability can be a full time job without the assistance of technology such as an MCIF. However, I would also argue that your best customers are the ones you already have. The banking marketplace is crowded and noisy. The average American consumer makes financial decisions with more than 10 financial institutions. You aren't competing only with the bank down the street anymore. You are competing with State Farm Bank, Ameriprise Financial, and a whole host of other non-traditional banking companies. Here's a newsflash for you: Your customers are hearing their messages...But are they listening?
I know you all know the difference between hearing and listening. We usually only truly listen when we are given a compelling reason to do so...otherwise it is just background noise.
I could go on and on about how to fix this problem, but to give you the best list, it will take days...so, I am going to let it! From now through Friday I am going to post a blog that will help you better understand how to overcome the noise in the marketplace, gain a greater share of wallet and put a cap on your attrition!
So, here's what you should do today: Determine which customers are at risk of listening to the competition's message. Remember, customers only listen to the messages when they are given a compelling reason to do so...are you the compelling reason?
Consider this an aerobic workout for your brain this fine Monday morning. And remember, it may hurt during the workout, but nobody has ever left the gym thinking, "I wish I hadn't done that."
Remember to breathe!
Jenna
Confused? Let me clarify. Your VERY best customers are the most profitable ones. Be nice to them...OK, be nice to ALL of your customers, but be extra nice to the profitable ones. Go the extra mile for all of your customers, but go 10 miles for the most profitable!
Tracking customer profitability can be a full time job without the assistance of technology such as an MCIF. However, I would also argue that your best customers are the ones you already have. The banking marketplace is crowded and noisy. The average American consumer makes financial decisions with more than 10 financial institutions. You aren't competing only with the bank down the street anymore. You are competing with State Farm Bank, Ameriprise Financial, and a whole host of other non-traditional banking companies. Here's a newsflash for you: Your customers are hearing their messages...But are they listening?
I know you all know the difference between hearing and listening. We usually only truly listen when we are given a compelling reason to do so...otherwise it is just background noise.
I could go on and on about how to fix this problem, but to give you the best list, it will take days...so, I am going to let it! From now through Friday I am going to post a blog that will help you better understand how to overcome the noise in the marketplace, gain a greater share of wallet and put a cap on your attrition!
So, here's what you should do today: Determine which customers are at risk of listening to the competition's message. Remember, customers only listen to the messages when they are given a compelling reason to do so...are you the compelling reason?
Consider this an aerobic workout for your brain this fine Monday morning. And remember, it may hurt during the workout, but nobody has ever left the gym thinking, "I wish I hadn't done that."
Remember to breathe!
Jenna
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