Be engaging. That's it. It doesn't sound challenging, does it...especially for a marketing person. Generally speaking, we are the most engaging of human kind! So what's the news here you ask? Great question, let's dig in!
As a marketer, you need to understand all areas of the institution, its issues, challenges and successes. Once you understand these elements, you can better articulate your marketing strategy and put yourself in the drivers seat of change.
Engage your CFO. The CFO has an endless supply of knowledge that can help you in your efforts. Become best friends if necessary, but leverage their knowledge and be recognized as an agent of change and a catalyst to get things done in the bank.
Engage the staff. If you don't take the time to communicate with them (and get their endorsement) why should they take the time to embrace your strategies. While you may be the leader, leaders alone don't win battles...you need all of the troops. Seek their involvement, detail how their position and input impacts the overall bank and the marketing efforts. Everyone loves to feel as though they are a part of something bigger.
That's it. It's not rocket science, but sometimes we all need a little reminder that we are not in this alone and that engaging the key players around us can set us up for great success!
Check back on Monday for step 2!
Be extraordinary today, and have a great weekend!
Jenna
Friday, August 15, 2008
Wednesday, August 13, 2008
Department vs. Culture
As a passionate bank marketer, I believe that one of our primary career goals should be to shift the mindset of the bank from having a "marketing department" to having a "marketing philosophy."
Departments are great for WalMart, Target and even JC Penney. But is a department good enough for Nordstrom? When you ask for help in many department stores, you receive directions to the "department" that can help you. At Nordstrom, if you are in the shoe department and ask for help with a neck tie, not only do they walk you over to the tie department, they stay with you until a neck tie specialist is available to help you.
So how on earth does this relate to banking and marketing? You know your institution has embraced the marketing philosophy when you hear your teammates using works like "we," "us," and "our" as opposed to "they," "them" and "their." When staff members begin to think of the bank as one cohesive team and realize that the only objective is to serve the customer, great things will happen. There will be no more "that's not my department." And rarely will you hear "you have to see someone in that department to do what you are asking of me." Sales will be less of a job requirement and more of a natural instinct.
Your role as a marketer is to be an agent of change. With a constantly shifting economy and customer base, a marketer has to set the tone and lead the charge. So how do you do this? For some of you it will be a challenge, but for others, it will be second nature.
According to Nick Vaglio and Bruce Clapp, in their book, "Shift Happens: The New Age of Bank Marketing" there are four elements to becoming an agent of change:
1. Engaging
2. Listening
3. Empowering
4. Communicating
Our next several blogs will help you embrace these elements, be an agent of change, and witness your staff shift their mindset from the perception of having a marketing department to the reality of having a marketing philosophy.
And don't worry...several blogs does not necessarily translate into several weeks. Today is Wednesday, look for more on Friday!
Do something extraordinary today!
Jenna
Departments are great for WalMart, Target and even JC Penney. But is a department good enough for Nordstrom? When you ask for help in many department stores, you receive directions to the "department" that can help you. At Nordstrom, if you are in the shoe department and ask for help with a neck tie, not only do they walk you over to the tie department, they stay with you until a neck tie specialist is available to help you.
So how on earth does this relate to banking and marketing? You know your institution has embraced the marketing philosophy when you hear your teammates using works like "we," "us," and "our" as opposed to "they," "them" and "their." When staff members begin to think of the bank as one cohesive team and realize that the only objective is to serve the customer, great things will happen. There will be no more "that's not my department." And rarely will you hear "you have to see someone in that department to do what you are asking of me." Sales will be less of a job requirement and more of a natural instinct.
Your role as a marketer is to be an agent of change. With a constantly shifting economy and customer base, a marketer has to set the tone and lead the charge. So how do you do this? For some of you it will be a challenge, but for others, it will be second nature.
According to Nick Vaglio and Bruce Clapp, in their book, "Shift Happens: The New Age of Bank Marketing" there are four elements to becoming an agent of change:
1. Engaging
2. Listening
3. Empowering
4. Communicating
Our next several blogs will help you embrace these elements, be an agent of change, and witness your staff shift their mindset from the perception of having a marketing department to the reality of having a marketing philosophy.
And don't worry...several blogs does not necessarily translate into several weeks. Today is Wednesday, look for more on Friday!
Do something extraordinary today!
Jenna
Thursday, August 7, 2008
Relevancy Failure: The Shift is Happening
Once upon a time, every town had a bank. And the bank served its customers who made deposits, wrote a couple of checks and maybe had a mortgage. The End.
When I was a kid, I called those days, "The Olden Days." As an adult and passionate marketer, I call those days, "The Irrelevant Days." Relevancy is subjective in that what is relevant to my grandmother is not relevant to my parents and what is relevant to my parents is not relevant to me.
I don't want to get on my Generational Marketing Soapbox again...you all have heard about it and it is in your hands whether or not your bank chooses to embrace the knowledge and take action. So let's talk about relevancy and how the shift has happened.
Nick Vaglio and Bruce Clapp, in their book, "Shift Happens: The New Age of Bank Marketing," talk about customer advocacy and how banks are losing their advocates at alarming rates because of their failure to remain relevant to those customers. Advocacy doesn't come from one demographic...it encompasses ALL generations, races, religions, and any other qualifier you care to throw in the mix. Baby boomers cannot be viewed as one homogeneous group. People aged between 44 and 62 have VERY different needs.
I have a good friend (Jen) who is 45 with a 16 year old son who sports a mohawk. My dad is 62 and has a countdown to retirement calendar on his desktop. Technically, they are both baby boomers. Do you really think you can market effectively to the "boomer group" if you lump them into one category?
EVERYONE is looking for the institution that is in tune with their lifestyle. My dad wants an institution that will help him manage his money and provide income direction post-retirement...a "banker" that understands his lifestyle and can help him maintain his standard of living. Jen, on the other hand, wants convenience. A bank that is quick, fast and efficient, allows unlimited debit card usage and maybe an easy way to save for not just her future, but her son's as well.
Can you do both? If you can't, you're in trouble. And don't forget the youth segment (those kiddos between 18 and 25) who are 30% of the US population, spend about $200 billion per year and have a say in household decisions. Oh, and in the next 10 years they will reach an income of $3.48 TRILLION putting them light years ahead of the Baby Boomers.
Can your bank afford to NOT be relevant? Read the book...it will help, I promise. And if you can't afford the book, email me (jrowland@marketmatch.com) because in my opinion, you can't afford to NOT not be relevant.
Make today an extraordinary RELEVANT day!
Jenna
When I was a kid, I called those days, "The Olden Days." As an adult and passionate marketer, I call those days, "The Irrelevant Days." Relevancy is subjective in that what is relevant to my grandmother is not relevant to my parents and what is relevant to my parents is not relevant to me.
I don't want to get on my Generational Marketing Soapbox again...you all have heard about it and it is in your hands whether or not your bank chooses to embrace the knowledge and take action. So let's talk about relevancy and how the shift has happened.
Nick Vaglio and Bruce Clapp, in their book, "Shift Happens: The New Age of Bank Marketing," talk about customer advocacy and how banks are losing their advocates at alarming rates because of their failure to remain relevant to those customers. Advocacy doesn't come from one demographic...it encompasses ALL generations, races, religions, and any other qualifier you care to throw in the mix. Baby boomers cannot be viewed as one homogeneous group. People aged between 44 and 62 have VERY different needs.
I have a good friend (Jen) who is 45 with a 16 year old son who sports a mohawk. My dad is 62 and has a countdown to retirement calendar on his desktop. Technically, they are both baby boomers. Do you really think you can market effectively to the "boomer group" if you lump them into one category?
EVERYONE is looking for the institution that is in tune with their lifestyle. My dad wants an institution that will help him manage his money and provide income direction post-retirement...a "banker" that understands his lifestyle and can help him maintain his standard of living. Jen, on the other hand, wants convenience. A bank that is quick, fast and efficient, allows unlimited debit card usage and maybe an easy way to save for not just her future, but her son's as well.
Can you do both? If you can't, you're in trouble. And don't forget the youth segment (those kiddos between 18 and 25) who are 30% of the US population, spend about $200 billion per year and have a say in household decisions. Oh, and in the next 10 years they will reach an income of $3.48 TRILLION putting them light years ahead of the Baby Boomers.
Can your bank afford to NOT be relevant? Read the book...it will help, I promise. And if you can't afford the book, email me (jrowland@marketmatch.com) because in my opinion, you can't afford to NOT not be relevant.
Make today an extraordinary RELEVANT day!
Jenna
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