Rabbit Season, Duck Season

“ObamaCare...”

“RomneyCare...”

“We’re growing...”

“The sky is falling...”

Blah, Blah, Blah

We are smack-dab in the middle of the 2012 episode of “Rabbit Season, Duck Season!”

Think about it … no one really knows the truth, there is no compromise and, in the end, you know someone’s going to get their duck bill blown off.

There’s a similar Rabbit Season, Duck Season that’s been playing for years with credit unions and community banks.

In full disclosure, we help both credit unions AND community banks to improve their marketing.  And, aside from some basic, structural and colloquial differences, we are all VERY similar … and VERY concerned about each other.

From one perspective, I get it.  There are roughly 15,000 total banks and credit unions in America.  Of those, about 12,000 are classified as either community banks or credit unions:

• More than 5,000 community banks (Independent Community Bankers of America)
• More than 7,000 credit unions (Callahans’ Peer-to-Peer)

From a sheer numbers perspective, there is a lot to be concerned about.

However, combined, credit unions and community banks only hold about 15% of all assets in the US:

• $1.2 trillion for community banks (Independent Community Bankers of America)
• $963 billion for credit unions (Callahans’ Peer-to-Peer)

While the “Big 4” banks alone: Bank of America, Citi, Chase and Wells Fargo hold 39% of consumer deposits. (Federal Reserve System)

So, today’s discussion … do we spend time and budget resources fighting for 15% of a market against a competitor who’s VERY similar to us, or do we position ourselves against the big, “impersonal” Goliaths and try to get a slice of the larger pie?

The answer, as always, will differ from market-to-market:

• Who has the market share?  Review the FDIC and NCUA deposit data and see who your market is banking with.
•  Are there growth trends?  Is there a mid-level payer who is building branches, increasing online access and making waves in your market?
• Measure awareness.  With a quick phone survey, you can understand who your market thinks of when they think of banking.  Are you in the top 3?
• What’s the marketing activity?  We will never have the total marketing budget of Wells Fargo or Bank of America, but what are the competitors doing in YOUR neighborhood?  If Chase is dropping a huge media buy in your market, you need to consider how to compete against it – or to simply ignore it and focus elsewhere.

In the end, you have to pick your battles and you’ll ultimately have to steal business to grow.  Who has the member/customer-base that you want?  Which one or two institutions should you position yourself against?

As community-centric institutions, credit unions and community banks will ALWAYS have a story to tell compared to the big-banks.

With more than 115,000 visits worldwide, we hope that you enjoy this blog.  If you find it helpful, please share it with your colleagues.  Also, check out our YouTube Channel for short video blogs.  

We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too.  Contact us to see how.

MarketMatch is also a nationally and internationally requested speaker.  Contact us to bring our marketing ideas to your next conference.

Here are the conferences where you can find MarketMatch.

-------------------------------------------------------------------------------

MarketMatch is a marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest  MOMENTUM and prove the best RESULTS with our written ROI Guarantee.

See our story here. (click)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848

Can Marketing Really Be This Easy?!?

Alternate Blog Title ... "3 is a Magic Number"

The average day in the life of a financial marketer (the way many people see us):

• Get the newsletter written
• Plan a customer appreciation day
•  Build a float for the parade

Is this time well spent?  The answers may vary.

A friend in Maryland made me aware of a great article on The Financial Brand titled, Marketing’s (Only) Three Challenges, written by Ron Shevlin.

Ron’s Take

There are three – and only three – challenges that Marketing faces:

•  Acquiring the right customers
• Retaining the right customers
• Growing the relationship with the right customers

Everything is related to one of these three challenges. 

I purposefully did not label the challenges with numbers, because the priorities may differ based on your institution’s current performance and business objectives.  But that’s it.  That’s all you have to do.  It’s that easy!

Alright, so you could argue that the newsletter builds relationships and Customer Appreciation Day helps retention and the Parade Float drives acquisition.  Again, is this time well spent?  It all comes down to resources and priorities…

The MarketMatch Client Mantra

There are a thousand things you COULD be doing … 

what are the 3 things you SHOULD be doing?

Resources

We all have limited resources. And it is very likely that, for your department, time is at a higher premium than even your limited budget.  Since you only have so many hours in a day and so many dollars in your GL, you need to focus on priorities and make a strategic decision to let some things simply not get done.

Prioritize

1. You should have a business plan to work from.  Of your Business Objectives, what is mandatory?  In short, if your institution only accomplishes 3 things this year – what should those 3 things be?
2. In order to accomplish those 3 Business Objectives, what are the top 3 Marketing Strategies for each Objective? Now prioritize your 9 total strategies.
3. What are the 3 most impactful Marketing Tacticsyou can do to support each of your 9 Strategies – think on-going processes as well as short-term campaigns.

With this exercise, you now have 27 of the most impactful tactics, prioritized, to meet your bank or credit union’s key objectives.  That averages 2.25 tactics per month and should definitely help you to maximize your time and monetary resources.  If you can’t get to all 27, use your prioritization to identify what to do now and what to put in next year’s plan (or simply partner with someone like me).

Now that we have YOURresponsibilities identified, lets apply the “Power of 3” to those who approve your work.

If we can assume that your department is the expert and is focused on Acquisition, Retention and Penetration.  And if we also assume that, as marketers, you are the most qualified person in your institution to understand customer segmentation/needs and competitive messaging/differentiation – then we can make creative approval easy!

The only 3 things that anyone approving your work needs be concerned with are:

1. Is the information accurate and compliant?
2. Does the offer address a strategic need of the institution?
3. Does the message fit the bank or credit union brand?

I've been on your side of the desk and, yes, I know that Ron and I have over-simplified life quite a bit.  But, have we really?  I truly believe that aside from your top strategies & tactics and the above 3 approval requirements, everything else is a distraction.  That's not to say that other tactics don't need to get done, but they are certainly "back-burner" items.

Hopefully I've struck a nerve or two and lit a few fires.  Share your thoughts below.

With nearly 110,000 visitors worldwide, we hope that you enjoy this blog.  If you find it helpful, please share it with your colleagues.  Also, check out our YouTube Channel for short video blogs.  

We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too.  Contact us to see how.

MarketMatch is also a nationally and internationally requested speaker.  Contact us to bring our marketing ideas to your next conference.

-------------------------------------------------------------------------------

MarketMatch is a full-service marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest  MOMENTUM and prove the best RESULTS with our written ROI Guarantee.

See our story here. (click)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848

HELP! - When to Outsource Marketing

(This topic was requested by one of our readers.)

We are all asked to do more with less.  How do you know when to outsource your marketing?

When the Twin Towers and the economy were devastated in 2001, my largest client opted to move their advertising in-house.  Immediately, I became expendable to my ad agency – along with a dozen of my friends.  I didn’t know at the time, but it was the best day of my professional life!

Within a week, I had an interview with a credit union to be their Marketing VP.  My first step … learn what the heck a credit union is!  Soon after, my life as a financial marketer launched. 

Now here’s where the outsourcing comes in.  On my third day as a CU marketer, I had a meeting with this company called MarketMatch (yes, I’m not just a consultant, I was a client).  What I realized was that I knew how to be a marketer, but there were nuances to financial marketing that I needed help with.  What’s more, I was a department of one (and a part time assistant) and I had a lot to learn about my market.  I hired MarketMatch to conduct market research that I didn’t have time to conduct on my own.  I also used them to turbo-charge my learning curve on financial marketing.

So, what’s the lesson in all of this?

When do you turn to help?

Sole Search

Understand what you and your department are best at.  Also own up to where you’re weaker.

I am an idea guy.  I have created concepts for several award winning campaigns, but I don’t even know how to open design software. 

Look to bolster your weaknesses so you have more time to maximize your strengths.

Manage Your Resources

Prioritize the most important items that MUST get done to achieve your strategic objectives.  Then list all of the day-to-day stuff that you simply can’t avoid (newsletters, meeting reports, non-marketing tasks that fall on you, etc.).

I knew that I needed market research before I could design a plan to help my CU grow.  I wanted to understand our level of awareness in the market, perceptions about us, perceptions of our competition, if the market knew what the heck a credit union was … or cared.  I didn’t have time to properly conduct and analyze the research AND run my department, so I turned to MarketMatch.

In most cases, you can hire a marketing firm of many individuals, each with their own unique strengths for less than the expense of hiring one qualified marketing professional in-house.  When you analyze your list of “must dos” and compare it to your sole searching exercise, you’ll quickly see if you can justify outsourcing and where to focus your outsourcing search.

Know You Are Unique

Every town has a local ad agency.  And every agency has its strengths.  But look at their client list (past and present). 

As an ad man, I’ve worked on an enormous variety of accounts: water parks, soccer shin guards, international container shipping, refrigeration air compressors, large-format ink jet printers, legal documents, helicopter share ownership.  While many of the basics of marketing apply across the board, I can tell you first-hand that there is no industry like ours.

Your marketing partner can’t provide prudent recommendations without a firm understanding of your balance sheet.  If your agency doesn’t understand the unique needs of banking, they’ll be reduced to order takers by default. 

Do They Help You Sleep Well At Night

The job of any outsourced partner is to strengthen your efforts, to provide an outside perspective, to fill expertise gaps and to ultimately make you look like a hero!

This may be a good time to mention MarketMatch’s ROI Guarantee!!!

Check several references from institutions of similar size, target segments and project scope.  Can your agency point to other successes that closely resemble your needs?  The bottom line … are you confident that, when you lay awake at night – concerned about all that troubles you – your institution’s marketing efforts will not be amongst the worries?

(Do you have a topic you'd like to see in this blog?  Please add a comment below.)

Want to learn more?  Enroll in the MarketMatch eCollege!  Smart learning online sessions delivered five consecutive Tuesdays with CFMP credits, tactical advice and a game plan for success!  Enroll here!


MarketMatch is a full-service marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate the greatest  MOMENTUM for your organization and demonstrate RESULTS with our written ROI Guarantee.

Learn more here. (click here)

Chat with me LIVE! (click here)

Or email me directly (click here)

937-426-9848

An Army of One. Focus ... Momentum ... Results.

In 480 BC, a dedicated force of 300 Spartan warriors held off a far greater Persian army -  numbering more than 100,000 for 7 days during the Battle of Thermopylae.

How?  A strategic FOCUS.  A dedication to building MOMENTUM.  Continually monitored RESULTS and the help of a few friends to achieve them.

Most community banks and credit unions that we talk to are just like the Spartan army.  They are usually an army of one person (or a small few), who is strategic planner, accountant, copywriter, art director, secretary, media buyer, interactive expert and public relations specialist.  But you too can hold off the onslaught of a much larger banking enemy.

Focus: Defend a narrow pass, making your enemies enormous size irrelevant.

The Spartans chose to defend a narrow pass, where they could not be flanked by Calvary, limiting the size of their enemy’s front line and that was ideally suited for the Spartan weapons and training.

There were a thousand strategies that the Spartans couldhave chosen, but they weighed their options and put everything into the one, targeted plan.  Similarly, there are a thousand things that you, as a financial marketer, could be doing.  What is the focused strategy that will best build your business?

Momentum: A single-minded dedication to only those tactics that best propel your strategy forward.

For the Spartans, momentum wasn’t gaining ground, but rather holding ground and chipping away at their enemy’s forces.  Their advantage was home turf and their smaller size.

You are in a similar situation.  The goal for most community banks and credit unions is not market domination, but rather market share gain.  You can accomplish this because of your small size.  Like the Spartans, you know the terrain and the people.  The larger regional and national banks have the larger budget, but you have the focus and knowledge of your own backyard.  Every dollar you spend can be to drive targeted business you’re your institution.

The Spartans smaller size also helped them to better manage resources versus the massive Persian army who quickly burned through their food and water.

Your resources are just as vital.  Your resources are hours and dollars.  Determine what tactics are most vital to your success and focus your resources there.  Do you really need to spend 2 hours on a statement message or an afternoon on a newsletter article?  Are all of your sponsorship dollars generating a return, either in awareness or actual business?  Look at how you spend your resources this week.  Are they being used best to hold off the massive big-bank army?

Results: Constantly monitor success and failure.  Don’t be afraid to ask for help.

After each battle, the Spartans had to compare their losses against the enemy’s.  And they did not achieve their success alone.  While the Spartan 300 are legendary, in actuality, they had the help of thousands of other Greeks.

You may not have to monitor results daily like the Spartans, but fewer resources require you to more frequently monitor results.  If a tactic works, continue or ramp it up.  The moment it fails, kill it and redirect resources.  Determine what you need to do today/this week/this month/this quarter – do you have a single-minded drive to do it?  Are you accomplishing it on time?

Finally, as well trained and skilled as they were, the Spartans couldn’t do it alone.  Really analyze your capabilities.  Determine what you do best and outsource those strategic items that others may do better.

Learn more here.

Chat with me LIVE!

Or contact me directly (click here).

MarketMatch is a full-service marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.