Greetings:
Today, I am in the airport on my way to Norfolk, Virginia to speak at a bank that is conducting an organization-wide training day on the President's Day bank holiday. It should be a great day and I am energized to be the Keynote speaker for the day and adding a break-out session, too.
As I have prepared for the day over the past several weeks, something has continued to jump out at me....it's their tagline and brand position. "We Get It." Interesting, pretty deep, very telling, full of energy, and a broad promise.
The IT part is the most interesting to me. Over the past two years, I have been creating a very focused Life Stage marketing process that, in my estimation, will completely change our industry's approach to our potential customer, our staff training, and how we interact with our current customers. It's actually brilliantly simple and engages everyone....because it is built around real-life....our staff's real life and our customer's real life. And THAT is something that everyone has....no matter how much training they have been through, what job function they have or level of customer interaction. There are 12 distinct Life Stages (and onyl 12!) that everyone goes through...
And that brings me to IT. The IT connection to my Life Stage process is remarkably clear and concise. Life Stage marketing is all about connecting to a customer in whatever life stage they are in...and in whatever timing that stage occurs. For example, some people buy a house at age 23, others at 45 and still others in their 60's. Same stage...completely unique needs and approach. There in lies the IT! IT is universal but completely different for each customer. The IT they have, and the needs IT will bring, will vary. It is ONLY after we ask clarifying questions, demonstrate clear interest, and bring value to the conversation, will the IT rise to the top and position us to act to resolve IT, support IT, or make IT happen.
We Get IT.... simple, yet very deep.
I am excited to bring my IT to the bank...and help their staff see their IT and how to bring the IT out in their customers...
Stay tuned!
Cheers!
Bruce
Sunday, February 17, 2008
Wednesday, February 13, 2008
Marketing in small bites
I can take this title in a million different directions. We all know that large projects are completed more easily when broken into small bite-sized chunks. We also know that small everything is popular right now...small plates (or Tapas for us foodies), small cars, small dogs, small shirts (will someone please cover up that gen-y belly button!) and 100-calorie packs (ok, those are smart...but still small!).
So, why as marketers do we always think bigger is better? Is it? Apparently not. And in today's market we are being forced to do more with less, so maybe smaller is better? Still not so much. But smarter is better.
Find new and creative ways to get your message out that are cost effective while reaching your target market. Did you know that there are 1.4 blogs created each second and that 40% of all Americans read blogs*? Blogs are free. You can blog about the donation you just made to the Chamber of Commerce Golf outing, blog about employee promotions, product promotions, anything you PAY to advertise can be blogged...blog press releases, keep a community updated on the new branch construction project. Blog about the new coin machine in your lobby. Be creative, and be consistent!
What about email marketing? Think about it. It's cost effective and can be VERY targeted to your existing customer base.
Today I will keep it short and simple. Take 10 minutes to brainstorm 5 new ways to get your message out that won't hit hard on your budget. I have given you a head start on 2!
Happy thinking!
Jenna
*According to Synovate/MarketingDaily Study, 2007
So, why as marketers do we always think bigger is better? Is it? Apparently not. And in today's market we are being forced to do more with less, so maybe smaller is better? Still not so much. But smarter is better.
Find new and creative ways to get your message out that are cost effective while reaching your target market. Did you know that there are 1.4 blogs created each second and that 40% of all Americans read blogs*? Blogs are free. You can blog about the donation you just made to the Chamber of Commerce Golf outing, blog about employee promotions, product promotions, anything you PAY to advertise can be blogged...blog press releases, keep a community updated on the new branch construction project. Blog about the new coin machine in your lobby. Be creative, and be consistent!
What about email marketing? Think about it. It's cost effective and can be VERY targeted to your existing customer base.
Today I will keep it short and simple. Take 10 minutes to brainstorm 5 new ways to get your message out that won't hit hard on your budget. I have given you a head start on 2!
Happy thinking!
Jenna
*According to Synovate/MarketingDaily Study, 2007
Monday, February 4, 2008
A blog NOT about the Super Bowl Ads!
While I do have a lot to say about the Super Bowl Ads, I am fairly certain you have read plenty about them already today. Instead, let's talk about asking questions!
We all do it, and we all reply to it. As a society we have been trained that a simple "Hello" will not suffice. We must ask, "How are you today," and wait for the reply of, "Great, how are you?" From time to time we we will hear an honest answer such as, "UGH, I hate this weather," or "My daughter just won the spelling bee." It's refreshing. And it's an invitation to ask another question in follow up!
It is only when people provide honest answers that the conversation begins, and relationships begin with the conversation, and we all know that customer loyalty begins with building relationships. It's the circle of life for customer loyalty.
Many companies have standard jargon they use. Employees at Marquis Software Solutions answer the phones with, "...how can I exceed your expectations today?" or sometimes "how can I make your day better?" And occasionally they will get an honest answer that begins to develop a relationship with the caller.
Safeway grocery stores coach their check-out employees to ask, "Did you find everything today?" or some variation of the question.
It's refreshing to not just hear an honest, open-ended question. However, I am learning that while you can coach employees to ask a more inviting question, they are not always coached on how to handle the answer. Which leads to customer non-loyalty. Let me explain.
I shop faithfully at Safeway because I accrue United Airline miles for each purchase, it is the closest grocery store to my house, and I know where everything is and what to expect when I am there. At the end of each experience I am asked the same question, "did you find everything today" to which I usually reply with "I found everything on my list plus an additional $50 worth!" That's the way shopping works, right?
The last four times I have been to Safeway they have been out of fresh basil. I asked the employee in the produce section if they had any in the back and was informed that if there isn't any on the shelf, they must be out. Not the response I was looking for, but accepted it and continued fulfilling my list.
At check out, I was asked if I found everything today. I was excited to have a real answer!!! "Actually, I have been looking for fresh basil the last few times I have been here and you haven't had any. I asked the guy in produce if you had any in back and he said you stock everything on the shelves so you must be out. Do you know when I can expect to find basil again?"
The checkout clerk looked at me like a deer in headlights and replied, "Ummmm...I don't know. Do you need help out with your cart today?"
Seriously? I learned that the employees are told to ask the question but don't expect an answer so when they get one, they just ignore it.
I think it is great to be proactive, start a conversation, ask open-ended questions, and develop a relationship. However, when you ask your open-ended questions, BE SURE YOU ARE PREPARED TO HANDLE THE ANSWERS!!!
I think Seth Godin sums it up the best in his blog The Last Interaction.
Are your employees prepared for the responses they may receive? Are they empowered to fix the problem if the problem is with the bank? I hope so.
So, how are you today?
Jenna
We all do it, and we all reply to it. As a society we have been trained that a simple "Hello" will not suffice. We must ask, "How are you today," and wait for the reply of, "Great, how are you?" From time to time we we will hear an honest answer such as, "UGH, I hate this weather," or "My daughter just won the spelling bee." It's refreshing. And it's an invitation to ask another question in follow up!
It is only when people provide honest answers that the conversation begins, and relationships begin with the conversation, and we all know that customer loyalty begins with building relationships. It's the circle of life for customer loyalty.
Many companies have standard jargon they use. Employees at Marquis Software Solutions answer the phones with, "...how can I exceed your expectations today?" or sometimes "how can I make your day better?" And occasionally they will get an honest answer that begins to develop a relationship with the caller.
Safeway grocery stores coach their check-out employees to ask, "Did you find everything today?" or some variation of the question.
It's refreshing to not just hear an honest, open-ended question. However, I am learning that while you can coach employees to ask a more inviting question, they are not always coached on how to handle the answer. Which leads to customer non-loyalty. Let me explain.
I shop faithfully at Safeway because I accrue United Airline miles for each purchase, it is the closest grocery store to my house, and I know where everything is and what to expect when I am there. At the end of each experience I am asked the same question, "did you find everything today" to which I usually reply with "I found everything on my list plus an additional $50 worth!" That's the way shopping works, right?
The last four times I have been to Safeway they have been out of fresh basil. I asked the employee in the produce section if they had any in the back and was informed that if there isn't any on the shelf, they must be out. Not the response I was looking for, but accepted it and continued fulfilling my list.
At check out, I was asked if I found everything today. I was excited to have a real answer!!! "Actually, I have been looking for fresh basil the last few times I have been here and you haven't had any. I asked the guy in produce if you had any in back and he said you stock everything on the shelves so you must be out. Do you know when I can expect to find basil again?"
The checkout clerk looked at me like a deer in headlights and replied, "Ummmm...I don't know. Do you need help out with your cart today?"
Seriously? I learned that the employees are told to ask the question but don't expect an answer so when they get one, they just ignore it.
I think it is great to be proactive, start a conversation, ask open-ended questions, and develop a relationship. However, when you ask your open-ended questions, BE SURE YOU ARE PREPARED TO HANDLE THE ANSWERS!!!
I think Seth Godin sums it up the best in his blog The Last Interaction.
Are your employees prepared for the responses they may receive? Are they empowered to fix the problem if the problem is with the bank? I hope so.
So, how are you today?
Jenna
Monday, January 28, 2008
We're here...wait, where is here?
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
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
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
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