Blogging from NAMP...

Once again I find myself at the National Arts Marketing Project Conference, which is being held this year in Providence, RI. This is my fifth conference, and instead of presenting like I have done in the past, I really wanted to listen in on other sessions to hear what is being discussed. I have been asked to blog about my experiences for Americans for the Arts so these posts can also be seen on their blog.

This morning I was lucky enough to sit in on the Every Dollar Counts: Using ROI to Prove Marketing Effectiveness session. I decided to go to the session because one of my favorite arts marketing experts was presenting--Philippe Ravanas, marketing professor at Columbia College and former VP of Corporate Communications for EuroDisney. I have seen him speak at several conferences and he is always extraordinary.

This morning he discussed a situation he found himself in when he was the Manager of Client Development at Christie's in London. Each year, they would produce a beautiful catalog of auction items that they would send to most of their database. These catalogs were highly coveted, and cost the organization $20 a piece to produce, however Philippe noticed that his ROI (return on investment) for these catalogs was poor. It was costing him too much to produce and mail these catalogs in terms of how much revenue they were bringing in. After researching the problem, he found that they were mailing these catalogs to almost every purchaser, including those people who purchased once twenty years ago and people who only purchased a minor item just to get on the distribution list, as the Christie's catalog seemed to be a popular coffee table item. He soon cut back the distribution, and only sent the catalog to his higher end purchasers. This action greatly improved his ROI on the catalog.

It brought me back to a previous blog post I wrote about the future of the subscription brochure. If you read the post, you can see that I have some serious doubts as to whether or not a subscription brochure works as a sales piece. That being said, our subscribers at Arena Stage love our season brochure because it invites them into the process. There are articles by our featured artists, a letter from our artistic director, beautiful artwork, etc. We have heard from our subscribers that they anxiously await our brochure each year, and that these brochures have become collector's items. So they perform a very valuable function in maintaining relationships with our higher end purchasers, but they aren't necessarily needed to push acquisitions. In fact, we have found that other smaller pieces with a clear central message that cost significantly less to produce and mail actually perform better for acquisition campaigns.

As Diane Ragsdale says in her article Recreating Fine Arts Institutions : "Arts leaders may be tempted to think that the solution to dwindling audiences lies in better marketing, but if arts organizations are going to survive, they have to put more than the season brochure on the autopsy table." I completely agree with Diane...but what happens if an organization isn't even willing to put their season brochure on the autopsy table?

SEO: Definitely Worth Your Time

The below is an article I wrote while I was VP of Marketing at Agora Publishing/Early to Rise.I’m republishing it because it’s timely…with the current economy the way it is, marketers are often forgetting about the grass-roots approaches … marketing that is virtually no cost, but just requires time, effort and strategic thought.

SEO often gets a bad rap, because some marketers don’t know how to measure it. But it should always be a crucial part of your online marketing mix.

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Don’t Overlook Organic Search Efforts in Your Online Marketing Mix
By Wendy Montes de Oca

Many Internet entrepreneurs think they’re doing everything they can to get the word out about their businesses. They allocate their marketing budgets to direct mail, e-mail, banner ads, print ads, co-registration, and pay-per-click (PPC). They spend much of their time, effort, and money on getting those channels to produce a positive ROI (return on investment). But they’re ignoring a major source of potential traffic… which means they are losing hordes of potential new customers. Big mistake.

I’m talking about organic search via search engine marketing and optimization (SEM/SEO).
Many marketers think focusing on organic search is "a waste of time." Some think there’s no way to monitor, measure, and monetize the results. But they’re either clueless or misinformed. For instance, according to a recent survey by Jupiter Research, 80 percent of Web users get information from organic search results. And measuring sources of traffic and visitors is easy with the free Web tool Google Analytics.

Search engines like diversity in relevant back links to your website. And one of the best ways to get lots of relevant back links – as I said in my article about the SONAR Method of Content Distribution – is with a synchronized distribution of your content to a variety of sources.
So in addition to having optimized website pages, having a variety of news aggregators, social networks, blogs, and directories linking to your site helps give you a heavier weight in organic listings. This helps build your organic market presence for little or no cost. And, let’s face it, low cost is a good thing.

Using organic search strategies helped increase traffic rank and visits to ETR’s sister publication, Total Health Breakthroughs, by 3,160 percent and 81.5 percent, respectively, in only three months. In that same time period, Total Health Breakthroughs had a 62.01 percent rate of converting that organic search traffic into subscribers. That’s about 16,000 organic names in three months at virtually no cost!

Now tell me… does that seem like a waste of time to you?

[Note: This article appears courtesy of Early To Rise, a free newsletter dedicated to making money, improving health, and secrets to success. For a complimentary subscription, visit http://www.earlytorise.com.]

It's kinda spooky....

Bruce and I just finished a 2 day marketing forum for bankers in Indiana and Ohio and what a great time we had! Lots of great questions and discussion was had by the group. We talked alot about how to develop a real, strategic marketing plan. We talked about getting customer insight -how to do it and how to use it. We talked about retention. We talked alot about social media and why it's hard as a community bank marketer to tackle this important new social phenomenon.

It's kinda spooky.... just when you know your job as the one person everyone counts on to do practically everything is absolutely all you can handle, someone says you need to add social media to your job description!! That can be very scary indeed. How do you add more hours to your day? How to you get up to speed on it all? How do you manage it on a 24/7 basis? Sounds impossible, doesn't it?

Yes.

The more we discussed this, the more it became clear. You can't. In fact, you shouldn't. A community bank mareketing director can't and shouldn't take this on alone. You need to manage the program and processes, but don't do it all yourself! Find someone else in your organization--preferably an under 30 type --who is passionate about social media. There is most likely someone there who would love to handle the day to day, 15 to 30 minute duty of following, checking, and updating your social media presence. That doesn't mean that you don't write the responses, or the blog, or whatever, but that someone else helps you with doing it.

OMG!

Its a concept that might work with some other areas of responsibility you have... that's worth thinking about for a few minutes, isn't it?

So enjoy your spooky Halloween and think about how, who, what, and all the details of what you want to do. But don't let tackling the new world of social media scare you...


TYVM.

Sharon

Are you ready for the holidays?

Thanksgiving and Christmas are rapidly approaching. But with the anticipation of getting together with family and friends, and lots of good food and drink comes the stress of preparing all the food, shopping for just the right gift, struggling with how much you can spend, etc.

It's difficult to keep everything in perspective but allow yourself the opportunity to enjoy the holidays. You have earned it! 2009 has been a difficult year for all of us in the financial services industry. The economy, consumer fears, unemployment, the stock market, etc. have all combined to challenge us as financial service marketers like we have never been challenged in the past.

Celebrate your 2009 successes! Learn from - but forget you failures! Look forward to 2010!

Although there is some disagreement, the majority of the "experts" believe that 2010 will be a much better year for the economy.

Continue to focus on the things that will make you and your financial institution successful in 2010.

Think BIG! Work HARD! Get PREPARED for a great 2010!

Mike

Lessons Learned From "The Godfather"

Someday, and that day may never come, I’ll call upon you to do a service for me … until that day, accept this blog as a gift…

“I’ll make him an offer he can’t refuse”: Position and/or package your products in a way that makes switching institutions a no-brainer for the prospect. What “can’t refuse” product do you have now? Do you offer relationship pricing to make your customer “part of the family?”

You can also look at this internally … During your budgeting process for 2010, speak in terms of ROI. As opposed to simply reporting on how many new customers, deposits or loans you feel you can bring in next year – share your expected results in terms of ROI. If management has $1 to spend, show them you can give them $2.25 back. Where else in the bank or credit union will they see that kind of return? It truly is an “offer they can’t refuse.”

“This isn't personal, it’s business”: This year, budgets will be cut, if it’s yours don’t take it personal – do the best you can.

“Keep your friends close, but keep your enemies closer”: Know your competition better than they know themselves. What is their pricing? What target do they cater to? What do they do best? What do they do lousy? Exactly how do they treat customers in face-to-face and phone interactions?

“Mister Corleone never asks a second favor once he’s refused the first, understand?”: Once you say “no” to a customer, you’re dead to them. Are your approval guidelines reasonable based on the institution’s needs and competitive factors? When you say no, do you offer alternatives or let the customer know what they can do to get approved next time?

“Leave the gun … take the cannoli”: Make sure you make time to leave work behind and enjoy life’s delicacies.

I know y’all can help me make this list more complete. Add your favorite quote and lesson learned to the comment section.

Ciao,

Eric

Wealth of Opportunity for Banks

Greetings...

I know you are in the midst of planning. Take a break for just a second and listen...

In the past few months we have talked about the economy, the industry and the challenges.  We have also talked about "money in motion" and that NOW is the ideal time to capture your disproportionate share of new money available in the market.  I have another similar message!

Now is the ideal time to enter or expand your investment services offerings...community banks are poised for growth, have high trust right now, and the competition is shuttering lots of offices, products lines and staffs.

There is a "wealth of opportunity" for banks to focus your efforts on your investment services.  People are looking for confidence and opinion that will lead them to safety for their money.  Your bank can be that place!!

For the bank, it is an excellent source for non-interest income from investment sales and fees for services.  Plus it adds to your "full service" capability that puts you on the same playing field as EVERY major bank...and you have the benefit of being a community bank!

A great article was just shared with me...that I will share with you.  It talks straight to the point...  So, get back to planning and ADD or ENHANCE investment services to your plan. 

Click here for the article...

Email me if you need any help....we have some great partners that can be your expert!

Cheers!

Bruce Clapp

Thoughts on the Voodoo Art that is Branding

Many established arts organizations are finding themselves in the position of having to reinvent tried and true business models to adapt to the ever changing economic landscape. Diane Ragsdale, Associate Program Officer for the Mellon Foundation, offers a well thought out paper on this subject entitled Recreating Fine Arts Institutions. Although I don't agree with all of her arguments, I believe she outlines the overall dilemma very well.

So, what do most organizations do in this situation? They bring in a branding firm to slap a new coat of paint on the organization by creating revamped messaging rules, visual systems and logos. In guiding a couple of these rebranding projects myself, I have learned the following:

1. You can slap a little lipstick on a pig, but it is still a pig. Rebranding begins with artistic strategy. If an organization truly wants to address significant business or perceptual issues, it must do so with the product first. It doesn't matter how savy a branding firm is, if you don't reposition your artistic strategy, there is no reason to rebrand. In working on the rebranding campaign for Arena Stage at The Mead Center for American Theater, I believe this was handled in an excellent fashion by our artistic staff. The senior artistic staff members drafted an artistic plan that clearly outlined where we were, and where we wanted to go. It was a shift from a traditional regional theater model toward becoming a national center for the production, presentation, study and development of American Theater. Once given this clearly defined goal and the artistic strategies to achieve it, the rest of the rebranding process could officially kick off.

2. Say what you want, but your customers will tell you your brand. Have you ever noticed a clear disconnect between the official corporate messaging from a company and your perception of the same company? An example of this can be found in a blog post that I wrote about Hyatt Regency in 2007. Hyatt Regency corporate communications boast that they go above and beyond in customer service, but as you can see, that wasn't my experience. No matter what you say, your brand lives in the minds of your customers. We can craft the best messaging campaigns in the world, but it will not matter if we don't deliver. What we deliver on will become our brand.

3. Brand strategy can be crafted by marketing, but its success is determined by everyone. Think of the people who actually execute your brand -- front line sales associates who process orders; artists who develop the product your customers will experience; the parking attendant who most likely will be the first person to greet your patrons on the evening of their performance; the concessions staff who has to process a vast amount of orders in a very limited amount of time. And then think of the amount of time that a Marketing Director generally interacts directly with patrons. It's time to get over ourselves...brand strategy will live or die by the people who represent you on the front lines, not the pretty new colors you have selected for the organization.

All of this is to say that I do believe that messaging and visual systems are critical in conveying a brand, however they are not the most important factors in developing a brand identity. Artistic strategy and the day to day execution of your brand promises will always outrank the look and feel of any brand.