View from the top changes

Good morning everyone...

I have successfully returned from a fantastic trip to Kuala Lumpur, Malaysia!  I keynoted a forum on product development, management and innovation for a contingent of Asian bankers.  Great interaction and learning occurred along with the networking of bankers from across the Asian region.  I thoroughly enjoyed the forum and the experience.

When I was in Kuala Lumpur, I had to go to the Petronas Twin Towers...formerly the world's tallest buildings (now 3rd tallest) to take in the sights and the views.  Amazing!

I had two items imprinted on me during the trip.  The first simply reinforced that banking is widely similar across the world.  We all struggle with competition, managing rates is critical, and customer insight is mission critical to marketing success!

The 2nd has to do with the Petronas Towers and what they represent to me.  They represent mankind's focused efforts to be leaders and that the view DOES change from the top.  Translation?  When you focus on an outcome, get everyone on board, and have the insights necessary....you can overcome any obstacle, create great new innovations along the way, and have an amazing view from the top!

The translation to you this morning....sitting at your desk drinking some coffee...is quite simply....take on the tasks that seems daunting, but engage your entire organization for assistance and include your customer along the way.  They will paint the picture of success for you!

So, with December quickly fading and January 2010 quickly approaching, the time to think about new initiatives is now.  Think BIG, act BIG, and include your customers in a BIG way!

Cheers!

Bruce Clapp

Be Like A Running Store

One of the best things that we can do as financial marketers is to bring retail principles into our discipline.

Take my running store for example. I'm a loyal shopper of Up And Running not because they have the best price or widest selection ... I shop there because they are specialists. They are experts in a field that matters to me.

Unlike the large chain sporting goods stores, my running shop asks me questions about how I run and where I run. They don't shove a shoe in front of me based on price - but instead measure up my foot and how my arches react to the running motion, they focus on my gait and pronation then RECOMMEND the shoe that's best for ME.

Best of all, they care about me after I've bought the shoe. I go to the store regularly for running groups. They ADVISE me on how to train for marathons or how to avoid recurring stress fractures. This, most of all, is why I'm loyal and willing to pay a few bucks more for my gear.

With our current economy, consumers are looking now, more than ever, for an expert to help them with their financial issues. And let's face it, you open more mortgages and auto loans, and deal with personal finance more in one day than any of your customers will have to concern themselves with in their entire lives!

You are the expert that they crave.

So, how do you demonstrate that you are a specialist, just like my running shop?

• Know Their Run – Do your customers need a one-time “quick fix” like a home improvement loan or are they in it for the financial marathon? Ask questions and keep a customer log.

• Size ‘em Up – Like each shoe fits each runner differently, so does each financial product. Instead of analyzing their gait and feet, ask them basic questions about how they will use the product and their goals. What are they using now? What have they used in the past? What features did they love? What would they change? What do they ultimately want to achieve (lower payments, faster pay off, security, faster retirement)?

• Be Their Coach – You and your staff are the experts! Coach your customers and they will entrust more to you.

Take are,

Eric

Fixing the Crisis in Marketing

I ran across an interesting blog post "The Crisis in Marketing" by Erik Bower from MarketBright where he talks about current Marketing methodologies not keeping pace with the pressures in today’s business environments: volatile markets, pressure to prove marketing's impact on sales pipeline, reduced budgets and headcounts, new tactics such as social media, etc.

Bower takes a page from the shift in software development methodologies (agile development replacing waterfall model, etc over the last years) and applies it to marketing. This approach replaces the static, long timeframe planning approach common in most marketing departments today with an agile approach that emphasizes team collaboration over process, quick iterative adjustments to changes over plan adherence.

With agile marketing, quarterly plans shrink to six week sprints, daily reviews of program performance (similar to the daily build concept in software development) replace quarterly reviews, quick mid-course corrections based on testing and real-time market feedback are encouraged, and project plans allow for unforeseen issues and last minute additions.

This approach helps marketing not only remain relevant in today’s organizations but provide visibility into the value it provides to the company, aligning with the needs of the sales organization, and reducing the cost of marketing while increasing performance (http://bit.ly/5kVZzm). How are you managing marketing in your organization?

Technology Marketing Collateral Trends

Here is a recent survey report on B2B technology marketing collateral trends from Eccolo Media that you may find interesting: “Eccolo Media 2009 B2B Technology Collateral Survey Report”.

Key findings in the report:
• White papers – especially those that are long on expert content and light on sales jargon – continue to be the No. 1 form of collateral influencing technology purchasers. Product brochures and data sheets are the most frequently consumed, but white papers are considered the most influential type of content when making technology purchasing decisions
• People more than ever view collateral from their desktop – in fact, only 1 in 4 surveyed ever print an online marketing document – and most share them electronically with colleagues.
• Video is on the rise in terms of frequency of use by technology purchasers – especially video that features customers speaking about real experience using a product or service.

Looking for Social Media Policy Examples?

Do you hesitate to jump on the social media bandwagon with your company? Concerned about what happens when an employee shares insider information? Social media is inherently dynamic, even chaotic. Provide no guidance and you likely end up damaging your brand. Be too restrictive and your social media initiative will never take off, putting you at a competitive disadvantage. Clear policies help you better navigate this new communication channel and provide guidance to your audience as to what is ok to post and what isn't.

Here is a great collection of social media policies from 123 Social Media's web site to help you create a policy that works for your organization: http://bit.ly/2qYKjm

Does Your Institution Make Outbound Sales Calls?

Community Banks and Credit Unions are catching on to what their larger competitors have known for some time.

Customers and prospects really do respond to being called at home!

The word "telemarketing" has really taken on a bad connotation over the years. The reason being that the message that might be interrupting our dinner wasn't relevant. For example, have you ever received a call from a aluminum siding company even though you live in a brick house? A lot of telemarketers use random digit dialing meaning they randomly call your number. They know nothing about you, your lifestyle, your wants, your needs, etc. They are simply "pushing product."

This horrible experience with telemarketers is why your staff is so reluctant to make outbound calls!

But what we do is different!

We analyze our customers relationship. We know what products they have purchased from us, how long they have been a customer, what types of balances they maintain, etc. We know a lot about our customers and we take the time to craft a relevant message.

When we call, it is to act as our customers financial advisor. Our message is that we can help them save money, make money, etc. i.e. reach their financial goals.

When we focus on prospects, we typically use segmentation, propensity to purchase data, etc. so that we can craft the same relevant message.

If you are having difficulty getting your staff to make outbound calls, make sure they understand the difference between "telemarketing" and "consultative selling."

If outbound calling is new to your organization, "walk before you run." Provide the proper training and set achievable goals.

Once your staff has a couple of successful calls, momentum will build within your organization. Your balance sheet and income statement will quickly reflect their efforts. In addition, customer satisfaction scores will rise. In many cases, you will convert customers to advocates (or unpaid sales people) that will tell their family, friends, etc. about how well your instituion met their needs.

Have a great holiday season!

Enjoy family and friends, recharge yourself and get "fired up" to tackle the new year!

Mike

Groupons - A Cool Social Media Application

No clipping no searching - just saving.

Social media has taken the old school art of coupon clipping and turned it on it's ear with Groupons.

Groupons take advantage of the "customer collective" to drive dozens or even hundreds of new customers through your door. Essentially, you can offer a discount to Groupon.com members and if enough people sign up for your discount, it takes effect.

So let's say you offer a special CD "groupon" and want at least 50 people to take advantage. Groupon.com will send an email blast of your offer to their members in your city. Anyone interested in your CD offer, will forward the message onto their friends in the hopes that at least 50 people sign up and make the offer "valid." And their friends invite their friends and so on...

Groupon clients are seeing new customers come though their doors based on viral marketing and are guaranteed a minimum return or no discounts are given.

Groupons are now being offered in 45 cities.

Whether they are right for your strategic objectives or not - it's always cool to see new ways that social and viral marketing can impact our business. If you know of any cool new applications, please share it with the MarketMatch blog community by posting a reply to this blog.

Take care,

Eric