Think Inside the Box #4

Well...it finally happened.  I am actually inside the box!!

Actually...this is a favorite shot of mine.  Helps me reflect on the importance of staying within our reach.  Don't get me wrong-- staying INSIDE the box does not mean NOT being CREATIVE or expanding ideas!  Quite to the contrary...it is ALL ABOUT being creative--and realizing that you have a lot of what you need close at hand.

However, let's list the top 4 items that you will need to add to what is at hand...for the most complete planning and analysis:

• Customer insights
• Staff insights
• Marketplace insights
• The competitive assessment

These items will help provide the information to fill the gaps of what you know and provide "voice" of the customer in your planning.

Cheers!

Bruce

Turn Your Management Into Movie Stars

MarketMatch has added a resource to our website that you can also do at your financial institution.

We've added a video blog.

With sites like YouTube, it is easy and free to create the videos and with Social Media like LinkedIn, Twitter and Facebook, it's easy to have your message seen by your target.

My recommendation? Recruit your management and branch/market leaders to share their expertise. Have your Lending VP talk about improving your credit score. Have your Commercial VP talk about cash management. Have a branch manager talk about what's happening in the community.

By utilizing all of the resources in your bank or credit union, you can provide more content, relevant content, and you can position the whole institution as THE community expert.

The Missing Piece For Consistent Cross-Sell

Cross-selling is a popular tactic used at every bank and credit union. Most financial institutions have developed a strategy and created tools to encourage cross-sell, but process shouldn’t end there…

Engaging and motivating employees is the activation piece that is crucial for long-term success. A good place to start is developing acknowledgement and/or rewards for cross-selling or referring. Rewards should commensurate with the profitability of the product or service to the bank.

In order achieve staff buy-in over the long-term, consider involving staff in developing the campaign or promotional ideas that will promote cross-sell. Involving employees in this process will give them a chance to understand the complexities of the product, rules, regulations and compliance issues. Also, getting staff involved early can provide you valuable feedback into the sales process that may provide insight on how to better target customers.

You can also keep cross-sell top-of-mind by ensuring continuous coaching to understand customer's needs and consistently share progress reports towards a goal.

Best,

Jamie

Think Inside the Box #3

Greetings...

Its time. Time to shake off the start of the cold and remind ourselves that in just 24 short days, we have a whole new year, new budget, and new opportunities with the start of 2011!

Today, I will share the top 5 "Think Inside the Box" questions you should be asking of yourself and your bank/CU.

1. What is the customer perception of our products?What is the market perception of our products?
2. What can I learn from "how" my customers are using the bank? (IE number of services, usage of electronic services, average time between new accounts, time between loans, etc.)
3. What are the top three (3) service combinations and what I can learn from that knowledge?
4. Where will my customers get their next loan? (is it us or another institution?  why?)
5. Is my staff willing & able to offer our products effectively in a way that creates success?

With answers to these questions you can move forward with a detailed action plan...or you may have more questions that arise.  Either way, you are three steps ahead!

Think INSIDE the box...you have what you need...but you need to turn information into knowledge.

Need help?  The first step is getting started.  Call us, we can help bring clarity to your thoughts and action to your information and knowledge to your planning!

Cheers!

Bruce

Why I Hate Comp Tickets

If there is one thing that can kill your earned revenue quicker than anything else, it is a misguided complimentary ticket policy. Someone asked me the other day why I hate comp tickets so much, so I decided to list my top reasons:

1. Comp tickets devalue what it is we do. For my entire career, I have watched artists struggle to make the argument that the arts mean business, and that an artistic career is just as viable an option as any other. However, these same artists then give away the fruits of their labor to anyone with the most feeble of reasons. In the past few days, a viral video entitled "Explaining the Arts Non-Profit," has been passed among my colleagues illustrating this point. It starts out with one bear saying how much he enjoys a choral group, and then asking for a comp ticket. The other bear responds by saying that putting on a concert is expensive, and would prefer it if the first bear would purchase a ticket. The first bear is befuddled by the response because he thinks the choral group is made up of volunteers who perform as a hobby. For many of us, the arts aren't a hobby--they are our livelihood, and we deserve to be compensated for work that enriches the lives of so many people.

2. People don't show because they aren't invested. Many organizations believe that they must give away comp tickets to "paper the house" in order to fill as many seats with butts when important people such as reviewers are in the audience. However, in many cases, it backfires on them. Those who receive comp tickets haven't paid anything for them, therefore they aren't invested and many don't bother to show up. An average no show rate for comp tickets is in the 30% range. Next time you are at an opening night performance, take a look at how many empty seats there are. I would bet dollars to donuts that those empty seats are a result of a faulty comp ticketing policy. Not only are organizations giving away free tickets, but they aren't even getting the results they want out of them.

3. Blood in the water. Nothing smells of desperation worse than massive public discounting and uncontrolled comp ticketing programs. You might as well put a sign on your theater that says "no need to buy because we can't give tickets away." Marketers are in the business of managing perception more than reality. Even with shows that are under performing, smart marketers have tools in their toolbox to create the perception of demand.

4. Comp tickets create box office nightmares. The old saying that "those who pay the least complain the most" definitely applies to recipients of comp tickets. Recipients of comp tickets, in my mind, are the most entitled and demanding group of patrons to serve. They demand the attention of box office and front of house staff, which in turn takes a significant portion of your limited resources away from your full paying audience.

That all being said, there are a few good reasons to use comp tickets in a controlled and well thought out strategy:

1. As benefits for full time employees and actors. In many organizations, comp tickets are an important part of the benefits offered to employees. Organizations want their employees to be proud of their work, and knowledgeable about what is on stage, so offering them complimentary tickets is well worth the loss in revenue.

2. For members of the press. Press members who have agreed to cover a particular performance should be offered a comp ticket. However, do not give out comp tickets to press who haven't agreed to coverage. If a press member wants to see a performance but isn't going to cover it or your organization, it is more than acceptable to ask them to purchase a ticket. Just because they are a member of your credential press corps doesn't automatically entitle them to a free ticket.

3. To cultivate potential investors and/or donors. Comp tickets can and should be used to host potential investors and/or donors as a means of cultivation. However, these tickets should be monitored and tracked. I have seen companies give away thousands of dollars worth of comp tickets to potential donors who were in the "cultivation" process for years without a single donation.

4. As a professional courtesy. Most organizations have a vested interest in other artists seeing their work. Agents, casting directors, affiliated artists, artistic directors, and producers comprise most of this group. In some cases, if a relationship is exceptionally important, offering comp tickets would be appropriate. In many cases however, a discount for industry professionals will work just fine.

In closing, here are a few quick thoughts on developing a comprehensive comp ticketing policy for your organization:

1. Create a budget for comp tickets. Used in much the same manner as an expense budget, this allows an organization to plan for a given number of comp tickets each year for various purposes. Make sure to get buy-in from all members of senior management as they will be responsible for managing the comp tickets for their departments.

2. Develop very clear instructions on how comp tickets are to be distributed. The key to a good comp ticket policy is clarity. Make sure your policies are easy to understand and simple to follow. For fairness, it is important that the same policy be in effect for your entire organization. Once a clear and concise policy is created, stick to it.

3. It's like a crack addiction--it will be tough to wean people off of them. If your organization has a serious comp ticket problem, you might need a couple of years to turn it around. Be prepared...you will piss people off. But we are talking about the livelihood of the organization and its artists. Why would anyone want to buy a ticket if they know that your organization gives them away at the drop of a hat? It will be tough, but worth it. I promise.

How relevant are you?

I'm in the middle of a huge competitive review and I am amazed at the different names people can come up with for the same products. Whether it's at the same bank or a bank around the corner...wow they sure are creative. Some banks have 10 different checking accounts while others have 1 or 2.

Which is right?

When was the last time you looked at your competition to see what they are doing? This should happen a couple times of year to make sure what you offer is relevant to your market. Do you ask your customers for their feedback? Is there something they are looking for that you don't offer? Don't be afraid to ask, be proactive and get their opinions. I'm sure they will appreciate the gesture.

I came up just for a breath of air and to wish you all a great weekend.

Make it a great Friday. Enjoy your weekend and until we talk again.

Debbi

Top-10 B2B Marketing Topics of 2010

With 2010 coming to an end, it is time for a quick review of the most popular B2B marketing posts on the Everything Technology Marketing blog.



The 10 Most Popular Blog Posts (by number of re-tweets)

1 - 5 Steps to B2B Marketing Success (100)

2 - The Brave New World of B2B Marketing - Are You Ready? (98)

3 - Is Traditional B2B Marketing Dead? (87)

4 - What B2B Marekting tactics are Up, Down, Flat? (79)

5 - A Simple B2B Marketing Framework (75)

6 - Social Media in B2B Marketing - Survey Results (47)

7 - Is B2B Marketing Ready for Social Media? (44)

8 - Is the In-House B2B Marketing Department Going Away? (39)

9 - It's Budget Season - B2B Marketing Budget Trends (39)

10 - You Have No Metrics for B2B Social Media Measurement? (36)

I hope you had a successful and productive 2010. Thank you all for participating in this blog - I learned a lot from our discussions this year. See you in 2011!