Be engaging. That's it. It doesn't sound challenging, does it...especially for a marketing person. Generally speaking, we are the most engaging of human kind! So what's the news here you ask? Great question, let's dig in!
As a marketer, you need to understand all areas of the institution, its issues, challenges and successes. Once you understand these elements, you can better articulate your marketing strategy and put yourself in the drivers seat of change.
Engage your CFO. The CFO has an endless supply of knowledge that can help you in your efforts. Become best friends if necessary, but leverage their knowledge and be recognized as an agent of change and a catalyst to get things done in the bank.
Engage the staff. If you don't take the time to communicate with them (and get their endorsement) why should they take the time to embrace your strategies. While you may be the leader, leaders alone don't win battles...you need all of the troops. Seek their involvement, detail how their position and input impacts the overall bank and the marketing efforts. Everyone loves to feel as though they are a part of something bigger.
That's it. It's not rocket science, but sometimes we all need a little reminder that we are not in this alone and that engaging the key players around us can set us up for great success!
Check back on Monday for step 2!
Be extraordinary today, and have a great weekend!
Jenna
Friday, August 15, 2008
Wednesday, August 13, 2008
Department vs. Culture
As a passionate bank marketer, I believe that one of our primary career goals should be to shift the mindset of the bank from having a "marketing department" to having a "marketing philosophy."
Departments are great for WalMart, Target and even JC Penney. But is a department good enough for Nordstrom? When you ask for help in many department stores, you receive directions to the "department" that can help you. At Nordstrom, if you are in the shoe department and ask for help with a neck tie, not only do they walk you over to the tie department, they stay with you until a neck tie specialist is available to help you.
So how on earth does this relate to banking and marketing? You know your institution has embraced the marketing philosophy when you hear your teammates using works like "we," "us," and "our" as opposed to "they," "them" and "their." When staff members begin to think of the bank as one cohesive team and realize that the only objective is to serve the customer, great things will happen. There will be no more "that's not my department." And rarely will you hear "you have to see someone in that department to do what you are asking of me." Sales will be less of a job requirement and more of a natural instinct.
Your role as a marketer is to be an agent of change. With a constantly shifting economy and customer base, a marketer has to set the tone and lead the charge. So how do you do this? For some of you it will be a challenge, but for others, it will be second nature.
According to Nick Vaglio and Bruce Clapp, in their book, "Shift Happens: The New Age of Bank Marketing" there are four elements to becoming an agent of change:
1. Engaging
2. Listening
3. Empowering
4. Communicating
Our next several blogs will help you embrace these elements, be an agent of change, and witness your staff shift their mindset from the perception of having a marketing department to the reality of having a marketing philosophy.
And don't worry...several blogs does not necessarily translate into several weeks. Today is Wednesday, look for more on Friday!
Do something extraordinary today!
Jenna
Departments are great for WalMart, Target and even JC Penney. But is a department good enough for Nordstrom? When you ask for help in many department stores, you receive directions to the "department" that can help you. At Nordstrom, if you are in the shoe department and ask for help with a neck tie, not only do they walk you over to the tie department, they stay with you until a neck tie specialist is available to help you.
So how on earth does this relate to banking and marketing? You know your institution has embraced the marketing philosophy when you hear your teammates using works like "we," "us," and "our" as opposed to "they," "them" and "their." When staff members begin to think of the bank as one cohesive team and realize that the only objective is to serve the customer, great things will happen. There will be no more "that's not my department." And rarely will you hear "you have to see someone in that department to do what you are asking of me." Sales will be less of a job requirement and more of a natural instinct.
Your role as a marketer is to be an agent of change. With a constantly shifting economy and customer base, a marketer has to set the tone and lead the charge. So how do you do this? For some of you it will be a challenge, but for others, it will be second nature.
According to Nick Vaglio and Bruce Clapp, in their book, "Shift Happens: The New Age of Bank Marketing" there are four elements to becoming an agent of change:
1. Engaging
2. Listening
3. Empowering
4. Communicating
Our next several blogs will help you embrace these elements, be an agent of change, and witness your staff shift their mindset from the perception of having a marketing department to the reality of having a marketing philosophy.
And don't worry...several blogs does not necessarily translate into several weeks. Today is Wednesday, look for more on Friday!
Do something extraordinary today!
Jenna
Thursday, August 7, 2008
Relevancy Failure: The Shift is Happening
Once upon a time, every town had a bank. And the bank served its customers who made deposits, wrote a couple of checks and maybe had a mortgage. The End.
When I was a kid, I called those days, "The Olden Days." As an adult and passionate marketer, I call those days, "The Irrelevant Days." Relevancy is subjective in that what is relevant to my grandmother is not relevant to my parents and what is relevant to my parents is not relevant to me.
I don't want to get on my Generational Marketing Soapbox again...you all have heard about it and it is in your hands whether or not your bank chooses to embrace the knowledge and take action. So let's talk about relevancy and how the shift has happened.
Nick Vaglio and Bruce Clapp, in their book, "Shift Happens: The New Age of Bank Marketing," talk about customer advocacy and how banks are losing their advocates at alarming rates because of their failure to remain relevant to those customers. Advocacy doesn't come from one demographic...it encompasses ALL generations, races, religions, and any other qualifier you care to throw in the mix. Baby boomers cannot be viewed as one homogeneous group. People aged between 44 and 62 have VERY different needs.
I have a good friend (Jen) who is 45 with a 16 year old son who sports a mohawk. My dad is 62 and has a countdown to retirement calendar on his desktop. Technically, they are both baby boomers. Do you really think you can market effectively to the "boomer group" if you lump them into one category?
EVERYONE is looking for the institution that is in tune with their lifestyle. My dad wants an institution that will help him manage his money and provide income direction post-retirement...a "banker" that understands his lifestyle and can help him maintain his standard of living. Jen, on the other hand, wants convenience. A bank that is quick, fast and efficient, allows unlimited debit card usage and maybe an easy way to save for not just her future, but her son's as well.
Can you do both? If you can't, you're in trouble. And don't forget the youth segment (those kiddos between 18 and 25) who are 30% of the US population, spend about $200 billion per year and have a say in household decisions. Oh, and in the next 10 years they will reach an income of $3.48 TRILLION putting them light years ahead of the Baby Boomers.
Can your bank afford to NOT be relevant? Read the book...it will help, I promise. And if you can't afford the book, email me (jrowland@marketmatch.com) because in my opinion, you can't afford to NOT not be relevant.
Make today an extraordinary RELEVANT day!
Jenna
When I was a kid, I called those days, "The Olden Days." As an adult and passionate marketer, I call those days, "The Irrelevant Days." Relevancy is subjective in that what is relevant to my grandmother is not relevant to my parents and what is relevant to my parents is not relevant to me.
I don't want to get on my Generational Marketing Soapbox again...you all have heard about it and it is in your hands whether or not your bank chooses to embrace the knowledge and take action. So let's talk about relevancy and how the shift has happened.
Nick Vaglio and Bruce Clapp, in their book, "Shift Happens: The New Age of Bank Marketing," talk about customer advocacy and how banks are losing their advocates at alarming rates because of their failure to remain relevant to those customers. Advocacy doesn't come from one demographic...it encompasses ALL generations, races, religions, and any other qualifier you care to throw in the mix. Baby boomers cannot be viewed as one homogeneous group. People aged between 44 and 62 have VERY different needs.
I have a good friend (Jen) who is 45 with a 16 year old son who sports a mohawk. My dad is 62 and has a countdown to retirement calendar on his desktop. Technically, they are both baby boomers. Do you really think you can market effectively to the "boomer group" if you lump them into one category?
EVERYONE is looking for the institution that is in tune with their lifestyle. My dad wants an institution that will help him manage his money and provide income direction post-retirement...a "banker" that understands his lifestyle and can help him maintain his standard of living. Jen, on the other hand, wants convenience. A bank that is quick, fast and efficient, allows unlimited debit card usage and maybe an easy way to save for not just her future, but her son's as well.
Can you do both? If you can't, you're in trouble. And don't forget the youth segment (those kiddos between 18 and 25) who are 30% of the US population, spend about $200 billion per year and have a say in household decisions. Oh, and in the next 10 years they will reach an income of $3.48 TRILLION putting them light years ahead of the Baby Boomers.
Can your bank afford to NOT be relevant? Read the book...it will help, I promise. And if you can't afford the book, email me (jrowland@marketmatch.com) because in my opinion, you can't afford to NOT not be relevant.
Make today an extraordinary RELEVANT day!
Jenna
Wednesday, July 30, 2008
Trading Deadline Nears...
Did you know that the trading deadline is nearing?
July 31st is the deadline for any trades that you complete and want the player to be able to compete this year.
I know...you think I am confusing baseball with marketing. Actually, the same strategy should apply to your institution, too!
Hmmm, you are saying.
OK, here is my thought...
Major league baseball sets a deadline for teams to determine their organizational strengths and weaknesses and decide if they need to add/delete/or change their team structure.
The same concept should apply to your marketing strategies. The marketing plan and organizational strategic plan that was created for this year may be out of date or misaligned...certainly this year, considering the shift in the economy and fallout from the mortgage crisis.
If you have not done it yet...re-examine your marketing plan, strategies, and tactics for this year-to-date and the course of action planned for the remainder of the year. In all reality, this analysis should be done on a monthly basis, but the variables of today's economy call for extra vigilance and review...especially at the mid-year point.
There is still plenty of time to change tactics, reallocate budgets, and correlate goals to action production levels. However, this has to be done organization-wide and with a goal in mind...clarity of priorities, plans and actions for the remainder of the year.
You may decide to "trade" one strategy for another...or "cut" a tactic altogether. Neither is right or wrong...the "best" solution is one that that properly applies to your organization.
Take the time...now...to review your strategies, take offers on trade's and make sure your run for the pennant is reasonable and supportable.
Keep in mind...however, that similar to baseball, there can be "horrific" trading deadline deals. Ones that are simply TOO short-term in thought and trade the long-term impact for too little. A key reminder...change tactics before changing strategies. And if you do change strategies, give your new strategy time to develop and mature...
So...study your plans, review your progress, take an honest evaluation of your position and make the changes (or trades) necessary to position you and the institution for a prosperous remainder of 2008 and a better position as we begin to plan for 2009!!
Thoughts? Post a comment...we would love to hear from you and I think your fellow marketer would, too!
Cheers!
Bruce
July 31st is the deadline for any trades that you complete and want the player to be able to compete this year.
I know...you think I am confusing baseball with marketing. Actually, the same strategy should apply to your institution, too!
Hmmm, you are saying.
OK, here is my thought...
Major league baseball sets a deadline for teams to determine their organizational strengths and weaknesses and decide if they need to add/delete/or change their team structure.
The same concept should apply to your marketing strategies. The marketing plan and organizational strategic plan that was created for this year may be out of date or misaligned...certainly this year, considering the shift in the economy and fallout from the mortgage crisis.
If you have not done it yet...re-examine your marketing plan, strategies, and tactics for this year-to-date and the course of action planned for the remainder of the year. In all reality, this analysis should be done on a monthly basis, but the variables of today's economy call for extra vigilance and review...especially at the mid-year point.
There is still plenty of time to change tactics, reallocate budgets, and correlate goals to action production levels. However, this has to be done organization-wide and with a goal in mind...clarity of priorities, plans and actions for the remainder of the year.
You may decide to "trade" one strategy for another...or "cut" a tactic altogether. Neither is right or wrong...the "best" solution is one that that properly applies to your organization.
Take the time...now...to review your strategies, take offers on trade's and make sure your run for the pennant is reasonable and supportable.
Keep in mind...however, that similar to baseball, there can be "horrific" trading deadline deals. Ones that are simply TOO short-term in thought and trade the long-term impact for too little. A key reminder...change tactics before changing strategies. And if you do change strategies, give your new strategy time to develop and mature...
So...study your plans, review your progress, take an honest evaluation of your position and make the changes (or trades) necessary to position you and the institution for a prosperous remainder of 2008 and a better position as we begin to plan for 2009!!
Thoughts? Post a comment...we would love to hear from you and I think your fellow marketer would, too!
Cheers!
Bruce
Wednesday, July 23, 2008
Marketing Mosaic
I have always thought that the title of "Marketing Director" could be replaced by "Fire Chief" in that it seems the best laid plans are always derailed by the most pressing "fire."
Recent events have added another alternative title to the list. I know also believe that "Marketing Director" can be called a "Mosaic Creator." Mosaic is the art of creating images with small pieces of color. When you look at mosaic art up close you will only see a bunch of colored pieces that look very abstract. It is only when you step back that the artwork comes into focus and the bigger picture is revealed.
Marketing plans work very much in the same way.
The ABA Marketing Conference is coming up and we have some exciting news...MarketMatch is sponsoring Erik Wahl...the artist, the inspiration, the motivator, the marketer. In his general session, Erik will be creating two works of art LIVE in front of our eyes that will illustrate how when we begin to think differently about our approach a much bigger picture will come into view.
The paintings will be on display in the MarketMatch booth where attendees can register to win them (including the shipping back to their office.)! Have questions? Check out the ABA Marketing Conference Program here.
Exciting times!!! And the conference is in my hometown...Can't wait to add 500 like minds to my community :)
See you there?
Jenna
Recent events have added another alternative title to the list. I know also believe that "Marketing Director" can be called a "Mosaic Creator." Mosaic is the art of creating images with small pieces of color. When you look at mosaic art up close you will only see a bunch of colored pieces that look very abstract. It is only when you step back that the artwork comes into focus and the bigger picture is revealed.
Marketing plans work very much in the same way.
The ABA Marketing Conference is coming up and we have some exciting news...MarketMatch is sponsoring Erik Wahl...the artist, the inspiration, the motivator, the marketer. In his general session, Erik will be creating two works of art LIVE in front of our eyes that will illustrate how when we begin to think differently about our approach a much bigger picture will come into view.
The paintings will be on display in the MarketMatch booth where attendees can register to win them (including the shipping back to their office.)! Have questions? Check out the ABA Marketing Conference Program here.
Exciting times!!! And the conference is in my hometown...Can't wait to add 500 like minds to my community :)
See you there?
Jenna
Monday, July 14, 2008
Member FDIC
I have to be honest and tell you that I never expected to see the day when the sped-up disclosure at the end of a radio ad would actually be important to the customer. Member FDIC.
As bank marketers we are always making sure that our commercials and advertisements are compliant and include the necessary disclosures...cramming a billion words into the last 3.5 seconds of a 30 second spot. Nobody cares about that stuff anyway, right?! WRONG. Today, they care. Especially those customers of Indymac Bank.
Do your customers understand what FDIC insurance is and how it works for them? I'll bet that most of them know that you have it but don't know what it means. I will also bet that most of them have seen the movie, "It's a Wonderful Life." On George and Mary's wedding day there was a run on the bank. George had to use all but $1 of the money for his honeymoon to his customers.
But it really is a wonderful life. You have the opportunity today to make your customers feel safe. Help them understand that their money is safe and that the bank isn't going anywhere. Take a moment to step back and evaluate what your customers NEED to hear in today's economy. A message of stability speaks volumes to the timid consumer.
Be extraordinary today.
Jenna
As bank marketers we are always making sure that our commercials and advertisements are compliant and include the necessary disclosures...cramming a billion words into the last 3.5 seconds of a 30 second spot. Nobody cares about that stuff anyway, right?! WRONG. Today, they care. Especially those customers of Indymac Bank.
Do your customers understand what FDIC insurance is and how it works for them? I'll bet that most of them know that you have it but don't know what it means. I will also bet that most of them have seen the movie, "It's a Wonderful Life." On George and Mary's wedding day there was a run on the bank. George had to use all but $1 of the money for his honeymoon to his customers.
But it really is a wonderful life. You have the opportunity today to make your customers feel safe. Help them understand that their money is safe and that the bank isn't going anywhere. Take a moment to step back and evaluate what your customers NEED to hear in today's economy. A message of stability speaks volumes to the timid consumer.
Be extraordinary today.
Jenna
Tuesday, July 8, 2008
My Mac Genius and My Personal Banker
I have fallen completely in love with the Apple Store and all of the Mac Geniuses that work there. Then I found myself wondering why I don't feel that way about my bank (weird, I know, but I am always thinking of ways to make my bank and my clients even more successful!).
For my birthday, I bought myself a Macbook laptop and am using it for everything. But that's not what this is about. When I made the purchase, I was given the option to also purchase 52 sessions of one-on-one "Personal Training" with a Mac Genius. It was $99 and I bought it. I am now able to go to the Apple Store once a week for a one-hour personal training session for A FULL YEAR to learn about everything from how to get started with my Macbook to how to take better digital pictures (and edit those no so great photos!).
It got me thinking about us bankers and the jargon we use. Do you really think that your typical consumer understands this conversation:
You and I have been doing this for a long time and understand the terminology. But do our customers understand it? NO. I would argue that most of our customers don't understand what we do outside of checking accounts, savings accounts and mortgages. And that's not even the cool stuff.
Many of you have staff whose title is "Personal Banker." But what does that mean? To me, that means that there is one guy claiming to be my account manager that I can ask for when I walk in the front door. He does not know my name and doesn't understand what I do because he doesn't ask.
So, as an industry, what if we got into personal training? Helping our customers understand what we do.
What if we committed one hour a week for a full year to each of our customers...or maybe just those who opted for it by purchasing the right account or paid for the service?
It should be by appointment only, and if you don't come this week, the session is lost...you can't get it back or come twice next week. It gives our customers a reason to be faithful, make better financial decisions, better understand their financial needs and set some longer term goals.
This could be the opportunity of a lifetime to create the perfect customer. It may seem like a huge undertaking, but really, many of you already have the staff in place with the appropriate titles. Why don't you make them live up to it?
Go to an Apple Store and ask them what they do. Ask about the Genius title and how they earned it. If the banks that experience the most success are modeling their service standards after Disney, Ritz-Carlton and Starbucks, why not consider the Apple Store as well?
Go for it. Take a risk, and improve financial literacy along the way!
Jenna
For my birthday, I bought myself a Macbook laptop and am using it for everything. But that's not what this is about. When I made the purchase, I was given the option to also purchase 52 sessions of one-on-one "Personal Training" with a Mac Genius. It was $99 and I bought it. I am now able to go to the Apple Store once a week for a one-hour personal training session for A FULL YEAR to learn about everything from how to get started with my Macbook to how to take better digital pictures (and edit those no so great photos!).
It got me thinking about us bankers and the jargon we use. Do you really think that your typical consumer understands this conversation:
"Oh, you want a HELOC? Well, let's take a look at your LTV and see if we can't decrease the percentage first."HUH? He-lock...Is that what you call the armed guard at the door? And LTV...I don't want an off road vehicle. And why on earth would I want to decrease anything at a bank...except a loan rate of course.
You and I have been doing this for a long time and understand the terminology. But do our customers understand it? NO. I would argue that most of our customers don't understand what we do outside of checking accounts, savings accounts and mortgages. And that's not even the cool stuff.
Many of you have staff whose title is "Personal Banker." But what does that mean? To me, that means that there is one guy claiming to be my account manager that I can ask for when I walk in the front door. He does not know my name and doesn't understand what I do because he doesn't ask.
So, as an industry, what if we got into personal training? Helping our customers understand what we do.
What if we committed one hour a week for a full year to each of our customers...or maybe just those who opted for it by purchasing the right account or paid for the service?
It should be by appointment only, and if you don't come this week, the session is lost...you can't get it back or come twice next week. It gives our customers a reason to be faithful, make better financial decisions, better understand their financial needs and set some longer term goals.
This could be the opportunity of a lifetime to create the perfect customer. It may seem like a huge undertaking, but really, many of you already have the staff in place with the appropriate titles. Why don't you make them live up to it?
Go to an Apple Store and ask them what they do. Ask about the Genius title and how they earned it. If the banks that experience the most success are modeling their service standards after Disney, Ritz-Carlton and Starbucks, why not consider the Apple Store as well?
Go for it. Take a risk, and improve financial literacy along the way!
Jenna
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