You DO NOT sell deposits and loans.

Human beings make emotional decisions 

and support them with logic and rationale.

It's a bit of a fault, but it's partially what makes us who we are.  It's one of the many beauties of humanity.

Think about some of your most recent purchases...

"I need that Fred Flintstone sized driver to hit the inch and half wide ball."

"The Louis Vuittons will be 100 times more comfortable and last 100 times longer."

Really?!?!

So, if we are emotional creatures, why does so much bank marketing revolve around "Free Checking!" and a big ol' rate?

The truth is that we do not sell checking accounts ... or loans ... or CDs.  People can get THOSE things anywhere!  Let the Wells Fargos and Bank of Americas of the world take the obvious route - they can afford to be lazy.

You, my credit union and community banker friend, are different ... better ... smarter.  You understand that every single  day - with every single branch and electronic interaction - we are dealing with people's money.  And aside from child care, what is more emotional than that?!?!

No, we do not sell products, we sell TRUST!  

Take a look in your lobby right now.  Those people aren't there for your free checking, and they likely past a competitor or two to get to your branch.  They are there because they trust you.  In their mind, you are the expert.

When you sit down to plan your next campaign or draw-up your next brochure, start your planning where your target audience starts it's decision making ... with emotion.  THEN, you can support it with logic and rationale.

Learn from this retail example.

We bring these marketing philosophies to credit unions and community banks nationwide, and would love to bring them to your institution too.  Contact us to see how.

With nearly 223,000 visits worldwide, we hope that you enjoy this blog.  If you find it helpful, please share it with your colleagues.  Also, check out our YouTube Channel for short video blogs about financial marketing.  

MarketMatch is also a nationally and internationally requested speaker.  Contact us to bring our marketing ideas to your next conference.

Here are the conferences where you can find MarketMatch.

See our story here. (click)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848

Follow me on Twitter @egagliano

Wake Up Your Brand the Starbucks Way

Last week, I spoke for the South Carolina Credit Union League about Creating Authentic Brands.  During my session, I used Starbucks as an example of an organization who built an authentic brand.  And, in typical me-style, I think I insulted about half the room.

You see, I added the aside that I felt Starbucks' great brand was built despite an inferior product.

We then spent the next 5 minutes arguing about coffee.  Actually getting passionate about a roasted bean.

Through this discussion, I inadvertently proved my point … Great brands are more about emotion than logic.  By simply stating my opinion that Starbucks is bitter and subpar, I evoked an emotional response to defend a loved brand.

So, how did Starbucks do it?

In his book, Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time, Howard Schulz, Starbucks’ Director of Retail Operations and Marketing, expressed how the brand is central to Starbucks’ business:

“Authentic brands do not emerge from marketing cubicles or advertising agencies. They emanate from everything the company does, from store design and site selection to training, production, packaging and merchandise buying. In companies with strong brands, every senior manager has to evaluate each decision by asking, 'Will it strengthen or dilute the brand?'"

This is great advice if you want your customers passionate about your brand … out there defending your honor, like knights on white steeds, every time some opinionated loud-mouth like me puts you down.

By putting as much emphasis on the experience as in the product, you can differentiate yourself and build an authentic brand … just like Starbucks.

"Starbucks’ role is to provide uplifting moments to people every day. I didn’t say coffee. Starbucks is not just a pound of coffee, but a total coffee experience."

~ Scott Bedbury, Senior Vice President of Marketing, Starbucks

Now, if you'll excuse me, I need to run to Caribou for a Northern Lite white chocolate latte with extra espresso.

Take care,

Eric

With more than 120,000 visits worldwide, we hope that you enjoy this blog.  If you find it helpful, please share it with your colleagues.  Also, check out our YouTube Channel for short video blogs.  

We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too.  Contact us to see how.

MarketMatch is also a nationally and internationally requested speaker.  Contact us to bring our marketing ideas to your next conference.

Here are the conferences where you can find MarketMatch.

-------------------------------------------------------------------------------

MarketMatch is a marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest  MOMENTUM and prove the best RESULTS with our written ROI Guarantee.

See our story here. (click)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848

Find Your Greatness

I absolutely love the Olympics!

As a runner, as a fan and as a world citizen … the Olympics are a radiant flower that blooms for only 3 weeks every 4 years.

The true blessing, as an American, is that this 3-week festival of competition and world-togetherness offsets and provides a distraction from our own American, poo-slinging political environment.

But lets focus back on the Olympic competition.  Not between the USA and China, not even between the finely honed athletes, but the competition of sports apparel brands.  As a marketer, I’m as enthralled by the Nike/Adidas competition as I am in the marathon competition between the Kenyans and the ... ahhh … well … OK, they really don’t have competition.

Here’s a link to Nike’s Find Your Greatness campaign.

Quick question:Is Nike an official sponsor of the London Olympic Games?

Answer: It doesn’t really matter!  But no, they’re not. 

Last week, Ad Age reported that an online survey found that 37% of those surveyed identified Nike as an Olympic sponsor (compared to 24% for Adidas, a real sponsor).  Add to that, in the last week, Find Your Greatness landed as #1 on the Viral Chart with 4.5 million views compared to Adidas’ 2.9 million views with their Take the Stage campaign.

In short, Nike has hijacked the London Olympics.  Without mentioning the games or paying the $40 million+ sponsorship price tag.  They did it by focusing solely on emotion.  They’ve tapped into the consumer’s reality.  One I’ve related to since I first started running in 4^th grade … I’ll never be an Olympian, but I love being an athlete!  I’ll never compete internationally, but I can’t listen to the National Anthem without picturing myself on a podium.  Admit it, most of you know exactly what I’m talking about … and Nike identified it … put it into words and images … and made us feel it!

So, what can WE do as marketers without Nike’s marketing budget or rock star ad agencies?  We can learn from their strategy of tapping into emotions.  It sounds idealistic, but the truth is that emotions sell better than product or price.  Take Find Your Greatness, for example.  We’re not selling shoes or shorts, but our financial consumers want to find their greatness at home, right?  They can’t buy a car, move into a home, pay for groceries, hope for retirement or insure their property without us. 

How can you help your community find their greatness?

Take care and enjoy the remainder of the games.

Eric

Get Emotional

I was professionally raised in ad agencies and matured in financial marketing, so I know that I'm a bit too close ... but it seems to me that too many copywriters don't dig deep enough into their work.

If you want to make an impact with your ad copy, understand the unique features that you want to promote ... then determine how those feature will ultimately benefit your customer. Will it make their life easier? What can they do with the money that they'll save?

Now, you can stop at the benefit and be well ahead of most of your competition from a marketing perspective. But to really make an impact, generate some emotion. How does your target FEEL. Are they frustrated with your competition? Are they proud to be buying their first home?

Demonstrate that you understand who your target is and what they care about then back it up with the benefits that will fill their needs.

For example, you could promote your Wealth Management Department by saying that your bank "manages umpteen-million dollars in assets" or that Sally Wealth Management is "super trustworthy." Or you could say...

When "Daddy's Little Girl" became "Mommy," I knew I could help.

First I bought my new grandson a ball glove, then I called Sally at Wealth Management. She was so helpful with my retirement that I knew she could help me put something away for his college too. I know he'll be a shortstop!

Take care,

Eric