Can Marketing Really Be This Easy?!?

Alternate Blog Title ... "3 is a Magic Number"

The average day in the life of a financial marketer (the way many people see us):

• Get the newsletter written
• Plan a customer appreciation day
•  Build a float for the parade

Is this time well spent?  The answers may vary.

A friend in Maryland made me aware of a great article on The Financial Brand titled, Marketing’s (Only) Three Challenges, written by Ron Shevlin.

Ron’s Take

There are three – and only three – challenges that Marketing faces:

•  Acquiring the right customers
• Retaining the right customers
• Growing the relationship with the right customers

Everything is related to one of these three challenges. 

I purposefully did not label the challenges with numbers, because the priorities may differ based on your institution’s current performance and business objectives.  But that’s it.  That’s all you have to do.  It’s that easy!

Alright, so you could argue that the newsletter builds relationships and Customer Appreciation Day helps retention and the Parade Float drives acquisition.  Again, is this time well spent?  It all comes down to resources and priorities…

The MarketMatch Client Mantra

There are a thousand things you COULD be doing … 

what are the 3 things you SHOULD be doing?

Resources

We all have limited resources. And it is very likely that, for your department, time is at a higher premium than even your limited budget.  Since you only have so many hours in a day and so many dollars in your GL, you need to focus on priorities and make a strategic decision to let some things simply not get done.

Prioritize

1. You should have a business plan to work from.  Of your Business Objectives, what is mandatory?  In short, if your institution only accomplishes 3 things this year – what should those 3 things be?
2. In order to accomplish those 3 Business Objectives, what are the top 3 Marketing Strategies for each Objective? Now prioritize your 9 total strategies.
3. What are the 3 most impactful Marketing Tacticsyou can do to support each of your 9 Strategies – think on-going processes as well as short-term campaigns.

With this exercise, you now have 27 of the most impactful tactics, prioritized, to meet your bank or credit union’s key objectives.  That averages 2.25 tactics per month and should definitely help you to maximize your time and monetary resources.  If you can’t get to all 27, use your prioritization to identify what to do now and what to put in next year’s plan (or simply partner with someone like me).

Now that we have YOURresponsibilities identified, lets apply the “Power of 3” to those who approve your work.

If we can assume that your department is the expert and is focused on Acquisition, Retention and Penetration.  And if we also assume that, as marketers, you are the most qualified person in your institution to understand customer segmentation/needs and competitive messaging/differentiation – then we can make creative approval easy!

The only 3 things that anyone approving your work needs be concerned with are:

1. Is the information accurate and compliant?
2. Does the offer address a strategic need of the institution?
3. Does the message fit the bank or credit union brand?

I've been on your side of the desk and, yes, I know that Ron and I have over-simplified life quite a bit.  But, have we really?  I truly believe that aside from your top strategies & tactics and the above 3 approval requirements, everything else is a distraction.  That's not to say that other tactics don't need to get done, but they are certainly "back-burner" items.

Hopefully I've struck a nerve or two and lit a few fires.  Share your thoughts below.

With nearly 110,000 visitors 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.

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MarketMatch is a full-service 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

Making it Matter...

Image from TippingPoint Labs

Greetings...

Marketers are challenged everyday with ensuring our dollar is invested in marketing strategy and tactical deliveries that work... in the end its all about three key letters-- R O I.

The return on investment is the holy grail that we MUST pay attention to and maximize.

The key is investing the "right" amount of dollars into the "right" strategies supported by the "right" tactics. 

Simple.  Right?

Well...it can be...

There are four strategies that a marketer SHOULD employ to ensure the marketing efforts pay dividends.   Here they are:

1. Content. Content. Content.  This is the king of all important elements. What we have to say is more important that how or where.  Good content is viewed, shared, discussed and actionable.
2. Relevant:  Our message, content and delivery need to be relevant.  Not to us, or our board, but to our target market.  Relevancy is in the eye of the beholder!
3. High Quality.  This means adding value!  A poorly written but relevant message may work...but a well written, added value relevant message is the key to the house!  "Well written" means brevity, crisp language and actionable word choice that intrigues the reader and has them wanting more!
4. Frequent (and recent).  I added the recency to the frequency because we both the maximized response is the intersection of frequently seeing your relevant message with the added power of recently being exposed to your message, too.

Here is a recent example of our Marketing Minute... monthly video vignettes that speak to a targeted message.  This is on the relevancy of your brand and how you can create followers that "wear your brand."  Enjoy!

Cheers!

Bruce Clapp


Want to learn more?  Enroll in the MarketMatch eCollege!  Smart learning online sessions delivered five consecutive Tuesdays with 2.5 CFMP credits for EACH session, tactical advice and a game plan for success!  Enroll here!

MarketMatch is a full-service marketing consulting firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.

Learn more here.

Chat with me LIVE!

Or contact me directly (click here).

You've Gotta Be Flexible

I’m a runner.  I run about 25-35 miles per week.  And I stretch just about every day.  Why?  Because, to PREVENT trouble, you have to be flexible.

Here’s an industry example.

In December of 2011, we had a 2012 strategic marketing plan approved for a client.  It outlined the key objectives for the year and the tactics we would use to achieve them.  We had a month-by-month “map” of exactly what tactics we had planned.

In January, that same client stumbled into an outstanding opportunity … an RFP to be the “official” bank of the area’s largest college – and, coincidentally, the area’s largest employer.  By February, we had won the bid and this month we opened 2 new branches on the university campus.  This is in addition to a new branch that we opened in a different market this month.

The university project was certainly NOT in the plan.  And, though the other new branch was planned for, opening 3 new branches in one month was not!  To say the least, we had to reallocate some time and monetary resources.  

The lessons:

• As we wrap-up Q1 2012, relook at your plan and measure against your annual objectives.  How are you doing?
• Though is took a lot of hard work to put together, your plan is not etched in granite (if it actually IS, relook at your budget allocation!).  When you create your plan, you have to realize that it will likely NOT execute to the letter.
• Though the last 60 days have been crazy … because we have a well-conceived plan that is based in bank objectives, we are now starting to migrate back to executing it. 

Check your plan.  How are you performing against it for Q1?  What has had to change, or what do you anticipate changing in the next quarter?  Have you learned any lessons from your past tactics that can make the rest of the year stronger?

Just as flexible muscles prevent big trouble on race day …. A flexible plan can prevent big trouble to your marketing efforts.

For more on creating a marketing plan, click here for our 

Marketing Minute video blog, "Planning to Plan."

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Want to learn more?  Enroll in the MarketMatch eCollege!  Smart learning online sessions delivered five consecutive Tuesdays with CFMP credits, tactical advice and a game plan for success!

MarketMatch is a full-service marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate the greatest  MOMENTUM for your organization and demonstrate RESULTS with our written ROI Guarantee.

Learn more here. (click here)

Chat with me LIVE! (click here)

Or email me directly (click here)

937-426-9848

82 more shopping days...

Can you believe it...

I walked into a store over the weekend and I was greeted by a large display...not Halloween, not Thanksgiving--- but CHRISTMAS!

So, I went home and looked at the calendar and much to my amazement I am WAY behind the 8-ball-- apparently-- what with only 82 more shopping days left before Christmas!

It got me thinking...how many more days left in the year? That would be 89.

89 more days to meet your goals...89 more days to WOW your customers/members...89 more chances to make an impact on a customer's financial life!

More importantly...it means that 2011 is only 90 days away!  

Here are 4 things to do THIS WEEK to make sure you are ready for both Christmas and 2011

1. Make a list-- divided by weeks-- of the tasks you want & need to get done by then
2. Talk with a customer -- in person-- and see how their goal progress is coming along
3. Talk with a staff member -- and ask "if they were CEO, what is the 1st thing that would change? What is the #1 thing they would keep?
4. Make a plan to communicate at least 3 times with a group of targeted customers between now and 12/31 and at least 3 times with a group of important staff members

With these actions in mind...you will help set the stage for all the planning, discussion and thought to be ACTIONABLE by the end of the year!

Cheers!

Bruce Clapp