Pro Bowl

Greetings!

Getting ready to watch the NFL's Pro Bowl...and yawning at the same time.

They have moved the Pro Bowl to the week before the Super Bowl to try and add some spice and interest in the game.  Need to move on to idea #2!

The All-Star Game in Major League Baseball is exciting...they engage the fan's, interact with them, and its a playful (but serious) game. The Pro Bowl?  Whiny millionaires on vacation.

So, I am up for creating a "Pro Bowl, All-Start, of MVP" of bank and credit unioning marketing.  Any one want to step up and offer a nominee??

Here is my initial list...

• David Kreiman
• Michelle Willis
• Samantha Strickland

Of course....I cannot vote for MarketMatch (but I think we rank really high!)

I am accepting votes and nominees through Friday...and then I will repost the winning list!

Cheers!

Bruce

How Marketing Directors Kill New Work

As I only post when something catches my attention, my posting habits are a little sporadic. Sometimes I will write a couple of posts in a week, and other times I will only post once a month. I have been feeling pretty guilty lately about not posting more, but nothing really jumped out at me until very recently.

In the past couple of weeks, two things have impacted my work as a marketer--I was extraordinarily fortunate to attend a convening of Black playwrights as part of the American Voices New Play Institute at Arena Stage, and I finally got around to reading Outrageous Fortune, the new report put out by TDF about new play development. Via both contexts, I heard numerous complaints about how institutional theaters market new work.

It became clear to me that marketing directors, in some cases, have the ability to kill new work. In Outrageous Fortune, one playwright contends that institutional theaters are "about a certain kind of system...when plays come in, they want to systematically find a way to market them." Another playwright states that new play production "comes down to marketing. Some say we love this play; we can't find the audience for it. It pisses me off, because a lot of people in marketing don't know how to find new audiences." It is easy for marketers to take offense, however we should admit that at too many institutions, this is the case. Marketing directors are like anyone else; we are creatures of habit. If we have been in the job for awhile, we start to develop systems for marketing products. We know how to market musicals, new plays, African-American work, political satire, etc. But what happens when the Artistic Director brings us something that we can't pigeon hole? Well, I guess that depends on the person sitting in the marketing director's chair. Some of us get excited as it presents an opportunity to learn and grow, and a chance to build our audience base. Others might be daunted, and instead of facing the challenge, they retreat to the comfort of the known. But let's be clear--whether we accept the responsibility or not, it is our job to find an audience. The audience for more challenging, esoteric work might be smaller than a crowd-pleaser, but either way it is our duty to go into the community and find those people to support the work. In thinking about this issue, I am reminded of a piece of advice my mentor gave me in graduate school. She said a producer's job is to find ways to say yes.

While reading Outrageous Fortune, I had an interesting interaction with a playwright. When questioned why a play hadn't made a commercial transfer despite being critically acclaimed, the playwright said the producer had a difficult time projecting revenue due to the late buying habits of the audience. To all those on the outside, it was almost impossible for us to understand why a commercial production would not be forthcoming. If it was indeed a case of projecting revenue, then the marketing director has failed this extraordinary new play. Just because our jobs become difficult doesn't mean we have the luxury of being able to choose to carry out our responsibilities. Revenue forecasting is incredibly difficult, especially in light of the current economic crisis. However, who better to forecast revenue than those with the tools to do so?

Are these cases of marketing directors behaving badly? It sure looks that way. We got into our jobs knowing the territory. We are tasked with developing new audiences, supporting the mission of the institution, forecasting revenue, promoting all types of work, etc. If you don't like any of those tasks, then you should move on. Maybe the job isn't for you. Don't jeopardize the livelihoods of playwrights, or the advancement of our craft, because you don't want to take on a tough task.

That being said, before I finish this post, I wanted to mention that there are two major sources of revenue at non-profit institutions--earned revenue and contributed revenue. If marketing objectives have the ability to sacrifice your institution's mission, then I would argue that you have become too reliant upon box office revenue. For-profit companies focus on one thing: building a product that has audience appeal sufficient enough to make the most possible profit. Non-profits as well have a singular focus: fulfilling their mission. At no point can marketing objectives jeopardize an organization's ability to fulfill its mission. If you get to that point, you might as well become a for-profit entity.

Are You Ready for the Super Bowl?

On Monday nights during football season, the network screams "are you ready for some football." Well tens of millions of people around the world are getting ready for the Super Bowl and I am no exception. I spent the majority of my life in Indianapolis and my Colts are in the Super Bowl! They probably are not the sentimental favorite to win (because of Katrina) but Las Vegas doesn't base the odds on sentiment and they have the Colts as 5 1/2 point favorites.

Millions of people will watch the Super Bowl even though they may not have watched another game all year long.

Can you guess why that happens?

You got it! It's for the commercials. The cost of a 30 second or 60 second spot for the Super Bowl commands more money that any other single event in the world. Major brands spend months working with their agencies to create one or two very special advertisements for the Super Bowl. Many probably dedicate 30% or more of their annual advertising budget on this one special day. Some ads are clearly winners and some are clearly losers. Agency relationships are generally lost when the ad is deemed a loser.

As community bankers and credit unions, we don't have the financial resources to buy a spot on the Super Bowl. So let's just sit back and enjoy the game and vote for our favorite commercials!

When Super Bowl Monday comes, we know how to compete with the regional and national banks in our markets. We can't out spend them but we can spend our budgets wisely and pull deposit and loan share by just "staying true to who we are." Neighbors who care about our communities and about our friends and relatives. We have the right products, the right people and the intangibles that make us a force in our communities.

So if you see Chase, Citi, BofA (or even the E-Trade babies) during the Super Bowl, don't let it spoil your day! Enjoy the game, enjoy the commercials, spend time with friends, have some popcorn and on Monday come out and continue to play to your institutions strengths.

Don't bet any money on this, but for what it's worth, my prediction is Colts 27 Saints 17.

Have a great week/weekend!

Mike

PS - I know I'm a week early but the Super Bowl is already on my mind!

Seize the day ... Customers are looking for you!

I don't want to sound like a broken record, but as an alternative to "Big Banks," we need to Seize the Day!

A year ago, consumers were looking for a safe a secure place to put their money in the midsts of bank failures. Today, the interest in changing banks is snowballing. According to a Credit Union Times article published online yesterday:

"Consumers are being driven in higher numbers to credit union Web sites as a result of the media and government focus on big bank practices, according to NAFCU and CUNA.

NAFCU, for one, said this week its “CULookup” locator has recorded “a tripling of volume” since the first favored mention of CUs appeared on New York pundit Arianna Huffington’s “Move Your Money” Web site."

What are you doing to seize the day?

• Is your institution differentiated from other local banks and credit unions?
• Does your product mix align with market needs?
• Does your marketing speak in benefits and not features?
• Is your staff trained to provide the type of service to drive word-of-mouth and make this movement snow-ball further?

If you want to gain market share off of the big bank runoff you simply need to speak the loudest in the clearest voice. The stars are aligning for us ... I can't think of a more opportune time to focus on marketing.

Take care,

Eric

Are you taking advantage of your opportunities?

We all have a network friends, family members, acquaintances from church, families our children go to school with, etc. etc. I'm guessing we have never really thought about the number of parties, meetings, ball games, etc. that we attend during a calender year. If you stop and think about it, I bet the number is staggering!

Do you view these interactions as social events or as opportunities to help meet the financial needs of all the people you come in contact with on a daily basis?

It's a fact that everyone is so busy that they welcome the opportunity to shop in non-tradional ways and during non-traditional times. The key is the manner in which you conduct the conversations. It's possible that many of the people you interact with socially are not aware that you work for a financial institution. If they are aware, they may be uncomfortable starting the conversation for fear of making you "work after hours."

However, once you start the conversation, you will be surprised at how many really want to take advantage of the opportunity to discuss their financial needs. Obviously, not everyone will be interested so the key is to quickly "back off" at the first sign of resistance.

If at first you feel uncomfortable discussing business in a social setting, remember you aren't selling anything you are merely helping others meet their financial needs! It may be as simple as making an appointment to meet with them at another time or you might actually close some business.

If you handle each individual situation properly, you will strengthen existing relationships, create new relationships, enhance the lives of those you interact with socially and enhance your career at the same time!

If you agree (and I hope you do agree,) encourage your co-workers to participate!

Have a great week!

Mike

Time to Reflect...

Greetings!

Today is Martin Luther King day and the moment cause me to stop and reflect.  One of the most stirring speeches that I have ever heard from Dr. King's speech in Washington that is commonly referred to as "O have a Dream"  Knowing how powerful that speech is in recorded versions, I can only imagine the power of hearing it live and being part of the scene that day.

However, if people had only "heard" it and not internalized the message, it would have all been simply words delivered with passion.

I a very passionate about what I do...and believe it comes out in everything that I do.  However, I want to share with you a few "dreams" that I have...some for banking and some personal:

• I have a dream that my daughter will be free of seizures
• I have a dream that my son will continue to fulfill his unending potential
• I have a dream that my family continues to be blessed
• I have a dream that my clients will continue to be successful and internalize our messages
• I have a dream that banking continues to grow in seeing the world from the customer view

These are all words right now...but the focus of my 2010.

My mantra for the year?

From Great Challenge, comes the Challenge to be Great!

I will be great this year....join me on the journey?

Cheers!

Bruce Clapp

Lead Generation Checklist – Part 3: Develop and Intensify Your Ideal Customer Profile

One of the biggest mistakes companies can make is to try and be all things to all people, going after all possible customers out of fear to miss out on revenue opportunities. Among all possible prospects, some companies are a better fit for a vendor's solution and have more to gain by purchasing it than other customers. They are more likely to pay a premium and prefer the vendor over less ideal competitors. This translates into higher closing rates and higher lifetime customer value. The increase in revenue from focusing on ideal target segments often far outweighs the loss in revenue from abandoning less ideal segments.

But how do you identify your ideal customers? The concept of the Ideal Customer Profile (ICP) is designed to help marketers identify the attributes ideal customers have in common that separate them from other less profitable segments. Attributes used for segmentation include demographics such as industry and company size, psychological characteristics such as technology adoption patterns (innovators, early adopters, early majority, etc.) as well as trigger events such as the hire of a new chief executive or approaching compliance deadlines for regulatory legislation. In part 3 of his lead generation checklist, Brian Carroll explains how to develop and itensify your ideal customer profile. Check it out.