Marketing Brilliance and the lack there of

So, if you are keeping up, you know I was in Michigan for the Christmas holiday. During our trip we got to see all of my family members...including the cutest 22-month old little boy named Jack. He put a box on his head and ran around screaming "MONEY!" Quite possibly the funniest thing I have ever seen...for the first 10 minutes any way! Check out the picture!



It's time to focus now. During my trip to Michigan, I had the pleasure of meeting with an old friend who will be able to help MarketMatch go to the next level with regard to technology, networking and phone systems. A pain I know you have all felt at some point. In that it would have been inappropriate (and painful!!) to bring my husband to the meeting, I did what any other really good wife would do. I gave him my T-Mobile account information and dropped him off (with his Mac book in hand) at the only Starbucks within a 30 mile radius. Yup, really small town! I thought that would keep him busy during my meeting a few miles away.

After two hours of geek speak, my meeting finally ended. I called my husband and told him I would be there in 10 minutes to pick him up. When I arrived at Starbucks to pick him up, he was...ummmmm...what's the word....ANGRY!!! Apparently this is the only Starbucks on Earth that doesn't have Wi-Fi access. 2 hours of good coffee and people watching was all he got.

As a business traveler, I have come to rely on the Starbucks connection. I can always count on the trusted coffee shop to provide me with the 15 minutes of connection I need to send the critical email and file, and sometimes even deliver on the promise to blog.

What a great Brand Position Starbucks has created. Imagine my disappointment when I realized that the brand promise didn't deliver. I don't care if it is Mount Pleasant, Michigan or Dayton, Ohio, Hilton International or a community bank. When a brand is created and delivered it should be consistent. When we deliver our brands inconsistently our customers become less faithful. If there is nothing they can count on, why should they count at all?

Did you know many McDonald's locations are now offering Wi-Fi? I would rather smell coffee than fries any day, but when I need connection my preferences go out the window. Maybe I need to reconsider on whom I rely.

As we enter 2008, take a minute to think about your branches, your people and the messages you are sending. Is it consistent or are you giving your customers a reason to stop somewhere else for their connection?

Your Partner in Branding,
Jenna

A Key Mission for 2008

Greetings on this cold and wintery New Year's Eve day....I hope it is warm wherever you may find yourself!

Just like what we prescribe for our clients, MarketMatch completed a strategic planning initiative for 2008 and we are very excited to get rolling for the year. We have many new items that you will soon hear about and exciting plans for new ways to support our clients!

As I was thinking about 2008, I was reminded of the experiences I had when my oldest daughter was in high school marching band. True to my form, I had to participate and couldn't just be involved I had to volunteer to be the "Pit Crew Boss"...the person in charge of making sure all instruments, band members, support items, etc. made it to each competitition and practice for the 150 member band and color guard.

In my daughter's last year, we had the privilege of being selected to play at the halftime celebration of the Sugar Bowl (it was in 2003 and Florida State played Georgia!) As the band practiced and practiced and practiced....I remember a key mission the band director laid out for the band.

He would say....after a very successful practice....that it was the responsibility of each band member to think of one...just one....thing that they could individually improve. He went on to say that if we did that for every practice and every competition, we would "fix" 150 mistakes EACH TIME.

To that end, 2008 may seem a bit daunting as you review all of the Agenda items....but break it into SMALL steps and involve every one....soon you will be making incremental improvements and BIG jumps without too much fus....

My New Year's wish to you....get a bit better, faster, stronger each day in 2008!

Cheers!

Bruce

Help from my family

Here I sit in Michigan, working from the breakfast nook table with my dad on his laptop to my right. My mom in the kitchen perpetually cleaning and my brother and husband in the room discussing the size of geese floating on the river and what a lucky man Regis Philbin is to get to look at Kelly Ripa every day. Seriously.

So, I thought I would get a little marketplace perspective from two boomers, a Y-er and an X-er. I asked for a brilliant idea for my blog today and got this advice:

"Why do you have to buy 10 hot dogs but you can only buy buns in packages of 8?" As contributed by my husband...the X-er.

Followed by my brother's (the Y-er) two cents, "Whatever happened to G.I. Joe. Kids don't have any good cartoons to watch anymore." He doesn't even have kids!

My dad replied with, "Why are you working on Christmas Eve?" To which my mom replied, "What is a blog?" They are the Boomers.

It is with much regret that I must share with you that nobody had a brilliant idea to share in my blog today...including me!

Here is my holiday wish to you all. May the holiday season find you safe and happy and the new year be filled with marketing brilliance, lots of deposits and guaranteed ROI.

Merry Christmas!!
Jenna

2008 Marketing Resolutions

It is almost impossible to think that the end of the year is only two weeks away. To echo Bruce's comments from a couple of posts ago, where did the 4th of July go? As promised last week, I want to ante up for 2008 with my Top 5 Marketing New Year's Resolutions! Let's dig in:

5. I will blog weekly. Yes, that's right, I am re-re-committing to this blog and will share marketing wisdom with you weekly. If you take a minute to vote on the right hand side of this blog, I will be sure to share expertise with you in those categories.

4. My blogs will be shorter but pack a bigger punch. Need I say more?

3. I will communicate the MarketMatch message more clearly. This will probably hold true to most of you: We can do it all for our clients, but do they know that? Find a short, easy way to tell them and tell them often.

2. I will be more involved. So for you MarketMatch followers, you know we are headquartered in Ohio...but did you know we are a national company? I work from our Denver, Colorado offices. I will get involved more regionally so that all of you in my neck of the woods can get to know me, trust me, and hopefully find value in what I can do for your institution.

And the #1 thing I will accomplish this year is....

1. The return on the MarketMatch investment will more than 100%...no excuses, and I will put my money where my mouth is. (This is where I put the disclosure that the ROI guarantee is a rebate on the difference when the program is executed as recommended, etc. Email me at: jrowland@marketmatch.com for more information).

Thanks for your readership, and here's to a great 2008!!!

Cheers,
Jenna

Resources

You will notice that we have updated our blog quite a bit in the last week or two...including adding some links to other blogs. We want you to know that we don't have any affiliation to the other blogs, but we do find their content to be timely and relevant (most of the time anyway!). Those links are in the left column. Click away!

Coming soon: My Marketing New Year's Resolutions. A top-five countdown!

Have a great week!
Jenna

It's December....where did June go??

Good morning...I woke up this morning and thought to myself..."good, its only the 10th of December." It took about 30 seconds for that thought to actually sink in....wait, I meant to think "Its ALREADY the 10th of December!"

Every year speeds past and the summer fun we all had is just a memory....but the good news: we still have time to plan to make 2008 great! So with that, I will share my top 10 planning tips for 2008!

Here we go...

#10 ... Market Share. You need to see how consumer trends will effect the future of your business. You need a sustainable competitive advantage over your competitors, based on what you can deliver upon (performance) and what is important to the market (Importance).

#9 ... Measuring Competition. You, your marketing team, branch personnel, and operations are aware of the competition's products, services and advantages. Identify the opportunities and plan for changes, competitive pressures, and weaknesses.

#8 ... New Products and Service Development. Make sure your products are meeting the lifestyles of your customers. And what products would create new opportunities.

#7 ... Product or Service Redesign. Changes in consumer lifestyles can impact your products and services. Re-evaluate your current products and services.

#6 ... Positioning. What consumer lifestyles are out there that your competition isn't satisfying? Position yourself as the full service institution you are...or the nimble niche player!

#5 ... Sales. How do your customers react to your sales process? You need to develop a service culture that will drive your competitor's customers right in your front door and deliver sales opportunities.

#4 ... Pricing and ALCO. Understand the the current consumer trends on the way they spend and save their money at your bank and the market. Do you know how your customers feel about price, value and quality? Are you on ALCO? Do you know what to provide the team?

#3 ... Measuring Brand Loyalty. Build strong brand loyalty. Activity is the best long-term predictor of loyalty...communication ensure activity, focus ensures communication!

#2 ... Targeting the right groups. Define the consumer groups you want or should target and what new groups show the best opportunities. Leverage your time, effort and resources!

#1 ... Branding. Make sure your brand is an intersection of quality products and quality experiences. Evaluate your brand consistency and then set out to make it 100% consistent!

If all else fails...make sure you do a quarterly Strategic Plan check-up to ensure you are on pace with your plan and to assess what modifications are necessary to your tactical delivery.

See you soon...

Go Buckeyes!

Bruce

Marketing to Gen Y

I know it's only Friday, and technically I don't owe you a blog until a week from Monday, but I couldn't pass up the opportunity to share this with you.

Open Chat with Generation Y'ers

Don't think for a minute that generational marketing is exclusive to a bank or a credit union...it is something we all must pay attention to. Why, you ask? Because if you don't, your competition will! They want what you have...YOUR CUSTOMERS. When was the last time anyone you know handed over their most valuable asset?

Happy Friday :)

Jenna

Pie Crust Promise

Any Mary Poppins fans out there? If so, then you already know that a Pie Crust Promise is one that is easily made and easily broken. For example, when we started blogging, it was created as a pie crust promise...we promised to blog then didn't. But we have since redeemed ourselves via my re-commitment to blog!

So the blog today will be a vent (and a good example of why you should monitor the blogosphere for your bank name) for me to talk (read: complain) about a broken promise with regard to customer service.

On August 28, 2005 I purchased the most incredible refrigerator from Lowe's. Thankfully, I also purchased the 4-year extended protection plan...not sure who talked me into that, but today I am very grateful that they did! I went grocery shopping yesterday as per my usual Sunday morning routine. I came home, unloaded the car and put everything away. Around lunchtime I opened the refrigerator and thought to myself "hmmmm...that doesn't seem very cold." So a few hours later I opened the refrigerator again to find it was 63 degrees INSIDE!!! It wasn't that warm in the state of Colorado yesterday!!

So, I found all of my extended service plan information and was SO happy to learn that you can "call 24 hours a day, 7 days a week for service or repairs!" YAY!!! So, here's where my complaint comes in. You can call that number any day at any time, but if you call outside of normal business hours, nobody answers and you can leave a message, but nobody will return your call. UGH.

I won't bore you with more details, mostly because I know you are feeling my pain. A refrigerator that doesn't work but is full of groceries and a promise of service that wasn't delivered upon.

They will be here tomorrow to fix it (I don't want to leave you hanging) but in the meantime, I have coolers with ice and food scattered about the kitchen.

Here's the moral of the story...If you make a promise to your customers, regardless of the time or cost the promise will take to fulfill, you need to deliver. Nobody likes a Pie Crust Promise.

Remember, on average, a satisfied customer will tell fewer people about their experience than will a dissatisfied customer. I am a dissatisfied customer and just blogged about the broken promise from Lowe's. (What are your customers blogging about you? Especially those Gen X and Gen Y customers.)

So, as you begin to think about your New Year's Resolutions, think about adding "I will never make another Pie Crust Promise" to the list.

Thanks for letting me vent! Happy Monday, and Happy Ski Season!

Jenna

Marketing Plan

Here it is...I am laying it all on the line for you...or at least someone else did!!! I know this was not a promised week to blog, but I just found this article on Gather.com and had to share it with you.

And for those of you who are not familiar with Gather.com, it is essentially a site that will take the blogosphere and condense it into bite sized chunks of similar topics.

I think next week we should talk about eMarketing. If you enjoy reading this blog or any other blog, you should be blogging for you bank. I will help you get started on Monday! In the meantime, read and share this fantastic article regarding the importance of marketing planning...including how to get started!


Happy Marketing!

Jenna

The greatest gift of all...

Tis the season for giving thanks, Norman Rockwell paintings, the Coca Cola bears, strategic planning and thanking your best customers with candy or apples or some other typically edible arrangement they can share with all of their staff.

My blog today may seem like a bit of a rant but I so whole-heartedly believe in this topic that I feel it is necessary to talk about, so let's get started.

You all have the right idea. Because your customers have been faithful to you for so long it is important that during this season of giving you find a way to say "thank you." But here's the thing...(I will go out on a limb here) most of you say thank you with food. UGH!

Your grandmother has loved your for your entire life, do you say thank you to her with Florida Oranges? And what about your siblings? Do you tell them how much you love them with a basket of assorted meats and cheeses? NO!!!!!!!!!!!!!!!

Let's talk for just a minute about how we give gifts. For those family and friends we know the best...we know what their financial situation is, we know what their family life is like, we know what they need (because they tell us) and we know what they want (because they tell us), we give them what we know they will love.

My mom this year will be receiving a Kitchen Aid hand mixer in red because she is tired of splattering cake batter all over the kitchen...her current hand mixer doesn't have a low setting and the new one will...I tested it. I could have taken the easy road and given her a gift card to pick out something she wanted, but that isn't very personal.

I will be getting my hair cut this week with the same woman I have had cut my hair for the past several years. We have a 40 minute conversation every six weeks or so...I don't know her well, but I know she just bought a new car a few months ago, and I know that she and her husband love to eat at a restaurant called nine75. I could get her an assorted meat and cheese basket because it's easy, or I could get her a gift card for car detailing, gasoline or a great meal.

I have a point...do you see it yet? I guess I'll have to get to it now...

For those of you out in marketing land, don't take the easy road with gift giving. Sure you save a little money when you buy in bulk. But your best customers are as different and individual as your family members. If your practice is to give gifts based on the longevity of the relationship, that's OK...but have you thought about REALLY thanking the customers who help you (the bank) the most? Have you thought about thanking the most profitable customers you have? If not, try it. I lose sleep over the amount of money we spend as marketers to thank the customers who are 80 years old and have 3 CDs and opened a young savers account for their granddaughter 20 years ago.

Granny deserves thanks, but what about the small business owners who have both their commercial and retail accounts at your bank, they own a home, own a business, have a couple of cars, offer direct deposit to their employees and have half a dozen deposit accounts with you...are they worthy of the assorted meat and cheese basket (even if there is wine in it)? NO, they deserve better than that. They trust you with their livelihood. You know more about them than you do about your second cousin who's name you drew for the family gift exchange.

I believe your best customers will appreciate an annual review of their accounts to be sure they have the best rates and lowest fees possible more than they will appreciate the food. That builds value in a way that your competition will never understand. Not to mention the fact that you may learn about a new challenge or opportunity that profitable customer is facing...talk about a HUGE opportunity to be the expert and get the lifetime relationship.

And from a cost perspective, at the very least it will save you a little money...it could even make that customer more profitable which will put money on the bottom line...which is more than I can say for the assorted meat and cheese basket!

Think about it. It may be too late for this season, but try it next year or the next time you give your best customers a gift. Let me know if you need help calculating the ROI on your giving...or even an ROI projection of a new giving program. Trust me. Reevaluating your gift-giving procedures will be worth it.

And check out this video...it will solidify some of the points I am trying to make!



Happy Thanksgiving!
Jenna

Survey Says...

Any Family Feud fans out there? Good ole' Richard Dawson! I used to watch that show a lot. But this post really has nothing to do with that so I will get to it...

How many of you are members of a loyalty program? I collect miles on every airline, I participate with every major hotel chain, the grocery store, Sephora, Eddie Bauer, the corner convenience store (fountain soda punch card anyone?) and any other company who asks me to become a member so I can receive great perks and valuable discounts. I am a sucker. But I also pony up so I can see how they market their programs and reward their loyal customers.

It should start coming together for you now!!!

So, as I have mentioned before, I am as faithful to Hilton properties as I can afford to be. They let you double dip (so for each stay I get airline miles and HiltonHonor points!) and they are everywhere!!! Mostly I stay with the Hampton Inn properties...that's my price point!

I have mentioned the new Hampton Inn near the MarketMatch headquarters to you in the past...remember the remarkable customer service I received from Jason a few months back (go back and read the blog from September!). Well, he did it again.

Every few stays at a Hilton property, I receive an email asking me for 10 minutes to complete a survey to evaluate the quality of my most recent stay. I finish the survey every time they ask because the way I see it, if they didn't want to know, they wouldn't ask. This has been going on for YEARS. The more I do it, the less I think the information actually goes anywhere.

So, I filled out the survey for my most recent stay at the Hampton Inn near the Dayton Airport...They scored a perfect score on nearly everything. Toward the end of the survey, they asked questions about the sundry shop in the lobby of the hotel...this was not a perfect score for me. Hilton is notoriously faithful to Pepsi products, and I have been a faithful Coke-a-Cola girl my whole life. So, when they asked an open ended question about how they could make the sundry shop better, I replied with, "I wish they carried Coke products...Diet Coke to be specific," and left it at that. A few more questions and the survey was over.

The next morning, I was in my office checking email, and imagine my surprise when I had a new message from Jason, the General Manager of the Hampton Inn near the Dayton Airport...His message simply said, "If you wanted Diet Coke, you should have asked...I stock the cooler myself and try to keep a good mix, but for our loyal guests we want to make sure to have what they want. I will have Diet Coke for you when you return in November."

HOLY CATFISH! They actually share that information with the general managers? I had no idea!!! I am so glad to hear that those surveys don't go into the survey abyss!!!

So, what's my point? I have more than one...

1. Do you reward your loyal customers? You should. It doesn't have to be costly, but it does have to be warm and fuzzy.

2. Do you ask your customers about their recent experiences? WHY NOT?!?!?! You should be.

3. If you are asking what your customers think, do you take the feedback seriously?
3.5 Do your customers KNOW you are taking the feedback seriously?

4. How do you communicate the changes you will implement?

My grocery store has teamed up with United Airlines and for every $250 I spend at the grocery store, I get 125 United Airline Miles. You need to reward loyalty and give your customers a reason to not shop on price. There is a Super Wal Mart two blocks away from my grocery store...they carry the same products at a much lower price, but I really like to travel so those miles mean more to me than a few bucks at the grocery store.

Creative loyalty rewards can be what makes you different...What makes you different is NOT your customer service or the fact that you are a community bank...everyone says that.

No great reward comes without great risk. Dare to be different!! Reward your customers creatively!

Jenna

Timing is everything

I rely heavily on many websites to help me research the financial institutions I work with...one of which being www.FDIC.gov. It has been a point of frustration for me that half way through the current quarter, the previous quarter data is not available yet. Really? It seriously takes that long? UGH!

This week I am focusing on a presentation regarding the various avenues a financial institution can pursue for e-marketing. I have some incredible references and am excited to give the presentation.

(Stick with me...I may seem all over the place right now, but I have a point...I promise!)

Last week, I had the pleasure of attending the ABA Marketing Network New England Chapter Fall Marketing Conference. It is a mouthful to say, but essentially all these incredible New England bank marketers get together, network, learn and generally have a great time. This conference focused on some new technology used to further the banking industry such as remote deposit capture, e-marketing, and new media. It was a great opportunity for all of us.

I sat in on the new media presentation and had an "A-HA" moment that quickly changed to a sinking feeling and then one of guilt and regret. So, here's the thing...Blogging is considered to be a new media in that is a way to share ideas, advertise and present information in a non-traditional format. This new media has no boundaries and knows no industry. It's an opportunity for us all. But there's a catch...

USE IT OR LOSE IT!

If you make the commitment to blog then you must blog and blog consistently, and I have failed you. The feedback we got when we began this blog was wonderful. You all saw the value in what we were communicating with you, but have consistently delivered our blog to you inconsistently.

Blogs are a very important tool. For many non-business it is an avenue to praise a business or express dissatisfaction with customer service. For others, it is a way to communicate a message, promote a service, or even get the word out on a new idea.

Here's the ultimate lesson I have learned about blogging... The commitment to blog is a promise you make to communicate with the people who want to listen to what you have to say. When you deliver on your promise inconsistently the people who used to want to listen to what you have to say become indifferent. This is a bad thing.

It is my intention to do a few things with this blog entry.

1. Make certain that all the bank-marketing-gurus who are considering implementing a blog for their bank understand that it is a promise you are making to the on-line community to deliver information consistently. It is a very powerful marketing tool that should not be taken lightly.

2. Apologize to you for not being consistent in our delivery of information and try to earn back your trust and loyal readership.

3. Recommit to the consistent delivery of this blog.
I, Jenna Rowland, PROMISE to blog at a minimum, every other Monday, starting TODAY.
You can write it down on your calendar...I will be back on Monday, November 5 with new words of marketing wisdom to share with you.

So, in a nutshell, don't be afraid to explore new media to promote your bank and your ideas. The opportunities are endless...did you know Wells Fargo has a branch in Second Life (not sure what that is? email me and I will show you...jrowland@marketmatch.com...more than $1million were spent there in the last 24 hours).

Try a blog, or at least think about it. It's free, it's easy, but it IS a promise that you make to your loyal readers. New media is an avenue to new opportunities. Find the one that reflects the essence of your brand and go for it!

See you on November 5!
Jenna

p.s. If you set up a RSS feed you will know when we have new posts on our blog!

Smells Like Teen Spending

I was painting my deck and fence yesterday with some high school students that my wife recruited (one benefit of having a high school teacher as a spouse is that you are never at a loss for good baby sitters and cheap physical labor). As we were painting, one the girls whipped out her cell phone and started to hold a very public conversation with her friend about borrowing $10 so that she can put a Homecoming dress on layaway (“Borrow” $10?!?! I’m about to pay you much more than that in cash!)

That’s my point. Here is a teenage girl, an hour away from cash income, and she’s already working a “loan” to cover her spending. This is worse than a payday loan – it’s a post-payday loan.

In reality, aren’t these teens a fantastic market for us to target?
- Many have ATM/Debit cards
- Too many have credit cards
- They have nothing but DISPOSABLE income

But while targeting teens for checking and credit cards, I feel we have a responsibility to help them become more fiscally sound banking customers too! A few ideas came to mind as I lay in bed last night pondering this subject:
- Why not offer a special low balance, low interest credit card for teens. Too many companies take advantage of teens with 20%+ interest rates. If a card only has a $500-$1,000 limit, where’s the risk vs. the gain of building great relationships at a young age?
- Why not make students pass a written test about saving and credit before credit or debit cards are approved? If nothing else, it would help them to think about money in a new way and would differentiate our efforts in the minds of the student’s parents (and don’t we want to be hero’s in their eyes?)
- Many of us sponsor school activities, but how many of us really leverage them? Why not negotiate to hold a student focus group at the school. Use it to learn:
. - What percentage of students has a checking account?
. - Did they simply choose their parents bank or credit union?
. - Do they understand how interest works on credit cards
. - What features are they looking for (text updates, online banking, etc.)

I’ll have these students back tonight to finish the painting; maybe I’ll hold my own teen focus group and get back a little more for my investment than a beautiful back yard.

Cheers.

Customer Service at its finest!

Just when I thought I was out of things to talk about, I had a WOW experience!

Once a month, I travel to our corporate offices for some face-to-face time with the rest of the MarketMatch team. During my trip, I usually stay at a chain hotel that offers a great rate, a below average free breakfast and rooms that are pretty spartan (and not always very clean). Each time I stay, I usually end up switching rooms at least once because the room they originally gave me either smells like a smoke shop or is dirty enough to refuse to take your shoes off. But it's quiet, I feel safe and the staff is pretty nice. In my mind, that (almost) makes up for the shortcomings.

As I prepare for my October trip, I learn that the new Hampton Inn has opened and is ready for my reservation. I am already a HUGE fan of Hampton properties (well, Hilton in general is great, but I love the Hampton price point!) so it took me all of half a second to look into their rates.

Imagine my disappointment when I realized that their rooms are, on average, $30 per night more expensive than the previously mentioned not-so-clean chain hotel. To me, that $30 would be worth it, but in the interest of being economically responsible, it would be best to stay at the cheaper place. But just in case, I asked to speak to the manager.

I told the Hampton Inn manager (his name is Jason) of my experiences with the other hotel down the street and that while I am already a HiltonHonors Silver VIP member, I will have to continue my relationship with the other hotel because of his price. And that's when it happened. He offered me the AARP rate that split the difference. Now we're talking. A better night sleep, better breakfast, double dip points (that's what Hilton calls it when you earn hotel points AND airline miles in the same stay) and the peace of mind that the hotel is clean...it is brand new!!! No more sticky comforter!

I did however hesitate in that he didn't match the price, he only split the difference. Jason immediately noticed my hesitation and quickly jumped in with, "how about this...you stay here in October at this rate and when you get here we will talk about a permanent negotiated rate for all people who travel to this hotel for your company." DONE!!! I was so happy I could hardly stand it.

So, here's the obvious question...how does this relate to what you do? And the answer is...VERY CLOSELY.

While we all know that, as bankers, we never want to negotiate price, BUT, as bankers, we also know that our best customers can be tempted by the price down the street. And while our customers will still continue to do most of their business with us, when it comes to those customers who are business owners (or in my case, an employee) they will do what they have to in order to do what is best for their business. Even if that means they settle for mediocre service, no frills and fewer choices. In order to be economically responsible they sometimes have to settle for less to save more.

So here's my question to you...is it worth splitting the difference to get the business and fill the room? An occupied room at a lower rate is better than a vacant room. Or in your terms, a big loan at a lower rate is better than no loan at all...apply this to deposits...an account at a higher rate is better than no deposit at all.

I know that this is, essentially, negotiating a rate. However, I would argue that it is more about managing a relationship than negotiating price. And this may not be right for everyone...maybe just your VIP customers. And it really boils down to empowering your employees to do what is right to get the business and enhance the relationship with your best customers.

Your competition wants what you have...YOUR CUSTOMERS...especially your BEST customers. What will you do to keep them?


Not sure where to start? Call me. I'll tell you!

And to all of you ABAMN members, see you in Baltimore!!!

Jenna

A Question Filled Tuesday...

OK...so here I am thinking about things...many things. This morning I was up early driving to Mount Pleasant, MI to visit a client. You should have seen the sunrise this morning...it was AMAZING....but I digress.

My post this morning is in the form of several questions....more thought provokers than anything....here it goes:

• When was the last time you had lunch with 3-4 customers and asked them about their experience at the bank?
• Have you recently held a small "focused meeting" with several front line staff? Asked them what they are hearing?
• Have you mailed out personal invitations to 5 customers this week to visit you for a cup of coffee?
• Does your bank track referral frequency from customers?
• Do you know who is your largest depositer? Loan holder? Commercial customer? Trust customer?
• Have you come in the back door of your offices and walked backwards through the experience of a customer...as you know the bes way to proof-read a document is to read it backwards...I bet the same can be said for auditing your branch experience!

Many questions...no real "right" answers...other than YES and/or I will. These are important gut-level checks that are so easy and inexpensive, yet widely missed.

Take a stroll around...and see what you see!

Cheers!

Bruce

Are bankers really thinking like retailers??

A very good friend of mine is a former car dealer and now leads the Greater Dayton Automobile Dealers Association....I share this to provide a frame of reference for Tom's words of wisdom.

He always says, when times are tough or challenges lurk ahead, that we have to "retail our way out of this..." I have heard it many times and I stopped to think about it just yesterday.

What Tom means is that we have to put energy, focus and many times financial resources toward overcoming problems...that means when sales are slow, you ADD more advertising, promotion and marketing. Traffic generation is critical to a car dealers success. Now think about banking...and more specifically, your bank. When margins are squeezed, loan volume dips, or competition is extra tough...does your marketing investment increase to compensate or are you on the sidelines trying to save the investment?

I certainly hope you are making the case for increasing the investment to support and overcome the challenges. However, IF we have not built the case that, 1st, marketing IS an investment vs. expense...that conversation is going to be a tough one.

So, how do I build the case for marketing being an investment vs. expense? Three magical letters... R - O - I !!!

You should be tracking EVERY marketing dollar spent and categorizing them into one of three categories....(1) ROI Trackable (2) Community Involvement/Donations (3) Cost of Doing Business.

ROI Trackable
These are ALL marketing, advertising and promotional investments. Home equity promotion back in April...Yep. Summer loan promotion...Yep. The pending fall checking push...Yep. We need to track the results, make assumptions and quantify the impact and match it against the investment required to make it happen. I firmly believe you should have a "floor" that protects your investments...say 150%. That floor is the lowest projected ROI that you will move forward with a program. Imagine being able to go to your CEO and say, with heart and passion, that every program is generating 150% or more....and the ones that do not...we analyze and make better!

Community Involvement
This category is for the "must do's" and "we have done it for XXX years" categories of expenses that simply cannot be measured or the measurement does not apply because you will be required/urged to do it anyway.

Cost of Doing Business
These are expenses...yellow pages, online hold, etc. that are simply required for doing business as a bank and should not be help as accountable for ROI measurements. However, diligence in managing these items will certainly win you big points!

Once you categorize your activities...you have clear guidance on what to track and what to monitor...we overlook nothing! So...how do I calculate the ROI...a discussion for another day...or simply give me a call!

Cheers!

Bruce

Customer Service at 37,000 feet?

I know that at some point you all are going to get sick of our airplane stories. But in my opinion, for as long as there is a lesson we can learn from the airlines we should continue to share these experiences. That being said, listen up!

Like Bruce, I seem to travel quite a bit. Monthly, I fly from Denver, Colorado to Dayton, Ohio. Sometimes I afford the direct flight, and others, it is just a good decision (read: economic responsibility) to connect in Chicago.

This week, I boarded my flight from Denver bound for Chicago, O'Hare, on my way to Dayton. I sat next to a mom who was traveling with her two children, on their way to visit grandparents in Northern Michigan. Being from Michigan myself, I was excited to talk about old home with my new friend and her kids. Ryan, her 4 year-old son, had broken his femur bone and was in a hip to toe cast...and a VERY good sport about it. Abby, her roughly 18-month old daughter was as cute as any toddler I have ever seen.

Somewhere around "flight attendants please be seated for take off" Abby started to SCREAM...and that is in all caps because Abby was in a full-fledged, red-faced, no-tears, award winning temper tantrum. About 20 minutes into the flight, the people in first class are starting to turn around and glare at us...mostly me, because I had the luxury of sitting on the aisle.

Now, I felt bad for the mom, who had apologized to everyone around us and even tried Benadryl for Abby...but Abby had an ear infection, so I am sure you know how badly her ears must have hurt.

After 45 minutes of the constant SCREAMING in my ear, I realized that I had two choices. I could 1.) go completely insane and take everyone with me, or 2.) start laughing.

Any of you who know me well know that I teeter on the edge of crazy anyway, and that I love to laugh. So, obviously, I chose to laugh...and laugh hard. Which apparently was the right decision because everyone around me started to laugh too. Is it possible that the giggles are contagious? Apparently so.

Finally, it was our turn for beverages. The beverage cart had trapped me between itself and screaming Abby. The giggling stopped, but the smile lingered...and that's when it happened. I couldn't believe what I was hearing. The flight attendant looked at me and said, "You have a beautiful smile. All smiles are beautiful when they are shared, but yours is really pretty."

That was the nicest thing anyone had said to me in a really long time. It was almost as though Abby had quit screaming and the turbulence had settled. But neither had. I was just happy and didn't really care what else happened that day...it was a GREAT day.

So, how does this relate to our version of customer service? Very closely.

This compliment may not have been enough to fly United faithfully for the rest of my life, but it was enough to make me want to seek out that women's flights so she could be my flight attendant every time, I would do it in a heartbeat.

So, when was the last time you said something unexpected and complimentary to one of your customers? I am guessing it has been a while. If your tellers could make it part of daily routine to find the good in every one of your customers...imagine how your customers would feel and what they would say to their friends and family. I will even go so far as to say that when you begin to find the good in others, you will also begin to see the good in yourself.

A smile isn't too much to ask. And when you smile, everyone around you will too. Share the wealth!

Jenna

The Experience: When we least Expect it...

As many of you know, I fly a lot. I tend to fly Delta the most...and usually have to go through either Cincinnati or Atlanta to get anywhere. It is one of the "experiences" that I dislike about Delta. This leads me to a story about handling situations that routinely arise in business...and how to handle them in a manner that is not only true to the Brand but enhances the experience.

About 18 months ago, I was on a Delta Flight that left Dayton for Atlanta on my way to Minneapolis (you don't see the logic in that route, either, do you...but I digresss). The flight was routine in every sense and the day was a great day to fly...sunny, warm and clear. As we made our approach to Atlanta all seemed normal. As we we descending and approached the runway, all was still as expected. Nothing fantastic, just as what was expected. As we prepared to touch our wheels....I was thrust back in my seat as the pilot put the floor down on the throttle and we quickly became airborne again. What happened? Close call? Problem with the plane? It was not clear....and NEVER became clear! As we circled back around and came back to land....this time for real...no one said a thing-- not the captain, not the flight attendants, but rest assured the passengers were sure talking about it! As we landed and taxi'd to the gate...still nothing. We prepared to get off the plane...still nothing. We were ALL left up to our vivid imagination as to what happened. As I walked down the terminal, some of the stories being created or bantered around were pretty dramatic...and NONE were good for Delta! They missed their chance to manage the situation!

Now, compare that to a recent flight that I took on Southwest Airlines. We were departing Columbus, OH for Little Rock Arkansas (which I love by the way....Arkansas is gorgeous!) Another routine take-off, cruise and preparation for landing....until we approached the landing. Here we go again, I thought. But the plane hit like a ton of bricks on the runway and the pilot brought it back down for a 2nd, slightly smoother, landing...we made it! Now...a critical brand decision was made...or could be made...in this situation. Follow the Delta lead and ignore it and NOT manage the brand...or do something different. The pilot made the brand decision that was different!

As soon as we taxi'd off the main runway, the captain turned on the PA system and made an announcement..."Ladies and Gentleman, I would like to be the 1st to welcome you to Little Rock International Airport...the time is...the temp is..., etc." I was thinking he was going to ignore the rock hard landing. However, at the moment of truth...right where our brand, reputation and future opportunity for sales lies (yes, at your bank/CU, too!) the pilot made a well-trained decision. He said, "I would like to also share with you a policy here at Southwest Airlines...that there is never a charge for the 2nd landing! Have a great day!"

There it was...not an explanation...but a Brand Saving action that lived up to the brand personality of Southwest Airlines. As I walked out fo the gate and down the terminal the conversation was more laughter than concern and people saying "that is why I fly Southwest...I love it."

The Brand lives on and is actually strengthened by what happened.

Now think of your institution...what path would your staff take the Delta "A" path or the Southwest "B" path? Ask yourself and then go into your lobbies, call your call center, etc. to see what truth lies at the moment of the Brand opportunity!

It takes consistency, a stated purpose, and a clear understanding that everyone has a role in the upkeep and delivery of the brand....

Cheers!

Bruce

Motivating Employees to Cross-Sell

ETSU02

You make a very good point in your comment to my last post. Last week was a little crazy and I was on vacation for a few days and unable to respond...so let's jump in and get started.

In my ever-humble opinion, I believe that employee motivation is directly tied to expectations. The two are so closely related that it is difficult sometimes to tell the difference. I would also argue that cross selling and sending referrals internally is about as optional as balancing the teller drawer.

In order to motivate your employees to do more cross selling, we should talk about the current culture within your institution. Does the initiative come from the top of the line and trickle down, or is the marketing department in charge? In my experience, when an institution tries to implement a sales and service culture, but is not initiated by the senior managers/CEO, it is doomed to fail. I have even run across institutions where the CEO was responsible for the sales and service culture shift but it still failed...this later failure is completely related to the lack of accountability on the part of the employees.

Shifting your culture will be one of the most difficult things you have to do. Notice I say, "have to do." This culture shift is not only necessary for success, but it is mandatory for growth. If your employees don't embrace the philosophy of better serving your customers, it will be difficult for you to grow (hence the attrition issue you mentioned in your original comment). Your competition really only wants what you have...YOUR CUSTOMERS.

Teaching your staff to better serve your customers (i.e. cross selling) is truly like teaching an old dog a new trick. However, that being said, it is still executed with great success by MANY financial institutions every day. It takes time, but here are some baby steps to help you get started.

1. Create a plan, include the expectations of each employee type and the associated rewards AND punishments for not meeting the expectations.

2. Set goals for EVERYONE with a time line for meeting those goals.

3. Training

4. Training

5. Training (it is listed three times, because not only is this THE MOST critical piece of the puzzle, it is not a one time deal. Training needs to be on-going, progressive, and refreshed frequently)

6. Measurement. What good will shifting your culture do if you can't say to your employees, "thanks to your hard work and dedication to serving the customers of our bank, we have 1000 new customers this year and our asset size has increased by 10% in the last 12 months."

I hope this will help you get started in the right direction. I have updated my profile with my email address and my phone number, should you have any questions or like additional information.

Good luck, and good selling!

Jenna

What's Next?

Happy Friday to everyone out there in Bloggerland!

I have had this window open since I got back from the gym at 7:00 this morning...and am just now getting to sending you my Friday message, but it seems as though I am at a loss for words.

I have been trying to think of a personal story that will somehow tie back to a brilliant bank marketing idea but am coming up empty. For those of you who know me well, you know that being at a loss for words probably means someone has wired my mouth shut...But today is just one of those days. When you have as many stories in your head as I do, it is sometimes difficult to tap a memory unless someone sparks me.

So here's your Friday challenge...Me. Yep, that's right, I am challenging you to challenge me. What do you want to know? What challenges are you facing at your institution that you want a little help with? I am offering to you a wealth of knowledge...all you have to do is ask. Post your questions and ideas as a comment to this post and I will respond to as many as I can!

And to the first to stump me, a copy of my favorite marketing masterpiece...a book of unparalleled brilliance...the name of which I will share in my next post, as well as why I think it's such a GREAT book!

Good luck, and happy challenging!
Jenna

Yardly and Vanessa

My first cross-country move happened when I was in my mid-twenties. I was moving from small-town Michigan to Plano, Texas. Plano is a northern suburb of Dallas. I picked my apartment based on two things...proximity to my office, and proximity to the Stonebriar Mall. This place was HUGE!!! It was the home of all the major chain stores, a few specialty boutiques and my first Nordstrom experience.

The Nordstrom service standard is no big industry secret. There are retailers all over this country that aspire to reach half of the Nordstrom standard. One particularly boring Monday evening, I decided it was time to try jeans that didn't come from The Gap. So, to Nordstrom I went. Upstairs, I found all of the really (expensive) hot brands...Citizens, 7, and a whole host of entirely-too-expensive-for-my-blood jeans. And unless you are a very slender woman, some of these brands just aren't quite right, even if you can afford them!

After trying on countless pairs of jeans and deciding I would come back in 20 pounds...errr...a few months, Yardly found me. She showed me JAG jeans. They are exclusive to Nordstrom and are still to this day my favorite jeans. But that's not the point.

About a month later, I was asked to read a passage at a good friend's wedding and was also asked to not wear a business suit while reading...I officially had nothing to wear. I went back to Yardly. Not only did she remember my name and the size jeans I was looking for, but she made me feel like a long lost friend. When I explained the situation with the wedding, the reading and needing a dress, Yardly walked me over to meet Vanessa Williams. Yup, that was her real name. She was equally beautiful but instead of being an actress/singer, she was a personal shopper. And she was from Grand Rapids, Michigan!!! YAY! Someone in Dallas who understands the mid-west and how DIFFERENT it is!

Vanessa took as much time as I needed to fit me for a dress, the accompanying jewelry, undergarments and shoes, and I bought it all ($$$$) and happily! While I was there, she took my measurements and made notes about my likes and dislikes. I wasn't sure why, but whatever! For the record, my favorite color is red, I hate flower patterns on anything, I love strappy sandals in the summer and will find a way to pull them off in the winter, and I will never don polka dots even if they are the newest hot trend of the season.

A few days later, I got a note in the mail from Vanessa Williams, my personal shopper at Nordstrom, inviting me to preview the new fall line. She also noted that I should bring my recent purchase with me, in that one of the new dresses was in a light reddish color and did not have a pattern...and that she had found a really great shoe to go with it.

I attended the sneak preview, returned my first purchase and bought the light red dress with the great strappy sandals to match. I had kept the original jewelery in that it was so cool, but ended up buying a new necklace to go with the new dress and sandals.

I could go on and on about all of my incredible experiences with Nordstrom and Vanessa, but I think you get the point. So, you get the point of the story, but do you understand how this relates to banking? Let me clarify.

Vanessa and Yardly are not magicians, mind readers or any psychic of the sort. They are, however, savvy with their CRM systems. Yardly may have gotten lucky, but Vanessa was smart. She knew that I would spend the money if I could fall in love with whatever it was she was showing me. And by asking a few simple questions about my favorite color and how I feel about patterns she was able to deduce that a light red dress with NO pattern would be great for me.

Do you ask your customers about what they like and don't like? Have you asked your retail customers about their family? If they volunteer that they have children, ask how old they are and make a personal connection. With your commercial customers, GET A WISH LIST!!! Ask them what ultimate tool would make their business run more efficiently and do some homework...find it for them...then find a way to finance it for them.

I know I have said this before, but banks are not that much different from retailers. Once we begin to think like them, and leverage our customer intelligence, we will then begin to truly serve our customers and earn the share of wallet that we deserve.

So, while we are talking about service standards...here's a link to a website that has lots of tools on it...and this one will really make you stop and think. Making small changes to increase our standards of service are not hard and they do not have to be expensive...take Johnny for example:
http://www.simpletruths.com/simpletruths/a.aspx?af=219&mo=stsr

Enjoy!
Jenna

Is your personality contagious?

I think it's a very valid question. I believe that enthusiasm is contagious. I also believe pessimism is contagious. When I am around people who are happy and excited, I tend to be happy and excited too...but when I am around people who are negative and pessimistic I feel like an energy vampire has sucked the life out of me!

This is why I ask. Every Monday morning the MarketMatch team has a conference call to check in and discuss how we can help one another by leveraging each of our unique perspectives. This morning I was told that I was starting to "talk like Bruce." I used some of his catch phrases. Apparently it's contagious.


Now, I know many of you out there in the banking world have met Bruce Clapp, and if you haven't, you should. Talk about contagious enthusiasm! And the guy knows his stuff. Early in my banking career, I had the luxury to meet Bruce at a conference. We kept in touch over the long course of my career, and it wasn't long before Bruce became my mentor. He is a marketing genius. I count my blessings every day that I am now working with my mentor, and constantly being challenged to think in new ways. So, if his catch phrases AND energy are contagious, well, those are diseases I am willing to catch!

So, is your bank contagious? Does your brand resonate in such a way that your customers keep coming back and bringing their friends? Does your teller line have so much energy and excitement that your customers LOOK FORWARD to coming in? Is their day better for having stopped at the bank on the way to work? Is the enthusiasm inside your branches contagious, or do you employ energy vampires?

It's something to think about, and it's easy to fix. When employees are motivated and empowered, they feel they are a part of something bigger. And when they are happy, it shows. We don't sing "If you're happy and you know it clap your hands" when we are kids because it's silly, we sing it because a it's true story.

Find a way to make your front line staff happy. And I know you are all thinking, "Whatever, Jenna...we all know it's more money." Wrong. It isn't always more money. I will bet that what is making your people less enthusiastic has more to do with lack of recognition for a job well done, lack of challenge, and lack of understanding of the importance of their role at the bank than it does their paycheck.

My final thoughts to share with you this beautiful Monday morning are these:
When you praise people for a job well done, it raises the bar of measurement for the job.
Most people live up to the expectations you set for them...but very few exceed the expectations.

Make the personality of your bank contagious! You will reap the benefits in lower attrition, greater retention, and a higher share of wallet.

Happy Monday!

Jenna

When I grow up, I wanna be a...

I grew up in a small town in central Michigan...well, home of Central Michigan University to be a bit more specific (GO CHIPS!!). My family history is one filled with two professions...teachers and bankers. When I was young, my brother and I would talk about what we wanted to be when we grew up. Keep in mind that in the late 70's and early 80's those conversations had more to do with gender and which was more "rad" than the other. I guess the word, "cool" hadn't hit mid-Michigan yet!

At an early age I started defying the things our parents called dangerous, forbidden, and "not for girls." For example, my tree house that was about 50' up an old oak tree...you had to make sure the Red Rider was carefully attached to your backpack because that fall could shatter my old crooked shooter (I became the master of compensating for that old thing!). But I digress.

So in the battle for the best "I wanna be a..." I was always the first girl fireman. Yup, long before being PC firefighters, we had firemen, and I was going to be one. Life happened, education was achieved, then some more education (I had a massive change in career path after that child development class...I KNEW I wasn't going to be a teacher after that!), and there I was...a legacy banker.

Wile my degree is in Marketing, it hasn't always been in banking. I did my internship with a beer and wine wholesaler where I did some merchandising, keg rotating, some selling and a lot of display building. When that was over, I migrated to some financial services marketing...a CPA and consulting firm most specifically where I did some contract work on a branding campaign. Then I went to the bank. Mortgage loans, new accounts and a bazillion other things that were in the catch-all job description of the Corporate Marketing Director.

Because I was spread so thin, it seemed that I was constantly putting out fires, and not able to execute the incredibly exciting and aggressive marketing plan I had written. And that's when it hit me. I had actually achieved my ultimate career goal...or at least the one I had when I was 7 years old. I was a fireman...errr...firefighter. Putting out the fires of every department head who needed that (insert the deposit product promotion of your choice) letter out yesterday!

I knew I had to make a change. Putting out fires is no way to market a bank! The change wasn't necessarily where I was working...the change had to be in the way marketing was viewed by the bank. I was on a mission. Today, that bank has shifted their view of marketing from being the people who recruit volunteers to walk in a parade and order the suckers for the drive through (and I am convinced those are called dum-dums for a reason!) to a revenue generating critical function within the bank. Granted it has taken several years (2 marketing directors and the ultimate consulting company) to get them there, but they are there and are experiencing remarkable success.

So, my question to you today is this: Are you a Marketer, or a Firefighter? Because you can't be both and I have never seen billowing smoke come out of a bank!!

No great reward has come without great risk. Take the risk.

Jenna

Living the Brand

Frontier Airlines. Have you ever flown them? It's an experience...and the first experience for this traveler was a little, well, how should I say it? Conflicting...that's the word, conflicting. When flying a "budget" airline, my expectations are usually in line with the cost of the flight...low!

So let's start counting my surprises. There are parents with their children and the children's grandparents EVERYWHERE. Pretty much in line with my expectations...but this is when it happens. The little boy (who announces he has to go potty) runs to his mom and says, "don't tell me who it is, I want to be surprised." HUH? I ignored it and continued my walk to the gate. I pass a few airline gates and hear "I think it was the bear." Then I hear "I watched Rachael Ray on my flight." Now I'm listening.

The same little boy comes RUNNING...I mean flat out sprint as fast as his 5 year old legs will take him...running, "did I miss it?" This time, his dad yells back, "Hurry, the plane is pulling up now." All of this running and yelling and rushing and whispering was about the animal on the tail of the Frontier Airlines plane. Our partner in flight this fine Sunday was Montana the Elk. And everyone thought that was the coolest thing ever.

Frontier Airlines launched a brand awareness campaign asking its passengers and anyone within earshot of one of their commercials to vote on their favorite animal, each having it's own name and voice. This ran for what seemed like months, and everyone was talking about it, including our local news channels...and that was free for Frontier! The anchors of the evening news were talking about who they voted for...you can't buy that kind of publicity...LITERALLY!

When was the last time another airline asked you what you thought about them? Or for that matter, when was the last time ANYONE asked you what you thought of their business, especially about something so inane as the animal on the tail of an aircraft? I am guessing your answer was, "never." Right, mine too. But you don't get voted best in class if you don't.

Everyone was so happy. The ticket agent, gate agent, flight attendants, passengers, EVERYONE was smiling. I thought it was endearing. Then I learned that each seat on my plane had it's own DirecTV with 20someodd channels. Now I am smiling...Rachael Ray on my flight, and as much commercial surfing as I can do for as long as my flight is!

I could ramble on and on about this experience, and the several subsequent, on-time, plenty of frills Frontier Airlines flights I have taken. I gave up American Airlines Gold Status for DirecTV and Sun Chips.

So what can we, as professional marketers learn from this? I can't give away all the secrets, but I can ask you to think. And ask yourselves a few simple questions:

What makes us different? (Lower prices? Maybe. Better tchatchkis? Probably not.)
Do your customers/members talk about you? (What do they say?)
Do they look forward to their next visit?
Have your customers/members become indifferent about you?

A financial institution isn't that much different from any other retail or commercial business. You and your competition are offering almost identical products at almost identical prices...I challenge you to find what makes you different, what makes you better, faster and stronger and capitalize on it!!!

See you soon,
Jenna

Welcome!

To the new MarketMatch Blog!

MarketMatch is dedicated to providing perspective and strategic vision to our clients and the financial service industry...

A major component of that perspective is the timely review of industry trends, sharing ideas across the country, and helping you to create relevance for your institution, your marketing, and your brand.

We will actively share our thoughts in a lively forum for marketing professionals throughout the country...

Check in often, read up on our thoughts, and share yours!