From the entire team at MarketMatch...we wish you and your family a very Merry Christmas!
Bruce Clapp
Jumat, 25 Desember 2009
Rabu, 23 Desember 2009
Is your glass half-full or half-empty?
Since September of 2008, our industry has seen many changes. The concept of "too big to fail" was exposed as WAMU and Wachovia were forced to sell. Lehman Brothers shut their doors. Bear Sterns had to be rescued by JP Morgan, etc. etc.
Let's face it - the image of our industry has "really taken a hit." Every day you hear the term "main street vs wall street." The media portrays us as "fat cats." Like it or not, financial institutions will be blamed if the economy doesn't rebound quickly. The media will say that financial institutions aren't making the credit available necessary for the economy to rebound.
It would be so easy for all of us in the industry to get discouraged!
But as we all know, adversity creates opportunity!
For those of us that stay focused, work hard, stay positive, "think outside the box," etc. the opportunity it there.
2010 can be a great year for your organization!
Have a great Holiday Season!
Mike
Let's face it - the image of our industry has "really taken a hit." Every day you hear the term "main street vs wall street." The media portrays us as "fat cats." Like it or not, financial institutions will be blamed if the economy doesn't rebound quickly. The media will say that financial institutions aren't making the credit available necessary for the economy to rebound.
It would be so easy for all of us in the industry to get discouraged!
But as we all know, adversity creates opportunity!
For those of us that stay focused, work hard, stay positive, "think outside the box," etc. the opportunity it there.
2010 can be a great year for your organization!
Have a great Holiday Season!
Mike
Jumat, 18 Desember 2009
Would you like a checking account with that pizza?
Would you like a checking account with that pizza?
This month I am traveling meeting with potential clients, visiting family for the holidays and catching up with old friends. After driving over 700 miles in three days, I was getting ready to relax in my hotel and watch the Indianapolis Colts continue their pursuit of perfection.
As you probably know, a football game isn't complete without pizza and your favorite beverage!
Thirty minutes before game time, I called Domino's delivery.
When the pizza arrived, stapled to the pizza box was a flyer from National City Bank. "Open up a National City Checking Account and get up to $300 - How's that for a bank statement." The flyer had all the qualifications and required legal disclosures.
The flyer was branch generic but included the "call to action" i.e. come to your nearest location or call a 800#. It had an expiration date, etc.
I don't know how many Domino's pizzas get delivered in a months time in the city of Indianapolis but I'm sure the number is substantial. The cost of the flyer was minimal and I'm not sure if a fee was paid to Domino's but the all in cost (excluding the $300 offer) was probably very reasonable.
Someone at National City really got creative when trying to grow their checking base.
I know it is a cliche but don't be afraid to "think outside the box" as you tackle your institutions growth challenges!
Have a great holiday season!
Mike
This month I am traveling meeting with potential clients, visiting family for the holidays and catching up with old friends. After driving over 700 miles in three days, I was getting ready to relax in my hotel and watch the Indianapolis Colts continue their pursuit of perfection.
As you probably know, a football game isn't complete without pizza and your favorite beverage!
Thirty minutes before game time, I called Domino's delivery.
When the pizza arrived, stapled to the pizza box was a flyer from National City Bank. "Open up a National City Checking Account and get up to $300 - How's that for a bank statement." The flyer had all the qualifications and required legal disclosures.
The flyer was branch generic but included the "call to action" i.e. come to your nearest location or call a 800#. It had an expiration date, etc.
I don't know how many Domino's pizzas get delivered in a months time in the city of Indianapolis but I'm sure the number is substantial. The cost of the flyer was minimal and I'm not sure if a fee was paid to Domino's but the all in cost (excluding the $300 offer) was probably very reasonable.
Someone at National City really got creative when trying to grow their checking base.
I know it is a cliche but don't be afraid to "think outside the box" as you tackle your institutions growth challenges!
Have a great holiday season!
Mike
Rabu, 16 Desember 2009
Perspective
A local credit union is saturating broadcast and full-page newspaper ads with the fact that they are "Giving back more than $4,000,000 to their membership."
Pretty darn impressive, huh?
Well, of their 183,000 members, that comes out to less than $22 per person - or 4 days worth of Mocha Lattes.
I guess the point is that we need to view everything in perspective.
How much has your institution lent to businesses and consumers this year? Even if it doesn't sound like much to your "banking" ear - it likely sounds like a fortune to your community.
Just some food for thought.
Have a wonderful holiday season.
Take care,
Eric
Jumat, 11 Desember 2009
View from the top changes
Good morning everyone...I have successfully returned from a fantastic trip to Kuala Lumpur, Malaysia! I keynoted a forum on product development, management and innovation for a contingent of Asian bankers. Great interaction and learning occurred along with the networking of bankers from across the Asian region. I thoroughly enjoyed the forum and the experience.
When I was in Kuala Lumpur, I had to go to the Petronas Twin Towers...formerly the world's tallest buildings (now 3rd tallest) to take in the sights and the views. Amazing!
I had two items imprinted on me during the trip. The first simply reinforced that banking is widely similar across the world. We all struggle with competition, managing rates is critical, and customer insight is mission critical to marketing success!
The 2nd has to do with the Petronas Towers and what they represent to me. They represent mankind's focused efforts to be leaders and that the view DOES change from the top. Translation? When you focus on an outcome, get everyone on board, and have the insights necessary....you can overcome any obstacle, create great new innovations along the way, and have an amazing view from the top!
The translation to you this morning....sitting at your desk drinking some coffee...is quite simply....take on the tasks that seems daunting, but engage your entire organization for assistance and include your customer along the way. They will paint the picture of success for you!
So, with December quickly fading and January 2010 quickly approaching, the time to think about new initiatives is now. Think BIG, act BIG, and include your customers in a BIG way!
Cheers!
Bruce Clapp
Rabu, 09 Desember 2009
Be Like A Running Store
One of the best things that we can do as financial marketers is to bring retail principles into our discipline.
Take my running store for example. I'm a loyal shopper of Up And Running not because they have the best price or widest selection ... I shop there because they are specialists. They are experts in a field that matters to me.
Unlike the large chain sporting goods stores, my running shop asks me questions about how I run and where I run. They don't shove a shoe in front of me based on price - but instead measure up my foot and how my arches react to the running motion, they focus on my gait and pronation then RECOMMEND the shoe that's best for ME.
Best of all, they care about me after I've bought the shoe. I go to the store regularly for running groups. They ADVISE me on how to train for marathons or how to avoid recurring stress fractures. This, most of all, is why I'm loyal and willing to pay a few bucks more for my gear.
With our current economy, consumers are looking now, more than ever, for an expert to help them with their financial issues. And let's face it, you open more mortgages and auto loans, and deal with personal finance more in one day than any of your customers will have to concern themselves with in their entire lives!
You are the expert that they crave.
So, how do you demonstrate that you are a specialist, just like my running shop?
• Know Their Run – Do your customers need a one-time “quick fix” like a home improvement loan or are they in it for the financial marathon? Ask questions and keep a customer log.
• Size ‘em Up – Like each shoe fits each runner differently, so does each financial product. Instead of analyzing their gait and feet, ask them basic questions about how they will use the product and their goals. What are they using now? What have they used in the past? What features did they love? What would they change? What do they ultimately want to achieve (lower payments, faster pay off, security, faster retirement)?
• Be Their Coach – You and your staff are the experts! Coach your customers and they will entrust more to you.
Take are,
Eric
Jumat, 04 Desember 2009
Does Your Institution Make Outbound Sales Calls?
Community Banks and Credit Unions are catching on to what their larger competitors have known for some time.
Customers and prospects really do respond to being called at home!
The word "telemarketing" has really taken on a bad connotation over the years. The reason being that the message that might be interrupting our dinner wasn't relevant. For example, have you ever received a call from a aluminum siding company even though you live in a brick house? A lot of telemarketers use random digit dialing meaning they randomly call your number. They know nothing about you, your lifestyle, your wants, your needs, etc. They are simply "pushing product."
This horrible experience with telemarketers is why your staff is so reluctant to make outbound calls!
But what we do is different!
We analyze our customers relationship. We know what products they have purchased from us, how long they have been a customer, what types of balances they maintain, etc. We know a lot about our customers and we take the time to craft a relevant message.
When we call, it is to act as our customers financial advisor. Our message is that we can help them save money, make money, etc. i.e. reach their financial goals.
When we focus on prospects, we typically use segmentation, propensity to purchase data, etc. so that we can craft the same relevant message.
If you are having difficulty getting your staff to make outbound calls, make sure they understand the difference between "telemarketing" and "consultative selling."
If outbound calling is new to your organization, "walk before you run." Provide the proper training and set achievable goals.
Once your staff has a couple of successful calls, momentum will build within your organization. Your balance sheet and income statement will quickly reflect their efforts. In addition, customer satisfaction scores will rise. In many cases, you will convert customers to advocates (or unpaid sales people) that will tell their family, friends, etc. about how well your instituion met their needs.
Have a great holiday season!
Enjoy family and friends, recharge yourself and get "fired up" to tackle the new year!
Mike
Customers and prospects really do respond to being called at home!
The word "telemarketing" has really taken on a bad connotation over the years. The reason being that the message that might be interrupting our dinner wasn't relevant. For example, have you ever received a call from a aluminum siding company even though you live in a brick house? A lot of telemarketers use random digit dialing meaning they randomly call your number. They know nothing about you, your lifestyle, your wants, your needs, etc. They are simply "pushing product."
This horrible experience with telemarketers is why your staff is so reluctant to make outbound calls!
But what we do is different!
We analyze our customers relationship. We know what products they have purchased from us, how long they have been a customer, what types of balances they maintain, etc. We know a lot about our customers and we take the time to craft a relevant message.
When we call, it is to act as our customers financial advisor. Our message is that we can help them save money, make money, etc. i.e. reach their financial goals.
When we focus on prospects, we typically use segmentation, propensity to purchase data, etc. so that we can craft the same relevant message.
If you are having difficulty getting your staff to make outbound calls, make sure they understand the difference between "telemarketing" and "consultative selling."
If outbound calling is new to your organization, "walk before you run." Provide the proper training and set achievable goals.
Once your staff has a couple of successful calls, momentum will build within your organization. Your balance sheet and income statement will quickly reflect their efforts. In addition, customer satisfaction scores will rise. In many cases, you will convert customers to advocates (or unpaid sales people) that will tell their family, friends, etc. about how well your instituion met their needs.
Have a great holiday season!
Enjoy family and friends, recharge yourself and get "fired up" to tackle the new year!
Mike
Rabu, 02 Desember 2009
Groupons - A Cool Social Media Application
No clipping no searching - just saving.
Social media has taken the old school art of coupon clipping and turned it on it's ear with Groupons.
Groupons take advantage of the "customer collective" to drive dozens or even hundreds of new customers through your door. Essentially, you can offer a discount to Groupon.com members and if enough people sign up for your discount, it takes effect.
So let's say you offer a special CD "groupon" and want at least 50 people to take advantage. Groupon.com will send an email blast of your offer to their members in your city. Anyone interested in your CD offer, will forward the message onto their friends in the hopes that at least 50 people sign up and make the offer "valid." And their friends invite their friends and so on...
Groupon clients are seeing new customers come though their doors based on viral marketing and are guaranteed a minimum return or no discounts are given.
Groupons are now being offered in 45 cities.
Whether they are right for your strategic objectives or not - it's always cool to see new ways that social and viral marketing can impact our business. If you know of any cool new applications, please share it with the MarketMatch blog community by posting a reply to this blog.
Take care,
Eric
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