No New Year's Resolutions!

Yesterday I wrote about the importance of planning before your planning sessions. Today I'd like to share with you a huge concern based on what I've been hearing bank and credit union marketers tell me from all over the country.

"Yes, we need to grow. Yes, we need to be more active in our market places. Yes, we need help ... but ...

A) ...we want to wait until after our planning session," and/or

B) ...we simply don't have the budget this year. Call us in January."

The concern?

If you start today, you'll need to:

• Analyze the situation (see yesterday's blog)
• Set goals
• Review and prioritize recommendations
• Gain internal approvals
• Create segmentation strategies
• Implement sales processes & training
• Reprice
• Repackage
• Produce external communications
• Launch strategic programs

If all goes well, you're likely 60-120 days from today until launch - based on where you are in the list above. You can then plan on another 30-60 days from launch until you experience real results.

So, what's the concern again? You need to grow. You need to take advantage of a current consumer propensity to move money from "big banks" to community-sized financial institutions. If you wait, 2011 will be half gone before you see results.

Don't loose potential revenue ... seize the day!

What if you had a marketing partner that guaranteed a 100%+ ROI? What if they started helping you today and didn't invoice you until 2011? Would that help you to "Carpe Diem?"

Put in the work to win the race

In one month from today, I'll be running in my first ultra marathon - a 50K trail run in Michigan.

While on a training run last night, I got to thinking about how so many of the bankers I talk to are starting to talk about their upcoming planning sessions. As I was running through the woods, I started making comparisons to running.

When September 25th comes, the gun fire and the race begins ... the winner will not necessarily have that day's efforts to thank. Rather it's the hundreds of miles run the weeks and months leading up to the race that matter more. It's the hill repeats, the speed work and the long runs. It's the preparation!

The same goes for your planning. First, we need to scrap the phrase "Planning Session" and call it what it is, a PLANNING PROCESS. Planning should not begin and end at your retreat. You should be reviewing, working and improving your plan every day. The "session" should simply be a sanity check ... a report on progress and a group agreement to stay the course or tweak.

What are you doing now to make sure your 2011 planning is a success? Here are some thoughts:

• Make sure you have a thorough understanding of the competition: conduct secret shops, review their products, packaging and pricing. How are they doing in market share?
• Understand market trends. What do local consumers want (not necessarily what product, but what end result - lower monthly payments ... pay off debt faster ... just get by to my next paycheck?) What are their perceptions of your institution and the competition? (Primary research is best here, but if you don't have the time or budget, collect data wherever and however you can to make a informed decision)
• Analyze how your current product suite aligns with the competition and market trends.
• Analyze how your current sales process and external communications aligns with the competition and market trends.
• What are the current financial needs of your institution?
• do you have the right people in the right places to achieve what you need to?

Without some of these basic questions answered, I don't see how a strategic planning process can be very, well "strategic."

A little sweat during the preparation will make you more successful (at least that's what I'm counting on when race day rolls around!)

Take care,

Eric

The Economy is Right for Onboarding

Some of the most successful companies in the world DON'T have onboarding!

McDonald's has the classic, "would you like fries with that?" At Old Navy, you're lucky to have a kid ring you up who's not too busy texting his girlfriend.

But you're not peddling burgers or capris. You're dealing with people's money! And in this economy, that's darned important.

Particularly in this economy, your customers are looking to you to help them save money, lower payments, buy something new and generally give the peace of mind. Something they don't ask for from fries and jeans!

And the beauty of it is ... you CAN help! And that's what onboarding is all about. Creating a process to communicate with your customers.

• Segmentation: Understand which of your products a customer is likely to need - and when
• Timing: Know when and how often to talk to the customer. There is no one-shot silver bullet
• Purpose: Know the objective of every piece of communication. Are you trying to get them into new products, make them more loyal or make the customer more efficient?

With the right onboarding program, your staff will appreciate having direction, a process and tools and your customers will appreciate your bank or credit union actively participating in trying to help.

Want to learn more about onboarding? Join MarketMatch's FREE Brown Bag Lunch webinar on Friday, August 20. To register, simply click here.

Jumpstart 2011

OK...

So here we are in the 2nd week of August, half way through the 3rd quarter and you are looking at your budget. You have been focused, thrifty and bent on ensuring an ROI...but it is still...

G-O-N-E !!

Where did it go?  What do you do now? You still have the 4th quarter to go and you need to make sure you hit the ground running in 2011, as it will be the year for growth and coming out of this recession thing at full speed.

That's where you need a jump start.

MarketMatch is here for you...

We know that planning takes time and you need planning to ensure your ROI is the best possible, that your targeting is fool-proof and that your team is ready.

Give me a ring and find out about our 2011 jump start opportunity....it might be JUST what you were looking for and a way to "kill two birds with one stone!"

Cheers...

Bruce Clapp

4 Things to do AFTER August 15th

Despite your best efforts, your customers and members will likely learn about the Reg. E changes while shopping on August 16th.

You've sent them letters, called them at home, talked to them at the teller line and delivered emails ... but don't assume that your customers are ready for the Reg. E changes on August 15th.

In a recent survey by the Federal Reserve, only 3 of 9 participants understood the changes after reading an opt-in notice.

So, from a communications standpoint, August 15 is not the finish ... but the starting line. What should you do now?

1. Proactively Communicate with Declined Customers ASAP

The faster you can recognize and act on a declined debit card, the better. If you can call ... call. If you can send an email, that's fine too. If you have to, send a letter. The goal is to communicate with the customer BEFORE they call you to complain.

It's important for your staff to assume that EVERY declined debit card is a surprise to the customer and that it hit them at the most inopportune time and when they had no cash on hand.

• Be empathetic but not apologetic
• Assure them that this new federal regulation has impacted ALL financial institutions
• Let them know that you made several attempts to educate them and that you ultimately acted on their wishes
• Provide them with an easy way to opt-in now to avoid future declined cards at point of sale or at the ATM

2. Prepare Your Front Line and Call Center

• Again, make sure your staff is empathetic and assumes the worst case scenario for the customer
• Make sure that the team understands the Reg. E basics
• Arm them with a list and/or samples of all of the Reg. E communications that customers have been sent over the last few months
• Provide them the tools to help your customers opt-in immediately to avoid future issues

3. Add Opt-in to Your On-boarding Program

It's never too late for a customer or member to opt-in. Make sure that you're communicating, with real-world examples, what can happen if you opt-in (fee for convenience) vs opt-out (possible decline at transaction).

4. Communicate Reg. E Changes to Merchants & SEGs

This regulation will impact local merchants as customers will be declined more at the point of transaction. Use this as an opportunity to build relationships with existing and prospective local merchants by providing free education on the regulation.

Take care,

Eric

937-426-9848

egagliano@MarketMatch.com

Ready. Fire. Aim.

It's that time of year again....early August, the dwindling of the summer and the near onset of school for your kids.  It's also probably the post-mid year review and you are either behind pace or you now realize that the 2nd half of the year is a month plus over!

Unfortunately, we still see many organizations with a "Ready. Fire. Aim" philosophy.  The forget that all important planning step...in the hurried frenzy of getting things launched.

Now is certainly the time to launch new initiatives and promote your business.  P&G, the world's largest consumer goods company recently invested an UNPRECEDENTED level of marketing into their organization and customer.  P&G has always been strong investors in marketing, but the most recent quarter and month end was a sign of good things for all marketers.

BATAVIA, Ohio (AdAge.com) -- Procter & Gamble Co. boosted ad spending by $1 billion in the just-closed fiscal year, about $750 million of that in the fourth quarter alone, which helped the consumer-goods behemoth return to share and sales growth.

It was their largest investment in marketing EVER... that should light the fire in your organization, too.  The fact that the world's largest consumer goods company sees light at the end of the tunnel and has made the realization that NOW is the time to invest in marketing.  And you can see from their press release...it positively impacted their share and sales growth!!

However, we need to also realize that they did their homework (the AIM part of the equation) before they invested their marketing dollars.  That is where the planning comes into play.  With an articulated, targeted, and supportable marketing plan (for a product, new branch, or business line) the investment can be supported and will also have a much higher ROI!

So, three key take-aways for you and your organization:

1. Now is the time to invest in marketing
2. Be planned and focused, but be swift and purposeful in your planning
3. Measure your ROI and promote the results

These three steps will lead to a very productive 2nd half of 2010 and help lead your organization forward!

Cheers!

Bruce Clapp