: Superior product development and category domination
but affordable (Almost like going to Europe)
In marketing, we have to justify every dollar we spend with the quantitative or qualitative results that our investments produce. However, there are some budget items that we may not have total control over… such as a local high school team sponsorship or donations to top customer events. These types of donations and sponsorships can eat up a good portion of your budget, so let’s take a look at how you get more from them…
FIND YOUR PURPOSE : One simple thing you can do to stretch your donations is to set qualifying criteria for your donations and sponsorships. These guidelines should be created or approved by senior management, be in-line with your brand, and act as the criteria for all donation requests. For instance, your focus may be to support local economic growth or education in a defined market area. Communicating your cumulative donation efforts towards a specific cause will better allow you to communicate your donations and help to differentiate you from your competition.
THINK OUTSIDE OF THE BOX: Get creative. If you are presented standard sponsorship options, respond with alternatives outside of the normal sponsorship packages. Think of using employees as a “street team” to get your donation and message out at an event rather than just including a logo item in grab bag. Focus on making your brand more visible and interactive than a standard sponsorship or donation.
GET RECOGNIZED: Lastly, look to see if your state banking or credit union association has a “Community Service” Award and apply! The exposure and creditability gained can from such an award will greatly stretch your donation dollars by miles.
Start getting more from donations and sponsorships!
Jamie
Thank you is such an easy phrase to say and it means so much to those you say it to. When you say "thank you" it can make a world of difference, it is a motivational phrase. No matter how hard you've worked to get where you are today there are others that have had their hands in your success.Make it a great Friday. Enjoy your weekend and until we talk again.
Debbi
Times like that don't have to go by so infrequently. They don't need to only be "special occasions". What do you get up in the morning for? Why do you do what you do? Today can be the perfect day to reflect on your life, your values and goals. Personally, I am not thankful enough for the things I have or for those who love me. That is why I have to take a pause from time-to-time and appreciate the things I DO have, the satisfaction my life HAS brought. I love my family, I love my job, I am grateful for all of my possessions. In my eyes I am blessed with a great life. Sure there are things I wish I could change, nothing is perfect. But its not about perceived perfection, it is about being positive and realizing how much life you DO have and the things you DO enjoy.
Sometimes, the best thing you can do in a planning session is ask questions. Here are a few to help focus your 2011 planning session:
Organizational Effectiveness
Strategic planning - in what direction are consumer trends driving your business? Where should you invest your marketing dollars? How can you leverage your results?
Targeting - what lifestyle characteristics define the consumer groups you want to/should target? What new groups are the best opportunities? Are you aware of your highest impact customers?
Marketing communications - what marketing messages resonate strongest with your target consumers? Is your marketing proven, fresh, and creative? How can you minimize disconnects?
Branding - is your brand an intersection of quality product and a quality experience in obtaining your product? Has your brand been consistently applied through logo, service philosophy, service delivery, and emphasis on meeting the customers’ needs?
Channels - what is the best way to communicate with your consumers? What channels work best?
Relationship Depth
New product/service development - what lifestyle need can your new product or service fulfill? What new products are opportunities? What does your market demand?
Product/service redesign - what changes in consumer lifestyles impact your product or service? How should you change your offerings?
Positioning - what lifestyle do you need to satisfy that competitors do not? How do you communicate your superiority? Does your marketing message present a clear, sustainable difference?
Revenue Generation
Sales – what is your sales process? How do customers respond? Are service and sales the true focus? Does your staff sell all the time, to each customer, at each branch? Are you coaching?
Pricing - what are consumers’ attitudes about price, value, quality? How do they feel about spending and saving their money? What price should you set?
Brand loyalty - how do consumers perceive the role of brand in the shopping process? How can you encourage strong brand loyalty? What programs work?
Leverage Market Position
Market share - what do consumer trends suggest about the future of your business? How can this help you create a sustainable competitive advantage over your competitors?
Community Involvement – is your institution known as a community leader? Are you positioned in the community to be a part of major opportunities?
Competition – are you, your marketing team, branch personnel, and operations aware of the competition’s products/services and their clear advantages? Can you identify the opportunities?
Need more help in your planning session or getting any of these questions answered? Call us ... 866-501-2233, ext. 106
Take care,
Eric
When MarketMatch begins working with new clients, we typically complete a 360 view analysis of the market that consists of online, telephone, and in person, and product reviews of the competition. We have recently completed a review for a client and it never ceases to astonish me the number of competitors that fall short with in-person delivery…We found some competitors that handed us a rate sheet and only discussed rates, another competitor was disengaged and handed us a brochure, but most competitors read off product features and left it up to the “potential customer” to determine what products and services were the best fit for them. We were rarely asked a qualifying question and never provided a recommendation or presented additional products – unbelievable.
If a potential customer/member is confused and doesn’t see the value of how or why a product works best for them, then you have failed to make a connection and they are much more likely to pass you by. Also, the lack of integration with marketing, product development, and sales delivery will directly impact acquisition and retention.
So, where is the breakdown? It might be that these financial institutions failed in delivery simply due to a lack communication, training, or motivated employees, but it may also mean that they simply haven’t developed a delivery process.
Developing a sound delivery strategy begins with a clear understanding of customer/member needs… and how can the frontline do that if they don't have a conversation with your customers/potential customers? Without identifying customer/member needs, it is impossible to make a product and service recommendation.
If someone walked into your financial institution today and asked for information on a checking account, what would your staff consistently do?... hand them a brochure or sit them down and have a conversation? Do you know what your competition would do?... if not, it’s time to find out where you are at and what you're up against.
Best,
Jamie
You always want to give your audience the simplest message, a "taste" or "tease" so to speak, keep them stimulated, keep them curious, wanting more - don't overwhelm them. When creating any kind of visual communication, if you intend to have the audience understand your message, you have to keep it simple. That's why you should always consider the K.I.S.S. theory (Keep It Simple Stupid or Keep It Short and Simple). If there are too many things going on then you ultimately lose sight of what is really there.
A few weeks ago, I completed my first ultra-marathon. After running more than 31 miles in less than 6 hours and burning nearly 4,000 calories, I felt I deserved a beer!
Five days of hard work are often rewarded by two days on the weekend. Whether your weekend is the traditional Saturday/Sunday or if your weekend falls somewhere between Monday and Friday...it's time for yourself, time to rest and relax.
Each of these statistics show a sizable jump over last year’s numbers. More and more, bank customers are looking to make their lives easier.
We can talk about saving money on postage with online bill pay and saving a tree with e-statements, but the truth is that we really want to simplify!
The bonus? e-Customers are typically more loyal, more profitable and have a lower attrition rate.
Share these statistics with your customers and let them know that your online capabilities are secure and will simplify their lives.
Take care,
Eric
As marketing executives start developing next year’s budget, a question on everyone’s mind is “How do I best justify the dollars spent on marketing activities?” Proving company value for your 2011 marketing expenditures/projects is important… now more than ever… to regain the marketing budget that may have been cut in 2010. Therefore creating a estimated short-term and long-term ROI analysis for each expenditure is critical to use as justification during your planning phase.
If you can clearly show the positive impact to your financial institution for each marketing expenditure, you are much more likely to receive funding. Since most marketing initiatives will have an immediate and long-term impact, presenting both calculations will convey the true value and impact of the initiative. The long-term ROI calculation will show the long-term impact of your initiative to the banks bottom line, but keep in mind that you will have to make some assumptions...
For instance, if you are proposing a campaign on new customer acquisition, you will have to estimate average customer life, average product cross-sell, and product profitability over the customer life. Before making your long-term calculations, make certain that management accepts and supports your assumptions so that they will find your short-term and long-term ROI calculations relevant and valuable.
Short and long-term ROI calculations can be applied to any of your initiatives, such as deepening customer relationships, customer acquisition, reducing turnover costs, improving productivity, increasing product quality, and more.
Do all that you can to get your budgets back this year! Justify all of your projects with ROI calculations and make it hard for management to say “no.”
For more information on Budget Planning and Allocation, attend our FREE MarketMatch BrownBag Lunch on Friday, October 15. CLICK HERE to sign up!
Good Luck!
Jamie
