What Should You Be Advertising Part 2
September 30th, 2009
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Archive
Archive for September, 2009
Why Did He Give Me a Grapefruit?
September 30th, 2009
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When I wrote my post about door hangers, I mentioned the sales people who show up at my door with all sorts of things to sell. Some of these entrepreneurs sell cases of grapefruit. Here in Nebraska, we don’t have many backyard grapefruit orchards so I guess they think the produce is novel enough to market door-to-door.
As one pitchman went through his fast-talking spiel, my brain drifted off to other places. I’m sure many of his prospects have the same lapse, so the guy did something unexpected. He pulled out a knife.
What’s In It For Me?
September 29th, 2009
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(Editor’s Note: This is another in a series of blogs related to the training of financial institution employees. If appropriate, please pass this information to the training staff.)
One of the things I’ve noticed when I’ve worked with front line sales personnel across the country is the struggle many of them have distinguishing between features and benefits. Much of this is to be expected. As financial institution salespeople, we get all wrapped up in our product or service and its many wonderful features that our financial institution has spent months developing.
What Should You Be Advertising?
September 28th, 2009
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As I was driving around over the weekend I came across two different billboards – both with promotional messages from local credit unions.
The Christmas Season Starts in January
September 28th, 2009
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No, my headline doesn’t refer to the date when retailers start pushing the next holiday sales, although I can understand why you might think so. Remember, merchants have to squeeze in Halloween promotions in March before the Christmas shopping push can truly begin.
I was being nostalgic yesterday when the memory of the old Packers National Bank Christmas Club came to mind. If you don’t know, a Christmas Club encourages people to put away a pre-determined savings amount on a regular weekly or so basis so they can withdraw the money for year-end holiday shopping.
The Inevitable Changes To NSF Fees
September 23rd, 2009
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Needless to say I was shocked this morning when I heard on the news that Bank of America was changing its overdraft fee policy.
It’s Fall and Thoughts Turn To…
September 22nd, 2009
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Today is the first day of Fall. The seasonal change officially happens at 4:18 p.m. CDT. That means many financial marketers are ready to drag out the old seasonal promotion.
You know, the standard “Fall home remodeling time, you need an equity loan” campaign. It’s the counterbalance to the “Spring home remodeling time, you need an equity loan” marketing plan.
And let’s be sure your promotion includes a litany of at least a half-dozen other well-known ways a person can use an equity loan or line of credit…finance a car, make tuition payments, pay off medical bills, take a vacation…and the all-time favorite, bill consolidation.
What If I Don’t Want Your Checking Account?
September 21st, 2009
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In Sunday’s issue of The Sacramento Bee, three very large banks were promoting high rate offers on certificates of deposit.
Student-to-Student Checking Connection
September 21st, 2009
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Recently, Forbes magazine published a short article that described a new program Proctor & Gamble started on college campuses that I think can be adapted for student checking account marketing.
P&G recruited college students to pitch brands like PUR water system, TAG deodorant, Herbal Essences hair care, and other P&G products on campuses around the country. Called ReadyU, the program pays the students for their time and requires reports and photos that show how the students are promoting the products.
Why Should I Respond To The Ad?
September 18th, 2009
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Almost the entire page of the bank ad was devoted to a do-it-yourself outline of a mailing envelope.
Amazing Marketing Letter
September 18th, 2009
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According to the Webster’s Dictionary on my desk, an old definition for “amazing” or “amaze” is “to bewilder.” That describes how I felt when I saw the direct marketing letter from a local lumberyard. Bewildered.
Someone at the lumberyard mailed the letter to an ACTON Marketing colleague who is remodeling the family’s home. When I saw the letter, I thought it was a joke. I’ve included an image of the first page so you know I’m not making up any of this description.
Bankers making house calls
September 17th, 2009
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In Japan, representatives from banks make house calls to pick up savings in cash from their customers. In the U.S., a few bankers make house calls to their business clients to keep them updated on their accounts and try to sell them new relationships. Banks will sometimes set up satellites on campuses to open accounts for busy students. And some banks even have a bus that comes to areas of town to promote their services and open accounts on the spot. But as far as I can tell, there is no bank that actually makes a house call to open a new checking or savings account.
I wonder why.
What Kind Of Card Is It?
September 16th, 2009
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As I stared at the full-page ad on page 2 in the September 7 issue of BusinessWeek magazine, I failed to grasp the bank’s message.
Hang Up Your Promotion
September 16th, 2009
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How do you feel when someone shows up at your door selling something? I don’t mind the girl scouts with their cookies or the boy scouts selling candy and popcorn. But I’m tired of adults pushing satellite service, fresh foods, and windows and siding. They interrupt me and annoy me.
Lots of lawn service companies come around every spring. Apparently my yard looks like a prime candidate. But they don’t bother me because they all handle the offer differently. They simply leave their promotions hanging on my door.
The Real Reason Behind The Guarantee
September 14th, 2009
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I was a bit shocked last Friday upon opening my copy of The Sacramento Bee and discovering that the General decided to offer a guarantee.
People Still Read Their Mail
September 14th, 2009
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In June, I gave you some statistics from the 2007 U.S. Postal Service Household Diary Study. The numbers showed the majority of people in the study said they read their advertising mail daily or scanned it daily looking for good offers.
Now the 2008 study results are out and there’s little change in the numbers. Here’s how the two studies compare:
My Neighbor Got a Loan
September 11th, 2009
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Mortgage loans are a sour topic for financial institutions in some parts of the country. But in other areas, apparently Lincoln, Nebraska, included, banks and credit unions are actively pursuing new mortgage loans.
The marketing concept I’ll explain here is based on one of the tools of persuasive influence, which my colleague Steve Topper described in the September issue of ACTON Marketing’s Financial Services Marketing Newsletter.
The Post Office Fights Back
September 9th, 2009
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I’ve read a number of articles lately where the authors appear to welcome the declining role of the U.S. Postal Service.
Why customer service doesn’t sell
September 9th, 2009
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A recent study from ACTON Market Intelligence (AMI) found two numbers that will be of interest to bank marketers. Here’s the first one:
The number one reason given for a customer closing a checking account was poor customer service. 25% of responders said that was the reason they left their bank.
Stats for a Select Target Group
September 9th, 2009
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I tell people I’m a word guy and I don’t do numbers. But when I worked on a project a few months ago, I came across some figures I couldn’t ignore. They proved the point of the project.
These are the statistics I found:
