“Repeat your winners” is the sage advice provided by veteran adman, agency founder, and author David Ogilvy.
He was commenting about the bad habit of companies that are constantly changing their space ads in magazines and newspapers. Some rarely run the same ad twice – which is a colossal waste of marketing dollars. And, I feel should be considered marketing malpractice.
Taking his thought a step further, Ogilvy would tell his agency employees and clients, “You aren’t advertising to a standing army; you are advertising to a moving parade. The advertisement which sold a refrigerator to couples who got married last year will probably be just as successful with couples who get married this year.”
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The success of an offer, like the free gift or cash a person gets for opening a new account, partly depends on how and what you offer.
Is the offer easily attainable or are there too many obstacles to reach it? Is it an offer that appeals to most people or is it as popular as a British petroleum company? Does it have perceived value greater than its actual cost?
Let’s consider the first question. Here’s an example of how to take an appealing customer offer and make it too inconvenient for most people to use.
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While most banks and credit unions offer a Christmas Club savings account, few promote the service to customers, members, or the public. That lapse allowed retailers to make another inroad into what was once a banking-only domain.
In 2009, Sears and Kmart, both owned by Sears Holding Corp., offered a branded Christmas Club card. The system worked like the traditional banking account. Consumers accumulated $5, $10, or whatever amount deposits, and got the club-specific, store-branded gift card in time for holiday shopping.
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Are you familiar with a checking package? I’m not.
I’m very familiar with a checking account but uncertain as to what a bank means by a checking package.
I bring this up as I came across this strange new term yesterday while walking by a Wells Fargo ATM inside my local grocery store. The marketing message on the screen caught my eye. It reads:
With You When You’re Ready to Make a New Start
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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)
As I started writing this blog, I was reminded of a quote from former NFL coach Don Shula. “Learning is defined as a change in behavior. You haven’t learned a thing until you can take action and use it.”
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You may not know, but we are also on all of your favorite social media sites. So, If you can’t seem to get enough of our blog check us out on Twitter, Facebook, even Youtube for more great Financial Marketing Insight
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At first glance, the outer envelope looked like something from the state tax commission, but once I opened the Arbor Day Foundation package I was impressed.
I’m featuring this direct response mail package to show you how premium offers can get attention, generate enthusiasm, and, most importantly, spur people into action. This fund raising promotion takes a low-key approach to asking for contributions, yet the offers should start many prospects salivating and reaching for the checkbook.
The envelope is so packed with components that, to keep this post from turning into book chapter length, I’ll simply list them briefly so I can concentrate on the offers and how they work.
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“Wow, this is sure to cause some confusion in the minds of consumers,” is the first thought that came to mind upon seeing a video about the new ecoATM.
At first glance, it looks very similar to a traditional bank ATM. Adding to the confusion is the brand name in big, bold letters on the top, front portion of the terminal – ecoATM.
My first encounter with the ecoATM occurred yesterday as I was reading the September issue of Wired magazine. The brief article by Bonnie Tsui, “Phone Bank,” appears at the bottom of page 36. It was the use of the word “Bank” in the title that caught my attention and drew me into the copy.
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Who wouldn’t stop to read the article below the bold headline, “Ten Money Moves That Will Always Pay Off“? In today’s struggling economy, almost all of us are on the prowl for ways to save money.
Scanning the ten bold subheads before actually reading the article, number 5 screamed at me. It reads “Fire you banker.” Having worked for banks for over 30 years, I was immediately shocked by this money-saving tip. I had to read it first as I was curious as to the alternative being offered – since I’m not aware of any viable alternative.
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Did you read the compliments Consumers Union gave community banks and credit unions in its July issue of Consumer Reports? It’s only a half-page article, but the message is clear.
“When to bail on your bank,” is on page 9. After two introductory paragraphs, the article covers four topics under the subheads “Better credit cards,” “Higher yields on savings,” “Low-rate loans,” and “Bottom line.”
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My young friend added them to his marketing tool box recently and now they come up in conversation almost every day. After being a partner in a successful estate liquidation business for four years, my friend went out on his own. Having extensive knowledge and experience with computers, blogs, and websites, that’s the focus of his new business venture. Within two weeks, he had another new website and a few clients he got from placing small ads on Craig’s List. He owes some of his quick success to his effective use of these six marketing tools.
He’s familiar with these tools because a few months ago I bought him what I consider to be one of the most critical books relating to marketing. It’s Robert Cialdini’s 1984 classic, Influence: The Psychology of Persuasion. My friend read it right away and is using these tools as shortcuts to marketing success in his new business. Hardly a day goes by that we don’t discuss one or more of these tools as they apply to his personal website, those he’s working on for clients, and generating new customers.
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Online bill pay is a “sticky” relationship that deters accountholders from switching to another financial institution. People dislike the idea of re-entering their bill paying information into a new online service.
To improve retention, it makes sense to promote bill pay service to new accountholders and even help them get started.
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Are you tired of hearing about free checking, or the supposed “death of free checking” yet? Are you tired of hearing about the opt-in and why you should or shouldn’t choose to do it?
From someone outside the brick and mortar world, I certainly am, and I’d love to hear about something else. Have you or anyone in your institution thought about promoting any of the other services you have to offer?
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“Free Checking” immediately came to mind as I was reading the sidebar article, “To Hell with The Herd,” appearing on page 78 in the August 16-29 issue of Bloomberg Businessweek. Be a contrarian by going in the opposite direction of the herd is the “takeaway” from reading the brief article by Roben Farzad.
While not a book review, Farzad’s article presents the main thesis of Harvard marketing professor Youngme Moon’s new book, Different: Escaping the Competitive Herd. In her book, Moon urges senior management to practice what she calls “reverse engineering” in order to gain a competitive advantage over the competition.
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It’s almost time for the first kickoff of the fall football season. Whether you’re a football fan or not, if you’re a financial services marketer here’s some advice how to properly handle football (or any sport) as part of your advertising.
My Sunday paper included a magazine-size Prep Football Preview. Every page was devoted to a different local high school team. At the bottom of each page, the newspaper sold a 2 x 7-inch ad or a pair of 2 x 3.25-inch ads to business boosters.
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What’s going to happen now that some percentage of checking account customers has failed to opt-in to continue their overdraft protection coverage? Many of these folks discovered yesterday that their purchases were denied at the point-of-sale and while attempting to withdraw cash at their favorite ATM.
What are they likely to do Monday morning?
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Community banks and credit unions should continue to separate themselves in the consumers’ minds from the mega-banks that earned the general public’s distrust. The year-end holiday season offers another opportunity to do so.
Now is the time to plan.
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Suffice it to say, I was stunned by the two articles about Wells Fargo Bank appearing in today’s issue of The Sacramento Bee newspaper. First, I was stunned because both articles adversely affect my favorable image of Wells Fargo. Second, I was stunned as to the irony of both articles appearing on the same day.
This irony is readily apparent in the two headlines shown below:
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This seems like a good time to show you another way to get the attention of prospects and solve the dilemma some marketers have when it comes to halo copy.
As a quick review, halo copy refers to good deeds your financial institution does in and for the community. You publicize the stories to advertise your actions to consumers so they know you’re more than a brick building or a faceless corporation. I offered plenty of examples in another post you can review in a few minutes.
There are only two arguments I sometimes hear when the topic of halo copy comes up. First, the marketers say, they don’t have any ideas. Second, they have offices in many communities, so they don’t want to single out one event in one community. (Both weak arguments.)
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If you’re not the type of person who takes the time to read the tiny disclosure copy at the bottom of newspaper ads, the marketing folks at Chase Bank have a big surprise for you should you elect to obtain their newest product – a Chase RealCash Debit Card. Actually, they have at least two surprises awaiting you…maybe more!
A one-word “kicker” or “eyebrow” in the upper left corner of the ad appearing in my Sunday paper reads “NEW.“ Here’s the headline below the kicker that caught my attention: Read more…
