A Pun Way of Attacking Bank of America
“Good initiative – poor judgment.”
I can’t remember how many times I heard this statement from the person in charge during my three years in the Army over 40 years ago.
It was burned into my memory so that I would never forget the importance of due diligence before making any decision.
Well, it definitely applies to the headline at the top of this credit union ad appearing in last Sunday’s newspaper.
The really good news is that in Sacramento, this local credit union is the only financial institution with an ongoing marketing campaign urging mega-bank customers to move their accounts to the credit union.
The really irritating news is that the marketing team must include a “pun master” who insists on periodically using a PUN as the headline at the top of one of these ads.
Using good judgment would have avoided the silly headline seen below.
Here’s a marketing tip: Never use a pun as a headline.
Okay, now that I’ve gotten this pun rant off my chest, I’ll move on to the real topic of today’s blog – it is disruptor marketing. Fellow blogger Joe Swatek covered it in yesterday’s blog below.
Wake up community banks and credit unions – the mega banks have handed you a once-in-a-lifetime golden marketing opportunity to grab millions of their disgruntled customers. As you read this, many of them are standing outside the mega-bank branches as part of the “Occupy Wall Street” protests being covered 24/7 by the media.
Millions of mega-bank checking customers are mad about losing free checking and now facing a monthly fee to use their debit cards. Who knows which new fee is next?
You should consider joining the Golden1 Credit Union as it consistently runs ads urging these disgruntled customers to leave their bank and bring their accounts to a local Golden1 branch.
I can’t imagine how any community bank or credit union can justify sitting on the sidelines, hoarding precious marketing dollars, when millions of potential customers are in play.
It’s time to put those marketing dollars to work with a disruptor marketing campaign directed specifically at these customers. You can learn more about a disruptor marketing campaign here.
Finally, another local Sacramento-area financial institution got off the sidelines and joined the fight against the big banks. Here’s the first ad from this community bank.
What really irritates me about this bank’s effort is that it fails to mention the availability of FREE Checking in the subhead. In fact, VALUE Checking is #7 in the list on the left and believe it or not – VALUE Checking is FREE Checking. What are they thinking at this bank? It’s another example of poor judgment. Name it FREE Checking AND mention it in the subhead.
With VALUE Checking, it’s like going to war with a cross-bow.
Like it or not, we are talking about a war here.
The mega-banks have declared war on their personal checking account customers by stripping them of free checking and following this with a monthly fee to use their debit cards. Right now these customers are wondering what the next new fee might be.
Proof that it has become a war is the barrage of photos showing the protestors in cities and towns across America.
As a community bank or credit union, you can sit on the sidelines as spectators – or you can join the war with a disruptor marketing campaign and when it is all over, you’ll have thousands of new checking customers happy to have their accounts with you.
It’s your decision but you need to act sooner rather than later.
Remember – one of the keys to success is good initiative, good judgment.
Oh, by the way, the September issue of the free ACTON Marketing newsletter provides you with everything you need to know about launching your own disruptor marketing campaign. By reading it, you’ll discover the key to a disruptor campaign’s success is “overlap.” All this valuable information is available here.