When I read a report about a new ad campaign idea from Blockbuster, I thought it made a good example for financial services marketers.
You probably know, Blockbuster, the movie and game rental company, is having financial problems and may declare bankruptcy by the end of this month. Now, Blockbuster has discovered a great point of differentiation that separates it from its rivals Netflix and Redbox. Problem is, where will the money come from to advertise that advantage? That’s the Catch-22.
To quickly summarize, Blockbuster can stock new releases from three major movie production companies 28 days before its competitors. Advertisers call this USP, or a Unique Selling Proposition. Consumers who want to see the latest releases as quickly as possible should drive to a Blockbuster store or have a mail account.
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Be careful what you wish for, you just might get it.
In this case, it’s less branch traffic - much less.
After years of introducing a variety of new products and services to keep customers out of the branch, most banks and credit unions are now seeking ways to entice more customers and prospects into the branch in order to sell more products.
The branch focus today is selling, cross-selling, increasing share of wallet, and meeting aggressive cross-sell goals.
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Let’s face it, almost all bank and credit union newspaper ads are boring. The copywriters and graphic designers behind these ads tend to take advantage of every inch of white space – the end result being very cluttered ads that are uninviting and tedious to read. And most of them are lacking a credible headline which is the most important part of these ads. Fortunately, there is a new ad format role model in town and it goes by the name of Ally Bank.
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“The marketing battle is fought in the minds of consumers.” I believe this to be the single most important marketing insight ever written. It is the subject of the 1993 book by international marketing consultants Jack Trout and Al Ries, The 22 Immutable Laws of Marketing – Violate Them at Your Own Risk.
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As if banks and credit unions don’t have enough to worry about these days, it’s likely they’ll see a significant drop-off in the number of mortgage loans and equity lines and loans in the years ahead. And the size of these lines and loans will probably be smaller as well.
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Savings account and CD interest rates…how low can they go? Apparently, very low – low enough to force many would-be savers to become Wall Street gamblers.
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In the past couple of weeks I’ve come across news stories about four new banking options that fall outside the traditional banking system. Whether or not these new options will ultimately pose a threat to traditional banks and credit unions has yet to be determined. But they are new ventures that are worth following.
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I turned the page of the newspaper and caught a glimpse of the ad. It appeared to be a supermarket promotion. Seemed likely since it was Wednesday, which is the day the grocery ads fill the paper.
There was a photograph of a cow and the word “MEAT” jumped out of the headline. “Moooove” was another word I noticed. I was already scanning another page when my brain said, “Hey, wasn’t there an Equal Housing Lender logo in the corner?”
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Remember when the summer months were quiet times for financial services advertising?
Conventional thinking says people aren’t interested in their bank accounts during the summer, except to finance vacations. Spring is the period for home remodeling loans and home-buying. In autumn, it’s back-to-school loans. Cars are purchased in the spring or in the fourth quarter when consumers want model-year closeout deals.
No one promotes checking accounts in the summer. Supposedly, consumers won’t switch June through August.
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As a strong believer in the power of a tagline, I am drawn to them like a moth to a light. Every time I come across an ad, be it in a newspaper, magazine, or online, one of the first things I look for is the company’s tagline underneath its name.
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Until I read the article “PAYDAY NATION” in the May 24 issue of Bloomberg Businessweek, it never occurred to me that a relationship existed between NSF fees and the rapid growth of the payday loan business.
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The Federal Trade Commission says there are 400 financial institutions in the U.S. that are not federally insured. The commission spells out how these organizations must disclose this status to the public.
But what message should insured banks and credit unions make?
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When it comes to banking, what’s important to you?
Which newspaper ad would interest you the most?
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When it comes to retail banking – big is NOT better.
I was not thrilled yesterday to learn in The Sacramento Bee that Chase Bank plans to open 80 new branches in California this year, 35 of which will be in Northern California.
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Aha!
They’re hoarding their marketing dollars for a reason.
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