It's Nearly Here - Are You Ready?
Blue Tomato Moves to Prime Land & Sea

Marketing Banks - What You Need To Do

If I were running the marketing department at my locally owned bank or savings and loan I Bank Imagewould crush "Big Bank Competition" and it would be so easy they would write books about it. 

Let me set the stage for you.

Since the Great Recession banks had been trying to rebuild their reputation among consumers and some had turned the corner. But then the Wells Fargo scandal erupted and it's been a Big Bank Nightmare. Case in point, Wells Fargo, last week, said that in September the number of checking accounts opened fell by 25 percent and the number of credit card openings have dropped by 20 percent compared to a year ago.

But, Wells Fargo is not alone. An Accenture survey found that only 30 percent of bank customers say they're loyal to their bank, and about a quarter were shopping around for another institution.

A Gallup poll conducted in June, before the Wells Fargo scandal broke, found that Americans' trust in banks plunged 22 percentage points from 10 years earlier. While nearly half of respondents said before the recession that they trust banks, just over one in four say the same now.

Take a moment and review those numbers.

Now, let's steal Big Bank Customers...ready?

  • Meet The Decision Makers - Tomorrow I would scrap all the glitzy ad stuff and focus on having consumers meet the people who make banking decisions. We'd do this with video, blogs, social media...get out from behind the desk and get in front of the consumer;
  • Mr. President You're On - The bank president might have the corner office but it's time to get out and head to where the people are. If you were our client the bank president would be out of the office twice a week visiting with consumers at everything from Chamber Functions to High School Football games;
  • Record the Action - If your bank or savings and loan were my client we'd send a staffer with you to record video and still images of you being with consumers and potential customers and then share that in your Bank Blog;
  • Ramp Up Cause Marketing - Pick a charity...better yet...pick three and then make some serious donations of time and money to those local charities...and don't pick the "fancy" charities that EVERYBODY gives to...match the community need to the target consumer. BTW critters and kids always work best;
  • Forget About Yield - Please don't tell me that I'll get zip on my savings or that I am insured by FDIC (OK ya gotta do that) talk to ME..recognize that we need to build a relationship outside of earnings;
  • Formal Listening Posts - Get focus groups together, hold listening posts on a number of hot topics from credit repair to student loans to saving for college to business start-ups and then hold public meetings to offer solid advice. And, don't sent the marketing department...you Mr. President...go!

I promise you that you'll make a significant impact in your community and in your bottom line. But, more importantly you will become part of the community who is searching for...integrity.

You are welcome!   

6a00d83452534069e201a3fd12f548970b-800wi

Comments