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Good post with some great points. I have lost count the number of times I've heard "we just hired a young person to do some marketing for us.."
1) It's always someone young
2) Execs view them as a black box but expect some sort of magical results via Facebook/Insta https://twitter.com/JeffMarsico/status/1276528928543440897
1) It's always someone young
2) Execs view them as a black box but expect some sort of magical results via Facebook/Insta https://twitter.com/JeffMarsico/status/1276528928543440897
3) In these cases marketing is never given much of a budget or even freedom to try things
Hhiring someone young isn't a bad move. The problem is they have a ton of great ideas that the bank won't let them execute on. Give them freedom!
Hhiring someone young isn't a bad move. The problem is they have a ton of great ideas that the bank won't let them execute on. Give them freedom!
One of the worst things a company can do is hire someone who is excited and has great ideas and then kill the ideas.
When I can work my way into talking with these young marketers they are exploding with ideas and creativity
When I can work my way into talking with these young marketers they are exploding with ideas and creativity
For most banks marketing consists of advertising along with all their competitors in the local business rag.
It's printing flyers for branches
Printing and mailing postcards for Jeff's $100 CD promotion
It's printing flyers for branches
Printing and mailing postcards for Jeff's $100 CD promotion
Most banks don't even know who their customer is.
This isn't a size thing. I've spoken with $xx billion dollar banks that are clueless about who their core client is. They are working on momentum.
Some smaller banks know their exact customer persona
This isn't a size thing. I've spoken with $xx billion dollar banks that are clueless about who their core client is. They are working on momentum.
Some smaller banks know their exact customer persona
It is impossible to market if you don't know who you're marketing to, or what you're marketing.
A second gripe. When asked the question "Why would a customer bank with you over someone else?" Most banks have either no answer, or a deeply unsatisfactory one.
A second gripe. When asked the question "Why would a customer bank with you over someone else?" Most banks have either no answer, or a deeply unsatisfactory one.
A bank needs to know why someone should bank with them. What makes them special? Hint: it's not rates..
If you know what's special then you can advertise that fact to your market and attract the types of customers who value what you provide.
If you know what's special then you can advertise that fact to your market and attract the types of customers who value what you provide.
I spoke to one banker who lamented "I have to hustle hard because no one knows us. We're the 14th largest in our market, who is going to bank with #14? We're practically unknown. And management is worried about operations, not helping lenders stand out."
The reason so many banks are "built on relationships" is because without lenders individually building relationships they would cease to exist. At a corporate level they don't have the ability to identify (marketing) or grow organic relationships.
I know this is a long rant, I apologize.
This is the core of what my business does. We identify the market a bank works in, and then find all the customers in their market that fit how they operate.
We build predictable funnels for banks.
This is the core of what my business does. We identify the market a bank works in, and then find all the customers in their market that fit how they operate.
We build predictable funnels for banks.
What drives me absolutely insane is that 80-90% of the banks we talk to will openly admit that they have no idea what to do with sales funnels and prospecting. And if they were given a list of hot prospects their lenders would fail to execute on it.
One told me this week that if I gave a name and phone number of a person looking for a loan to their lenders "they wouldn't call them. They'd wait for the person to call the bank."
Bank leaders are starting to understand that this is a problem. But they don't know what to do about it. To respond means a cultural shift in their organization from being reactive to proactive.
It's hard work, and it's usually easier just to sell the bank than change culture.
It's hard work, and it's usually easier just to sell the bank than change culture.
This isn't necessarily a lender problem either. Most lenders want to sell and want to grow, but their bank isn't giving them the tools to do it. They're being told to drive business themselves.
A perfect match is when a bank can identify a target market, then drive marketing to that market and follow up with lenders calling those who were marketed to.
When a bank builds a campaign like this everyone is happy.
When a bank builds a campaign like this everyone is happy.
Marketers have a target and are productive and lenders have a process they can follow.
From this they can measure effectiveness easily. They know the total size of their market, can estimate the value, and then measure how effective sales and marketing is.
From this they can measure effectiveness easily. They know the total size of their market, can estimate the value, and then measure how effective sales and marketing is.
When a bank executes like this and is data driven they can make investments in new branches or new markets and know the sales cost and know what sort of return they should expect.
