On a Mission
A day with Mike Harris
Stand for Something
Building trusted brands
The Upside of the Downturn
Ten Management Strategies
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The Hidden Banking CrisisFriday 28th November 2008 James M. McCormick, president of First Manhattan Consulting Group, has a marketing team that has commissioned thousands of "mystery shops" and interviews with front-line employees at retail banks. During their visits, his researchers always ask bank employees a simple question: "As a customer, why should I choose your bank over the competition?" Two-thirds of the time, McCormick noted, the employees have no answer to that question; they either say nothing or, in his words, "make something up on the fly." It is absolutely imperative that senior financial marketers make differentiation their number one priority. This is the time to workshop, educate, train and mentor front line employees to be able to explain simply and convincingly what makes their organisation different from, and superior to, the competition. The hidden banking crisis, the lack of differentiation between financial brands, threatens their very existence. Take control – Create Your Own Space.
Raising the BarThursday 27th November 2008 HSBC has raised the bar for creativity with two knockout campaigns. The first was a guerrilla campaign that consisted of glueing an arial photo of a city to the bottom of a swimming pool to show swimmers what their world would be like if the polar icecaps melted. The campaign saw a 300% increase in traffic at http://www.globalwarmingsolutions.co.in as well as significant media coverage positioning HSBC as the only carbon-neutral bank. HSBC Australia turned a receipt into something fun and experiential. They printed origami diagrams on the back of their receipts to transform dull, functional slips of paper into an imaginative and involving promotion for a specific bank product or service. There we have it – a high street bank that in marketing terms is working harder to fulfill the 4Rs - remarkable, reputational, relevant and real. Customer Experience MattersWednesday 26th November 2008 This week, I’ve been reading the blog, Customer Experience Matters and the subsequent e-book, The 6 Laws Of Customer Experience: The Fundamental Truths That Define How Organizations Treat Customers. I wanted to share it with you as the laws not only make sense, they could create, build and save valuable customer relationships for financial companies:
“Just like the three laws that govern all of physics, there are a set of fundamental truths about how customer experience operates. And here they are, the 6 laws of customer experience (CxP): 1) Every interaction creates a personal reaction. 2) People are instinctively self-centered. 3) Customer familiarity breeds alignment. 4) Unengaged employees don't create engaged customers. 5) Employees do what is measured, incented, and celebrated. 6) You can't fake it.” You can download the e-book here: http://experiencematters.wordpress.com/ Enjoy! Splash the CashMonday 24th November 2008 Netbanker contains an interesting post regarding the use of splash screens, following the announcement of Wells Fargo’s successful bid to buy Wachovia. I am not alone in finding splash pages intrusive and possibly the worst form of interruption marketing since pop-up banners but it does sound as though these guys have got it right due to the topical, event-driven nature of the communication and the need for customer re-assurance. “The best time to get your customer's attention is right after they log in to look at their account. That's why login-screen marketing should be in your mix. But, your message is not necessarily welcome at that point, so it's a marketing option best used judiciously. Wells Fargo makes good use of the technique this month with an open letter from CEO John Stumpf.” I’ve looked at the letter, which is nothing extraordinary in itself, but does fulfill its objective in posing and answering the question: “What does (the Wachovia acquisition) mean to me as a Wells Fargo customer?” It is a timely and relevant way of getting a message across post-acquisition and therefore entirely justifiable as an online marketing technique in these circumstances. Day 5 Moving AheadFriday 21st November 2008 Quality – How can you improve the quality of your processes, particularly where these impact on your customers?
Priority – Do you know what individual customers have the potential to make you greater profits next year, how can you increase your business with those key customers by 25%?
Virtuosity – What are your core competencies as a business and what assets do you have that could be leveraged and repackaged to be more appealing to your customers? Clarity – How can I create a single-minded proposition that can become a shared vision? Durability – Are you focused on sustainability as well as consistency? Day 4 Addressing the IssuesThursday 20th November 2008 Vicinity – Have you thought that your national campaign may be more effective as the sum of your regional campaigns?
Ability – Have you lost sight of re-skilling yourself, your people or adding training, mentoring and education as part of your services to enrich your customer experience?
Identity – Are you losing sight of what your company means to people? Is this a good time to create a new corporate identity that is more contemporary and relevant, that reflects where you are today or want to be tomorrow?
Visibility – If competitors are quiet, isn’t this the best time you will ever have to raise your profile and gain greater market share? Exclusivity – Remember, the right people will always pay more for added value in times of scarcity, can you think of niches where the money is?
Day 3 Powering ForwardWednesday 19th November 2008 Equity – How can you build value within your brand with all stakeholders?
Intensity – How can you increase the intensity of the brand exposure your customers see, feel and hear and deepen the brand experience?
Polarity – As mergers and acquisitions markets create clusters of ever larger and ever smaller players – how can you use this dynamic to lead your segment? Density – How many times do you repeat your key messages online and offline to achieve recognition? Simplicity - How can you make it easier for customers to understand your product or services offering? Day 2 Meeting The ChallengeTuesday 18th November 2008 Dignity – Are you building your reputation whilst respecting others and retaining integrity and self-respect?
Sensitivity – Do you have genuine empathy with your customers, will you walk a few more miles in your customers’ shoes?
Agility – Does your firm react quickly to market conditions? Are there barriers to the flexibility you can offer? Think - is small the new big?
Activity – Whilst competitors may have taken their foot off the accelerator, are you really doing all you can to drive your market forward? Community – Do you really understand how you can leverage social media marketing or even how important this could be to your business? Show People You're Lending!Friday 14th November 2008 We’re all sick and tired of hearing about the credit crunch and how liquidity is an issue. If you’ve got it (cash), then flaunt it! Give the market some positive news.
I was speaking at a conference at the CBI offices earlier this year, where Paul Hancock of JP Morgan said, “the biggest differentiator right now is to have a cheque book.” He has a strong point.
Six months ago, lenders were content to say how safe and solid they are and no-one, but no-one can quite believe statements like that anymore. That’s why, if you are fortunate enough to be in a position to write deals, I implore you to go out there and tell the world that you are doing just that – right now! If you are genuinely open for business, there isn’t anything more powerful than showing key business introducers details of the transactions you have completed this month. Email your introducers when you have done a new deal. Send out press releases with case studies demonstrating how you’re funding growth, request testimonials, keep your web site fresh with this new deal-related content. Inject some real-time success into your marketing. Get it out there. Show you are hungry to do more.
The answering machine message from Community Financial Credit Union says it all: “Welcome to Community Financial, where we have millions to lend.”
Talk about being open for business – it’s a stunning way to stand out right now.
Marketing in a RecessionTuesday 11th November 2008 1. Keep working on the business, not just in the business. Some financiers will slow down or cease their marketing activity, but don’t let that stop you. Think Lewis Hamilton - those lenders that accelerate their marketing activity during difficult times will prevail over the distance.
2. Markets will consolidate – we have already seen huge, necessary mergers and acquisitions activity from lenders of every shape and size. This is a distraction for many and a great time to go on the offensive if you're not involved.
3. Big lenders still have big overheads, even though some have effectively closed their doors to new business. With lower overheads, you may be able to enter markets where the big players can’t afford to compete.
4. The job market is flooded with the talent fall-out arising from the buy outs of highly successful independent firms - keep an ear close to the ground for good people.
5. Be selective – there is a strong opportunity to cherry pick business at good rates right now. Don’t get carried away with the harvest, continue to apply a clear, firm underwriting policy. Let’s not forget how inadequate controls got many of the lenders where they are today.
6. Take the opportunity to assess whether there is a more effective marketing model – try using new online marketing channels for more measurable results.
7. Stop your people moaning – spread some positive messages every day and become known as the good news business that everyone wants to deal with.
8. Outsource non-core administrative activities and focus on profit-drivers.
9. Improve your MIS – get real time reports and latest generation widgets working for you as an early warning dashboard system, so you can be alive to opportunities and threats.
10. Think of ways of delighting your customers – create raving fans who stay longer and refer more.
The Human Face of FinanceFriday 07th November 2008 When many leaders of financial brands have gone to ground, I was pleased to see Charles Schwab show us all how it should be done with gravitas, empathy and understated confidence.
The tone of voice is sincere, the delivery perfectly calm and measured. The underlying message of experience, expertise and leadership embodied by the Founder and Chairman of The Charles Schwab Corporation shines brightly.
http://www.aboutschwab.com/advertising/talk-to-chuck/advertising-video.php Twitter TwitterWednesday 05th November 2008 Paul Boutin, who writes for the Silicon Valley gossip blog Valleywag, tells us that blogging is dead and being replaced by the next generation of social networking tools - Twitter, Facebook and Flickr. In a recent WIRED Magazine article, Boutin says that the mainstream media has taken over the blogosphere with professional writers, who break the big stories these days. That may be the case, but according to the blog search engine Technorati 175,000 new blogs are created every single day. 570,000 entries are posted daily, including his own, and reach 70 percent of web users. Hardly signs of a flagging medium. Now, I’m not knocking the other forms of conversation out there, I just find that the most useful Twitter posts are designed to whet your appetite to read detailed blogs by posting those perfectly shrink-wrapped under 140 character summaries. I think It’s a great way to build a bigger blog audience. Where did I read all this? Firstly, a personal email from a marketing agency head asking what I think, then a Twitter post highlighting a blog! Hold on, Twitter has its own blog too!! You can see an explanatory video on Twitter here: http://uk.youtube.com/watch?v=ddO9idmax0o Gladwell on SpaghettiTuesday 04th November 2008 Since 1996, Malcolm Gladwell has been a staff writer for the New Yorker, where he has reported on business, science, culture and human behaviour. His books, The Tipping Point and Blink, are both best-sellers and strongly recommended reads. He is an engaging, intellectual writer with an enquiring mind, coupled with a tenacity for asking searching questions, often in the least likely places. One comment about him said that he looks for "counterintuitive truths discovered by clever researchers, obscure historians, and ordinary people observing the world." I found some rare, interesting video footage of Malcolm Gladwell talking about Spaghetti Sauce in the excellent "TED " series of talks. Don't be put off by the subject matter or his disconcertingly big hair (OK, just because I¹ve lost more than a few follicles). Apply the same concept to creating differential propositions via the segmentation and cluster analysis of your client and prospect base and consider what your new "zesty" financial product might look like!
Financial Client WinsMonday 03rd November 2008 Hot on a string of new financial client wins, this month Strand Financial has won a major through-the-line campaign pitch for a US-owned asset based lending specialist. This significant project involves brand workshops, the creation of a new core brand essence, corporate image, strapline, marketing collateral, advertising and online marketing programme. Current projects being worked on include:
A naming and rebranding project for a hedge fund
A new product launch and communications programe for a leasing company A major rebrand project for an asset based finance group A PR programme and marketing planning project for a pharmacy finance specialist within their leading trade magazine A brand naming, collateral and web site development for a receivables management specialist An online search engine optimisation and marketing project for an organisation that provides immigration advice and guidance to the finance industry "We are pleased that these organisations, like all of our clients, see the value in our approach to developing a strong and differentiated core essence for their individual businesses," said Mike Symes, managing director of Strand Financial. John Dillon, creative director, adds: "It is the ability to Create Market Space for our clients that has led to our recent blue-chip account wins."
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