ABA Banking Journal - May/June 2015 - (Page 48)
> MARKETING/RETAIL
The Fight for
Relevance
T
Marketing amidst the chaos
MICHAEL KEMPNER
HERE was a time when
banking transactions
required more than a few
thumb taps on a three-inch
screen and when engaging
with customers meant a
phone call or an actual branch visit.
There was even a time when you
could attract new customers by giving
away free toasters.
The current banking environment
couldn't be further from that
picture-or more chaotic. With
heightened regulatory scrutiny, new
technologies, cybersecurity threats
and the incessant expectations
of hyperconnected consumers,
community banks face enormous
pressure to change how they operate
just to stay afloat. But when it comes
to building trust with their most
important stakeholders, they're still
relying on the proverbial toaster to
market their most valuable and, too
often, unrealized assets-their brands.
Customers don't want toasters, they
want a relevant financial-services
partner that consistently proves
it understands their needs and
demonstrates a commitment to grow
with them. It's no longer enough just
to do business. You have to matter
more to the people you're doing
business with.
This is especially true for community
banks, whose success hinges on the
48
ABA BANKING JOURNAL | MAY/JUNE 2015
ability to develop lasting personal
relationships in the communities
in which they operate. It starts by
understanding not just how you
can engage with them, but how you
can help them engage with you.
A strategic marketing approach
gives banks the tools to distinguish
themselves among a sea of
sameness, gain a crucial competitive
edge and, most important, build the
trust of their employees, customers,
shareholders and influencers.
While any strategy needs to be
tailored to a community bank and
its customers, there are several
essentials to any marketing program
today (and trust me, none of them
include kitchen appliances).
Leverage your brand
At a time when banks are grappling
with the changing face of the entire
banking industry, they may not even
be thinking about their business as
a brand. Yet these intangibles make
up 63 percent of a company's market
value.
A strong brand always starts on
the inside. Think beyond logos and
taglines. Start by evaluating your
brand attributes and personality-
have a consistent look, feel and tone.
Do you have a recognizable identity
that reflects the bank's founding
values, culture and commitments?
Can customers instantly distinguish
your bank from others just by looking
at your website or ATM screen?
Showcase your brand in everything
you do and say-every internal and
external message, every component of
your website and mobile app and every
piece of marketing and advertising
collateral. Make it all part of what your
brand stands for, and consistently talk
about it-via press releases, email
communications, website updates,
social media and so on. It can mean
the difference between customer
attrition and lifetime loyalty.
Get in the conversation
The banking sector has arguably
been hit hardest by a degradation
of trust, and in this new day of total
transparency, consumers crave
authenticity. People put their faith in
people, not companies. They make
decisions based on recommendations
from their network of trust: friends,
relatives, social media, bloggers.
So while paid advertising still has
its place in your marketing mix, a
strategic media relations and PR
program centered on earned media
opportunities is critical.
To get in on the conversation,
place a stake in the ground. Have
a strong point of view on the issues
impacting your customers, and
position your leaders to frequently
comment in the media. Supplement
that with original content that further
Table of Contents for the Digital Edition of ABA Banking Journal - May/June 2015
CHAIRMAN’S VIEW
UPFRONT
ECONOMIC OUTLOOK
LEGAL BRIEFS
PICTURE THIS
CELEBRATING A TRADITION OF INNOVATION
SOUND RISK CULTURE
AN INTERVIEW WITH FDIC’s MARTIN GRUENBERG
NEW RESPA/TILA MORTGAGE DISCLOSURES
BANK DOMAIN ROLLOUT
INVESTOR PERSPECTIVE
MARKETING/RETAIL
PAYMENTS
ADVOCACY
ABA COMPLIANCE CENTER INBOX
CYBERSECURITY
MORTGAGES
OPERATIONS
BOARD MATTERS
FROM THE STATES
BANKER RECOMMENDED READING
INNOVATIONS IN SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS
ABA Banking Journal - May/June 2015
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