Don't let a tight budget stall your growth.
As marketing professionals, you're being expected - ney, demanded - to do more with less. The good news is that it simply takes some creativity ... and who has more creativity than us marketers?
Here are 6 ideas (some creative, some not) to help jump start the ol' mellon and get those neurons firing. Please, please, please feel free to add more by commenting to this blog.
6 Penny Pinching Ideas:
1. Create a referral program
OK, it's nothing new, but your existing customers can be your best asset. And let's face it, no matter how big you are - you have a lot of customers. It can be as easy (and cheap) as printing small, pocket-sized cards offering $5-$25 for the customer and their referred friend. Make sure you offer an incentive to both.
I've had success printing a brochure-sized piece with 4 business card sized offers of $10 to each - saying: Earn up to $40 by spreading the joy. Quarterly, I'd include it in newsletter mailings to all customers and watch the spike in new accounts.
The keys: Keep it easy, Keep it trackable, Make it fun.
2. Internal promotions
Don't want to incentivize your customers? Use your NEXT best asset - your staff. Make a game of which branch can recruit the most new customers. Offering incentives to a smaller group of people (or teams) will be easier on the budget.
3. Get out of the office
You should, of course, participate in the local Chambers - but how many bank/CU employees are out on your behalf? At a minimum, all senior management and board should be expected to be active in the community and promote the institution.
The key: From church elder, to scout leader, to chamber committee member, there are plenty of opportunities to contribute - just make sure that promoting the bank/CU (elegantly) is also being done.
4. Bank@Work
Many credit unions have already mastered this - but, with a community charter focus and limited resources, many more have forgotten this art.
Whether you call them SEGs or Commercial Clients, you have customers who have employees. And those employees are prospects. Find ways to communicate with them.
The key: Make sure your commercial staff teams up with your retail staff and vice versa.
5. PR - or "Image Management"
Your institution has a wealth of interesting stories that are likely overlooked because, since you see it everyday, you don't look at them as newsworthy. I'll bet your local news outlets (hungering for good news - especially from local financial institutions) would disagree.
- You mean banks ARE lending?!?!: Let them know how much you've lent to date. Even if it seems small by your standards, to "Tammy the teacher," it will seem huge.
- Case studies: Have you saved a family from foreclosure? Helped a kid go to college? Helped a student afford a trip overseas? Your staff do amazing things for customers everyday - it's the beauty of their job. Collect and share those stories.
- Share your expertise: Few understand finances better than bankers (at least lets hope so!). Be the local resource for sound financial guidance. In this economy, you may be able to work out a deal to author an ongoing "Smart Finances" section - aim high!
6. Fish where the fish are
Focus your budget on your existing customers, there are fewer hurdles - so it's the smart spend.
- Focus on customers with only 2 or 3 products: Single service customers are likely single service for a reason - build the relationship with those that have multiple, but few products.
- Look at depositors with no loans - especially mortgages. Don't reprice existing, but try to get customers with other institutions mortgages to refinance with you.
- What about depositors with no checking: Get them to view you as their primary financial institution.
- What unused HELOC balances are out there? Go get 'em.
For at least the next six months or so, we will have to work a little harder to maximize our budgets. You don't necessarily have to spend a lot to gain a lot - you just need to be creative, utilize your entire staff and have fun.
Take care,
Eric
