Rabbit Season, Duck Season

“ObamaCare...”

“RomneyCare...”

“We’re growing...”

“The sky is falling...”

Blah, Blah, Blah

We are smack-dab in the middle of the 2012 episode of “Rabbit Season, Duck Season!”

Think about it … no one really knows the truth, there is no compromise and, in the end, you know someone’s going to get their duck bill blown off.

There’s a similar Rabbit Season, Duck Season that’s been playing for years with credit unions and community banks.

In full disclosure, we help both credit unions AND community banks to improve their marketing.  And, aside from some basic, structural and colloquial differences, we are all VERY similar … and VERY concerned about each other.

From one perspective, I get it.  There are roughly 15,000 total banks and credit unions in America.  Of those, about 12,000 are classified as either community banks or credit unions:

• More than 5,000 community banks (Independent Community Bankers of America)
• More than 7,000 credit unions (Callahans’ Peer-to-Peer)

From a sheer numbers perspective, there is a lot to be concerned about.

However, combined, credit unions and community banks only hold about 15% of all assets in the US:

• $1.2 trillion for community banks (Independent Community Bankers of America)
• $963 billion for credit unions (Callahans’ Peer-to-Peer)

While the “Big 4” banks alone: Bank of America, Citi, Chase and Wells Fargo hold 39% of consumer deposits. (Federal Reserve System)

So, today’s discussion … do we spend time and budget resources fighting for 15% of a market against a competitor who’s VERY similar to us, or do we position ourselves against the big, “impersonal” Goliaths and try to get a slice of the larger pie?

The answer, as always, will differ from market-to-market:

• Who has the market share?  Review the FDIC and NCUA deposit data and see who your market is banking with.
•  Are there growth trends?  Is there a mid-level payer who is building branches, increasing online access and making waves in your market?
• Measure awareness.  With a quick phone survey, you can understand who your market thinks of when they think of banking.  Are you in the top 3?
• What’s the marketing activity?  We will never have the total marketing budget of Wells Fargo or Bank of America, but what are the competitors doing in YOUR neighborhood?  If Chase is dropping a huge media buy in your market, you need to consider how to compete against it – or to simply ignore it and focus elsewhere.

In the end, you have to pick your battles and you’ll ultimately have to steal business to grow.  Who has the member/customer-base that you want?  Which one or two institutions should you position yourself against?

As community-centric institutions, credit unions and community banks will ALWAYS have a story to tell compared to the big-banks.

With more than 115,000 visits worldwide, we hope that you enjoy this blog.  If you find it helpful, please share it with your colleagues.  Also, check out our YouTube Channel for short video blogs.  

We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too.  Contact us to see how.

MarketMatch is also a nationally and internationally requested speaker.  Contact us to bring our marketing ideas to your next conference.

Here are the conferences where you can find MarketMatch.

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MarketMatch is a marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest  MOMENTUM and prove the best RESULTS with our written ROI Guarantee.

See our story here. (click)

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Or email me directly (click)

937-426-9848

4 Steps to an Authentic Brand

“Honesty sells because you can usually pull it off.”

~ John Jantch, The Referral Engine

When it comes to branding, you are not what you say, you are what you do.  In short, you need to be honest and authentic.

Bill Breen wrote an excellent article in Fast Company Magazine about a brand’s authenticity and boiled it down to the four pillars of authenticity:

A Sense of Place

Authenticity comes from a place we can connect with.  Coffee houses have nailed this with their couches and fireplaces.  And Umpqua Bank may be the "Sense of Place" poster child for banking.  

Take a look at your branches do they provide a sense of place?  What about your website?  What about your "sales materials?"  Every touch point should be member/customer-centric

A Strong Point of View

Authenticity emerges from people with a passion for what they do.

• Hire: passionate people who fit your institution's personality.
• Train: So everyone understands responsibilities, accountabilities and the desired customer/member experience.
• Empower: your staff to make the important decisions. Set guidelines and standards for structure to the empowerment.
• Provide the right tools: brochures can only go so far. Map out the desired experience at your branch and work through how to assure delivery.  What questions must be asked.  What conversations should be had?  What value-added tools can we provide to make our experience something that stands out from the competition?

Serving a Larger Purpose

If a brand can convincingly argue that it’s profit making is only a by-product of a larger purpose, authenticity sets in.

Credit Unions and Community Banks have been successful here for decades!  Given the perception of "Big Banks" over the last few years, this can be a significant point of differentiation.

Integrity

Authenticity comes to a brand that is what it says it is.

“When the story the brand tells through it’s actions aligns with the story it tells through it’s communication … only then will the brand’s story be true.”

~Bill Breen, Fast Company Magazine

In short, to be truly authentic and to truly build a strong brand, you must first "know thy self!"

Branding is my passion!  For more blogs on branding, check these out:

  What if?...

  Branding ... It's Not Rocket Science.
   Brand YOU Day.
   Marketing & Branding
   Branding...It's Not What You Say, But What You Do.
   Is It Time To Relook At Your Brand?

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MarketMatch is a full-service marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate the greatest  MOMENTUM for your organization and demonstrate RESULTS with our written ROI Guarantee.

Want to learn more?  Enroll in the MarketMatch eCollege!  Smart online sessions delivered with CFMP credits, tactical advice and a game plan for success!

Learn more about us here. (click)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848

Disney Service In Your Branch

Now that Spring Break is behind us, my attention is squarely on Summer Vacations!  Not just the one coming up in 58 days … not that I’m counting … but of vacations of the past as well.

Which leads me to a story I often tell in my branch experience seminars.

A few years ago I took my family on the obligatory trip to Disney.  It was late June and we were “fortunate” enough to catch the park on a record-setting 115-degree day.  It was so hot that, during an air-conditioned lunch, my son actually cried, “Please don’t make me go back out to Disney!”

 

But we had to endure.  We had to head back out to the park … because we were on a mission,  a mission for my daughter, who, at the time, was obsessed with Sleeping Beauty.  The mouse and rides and castle and cartoons were all extra.  There was one goal - only one experience that drove us.  The trip would not be a success until she met Sleeping Beauty in person!  In Sophia's mind, the expectation was this…

But, taken at face value, the details of the trip were more like this.  We drove 14 hours to get to Orlando … the last several hours in stifling heat and no A/C (the van’s air died just past the Florida border).  After dropping several hundred dollars on tickets, we went straight to the princesses and waited nearly an hour only to learn that Sleeping Beauty apparently didn’t wake up until after noon.  With a day that was so hot, our shoes seemed to melt on the asphalt, the park apparently opted to mark-up water to a premium price.  My wallet was draining as quickly as my patience.

There is a point to all of this that reflects on your bank or credit union.

You don’t measure quality service on your best day.  

You measure it at 4:50 on a Friday afternoon.

As service providers, we are ALWAYS on stage.  When I interviewed for Disney’s internal ad agency in 2000, I got to see “back stage.”  At every entrance to the park is a full-length mirror with the words: Smile, You’re on Stage.  And every single cast-member from the janitorial crew, to the gardeners, to Sleeping Beauty herself embraces the concept.

When we finally met Sleeping Beauty, she was magnificent.  She had no idea of the National Lampoon-like journey we endured to place Sophia into her lap.  But she made it all worthwhile and took as much time with us as we wanted.  She was in character and on-point … she made us feel special – like the only guests in the park.  This is what we remember from that day at Disney.

In your branches, we don’t know what obstacles stood between our customer’s home and our branch.  We don’t know what hardships may have lead to their needing cash or a loan.  But we are all on stage!  We are all in that flowing pink Sleeping Beauty dress … in character … making our customers feel special – like they’re the only guests in our lobby.

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Want to learn more?  Enroll in the MarketMatch eCollege!  Smart learning online sessions delivered five consecutive Tuesdays with CFMP credits, tactical advice and a game plan for success!

MarketMatch is a full-service marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate the greatest  MOMENTUM for your organization and demonstrate RESULTS with our written ROI Guarantee.

Learn more about us here. (click)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848