You'll Never Get Everyone to Love You!

This blog is going to go against your every human instinct. Though it will logically make sense, many of you will disagree. That's good, I'd love some good ol' fashioned argument here -- change my mind!

We all have an innate need for the approval of others. We want people to like us. Many of us take it personally if even one person doesn't find us groovy.

"It's not personal, Sonny ... It's strictly business."

~ Michael Corleone

But as marketers, it isn't personal ... it's strictly business. Yet, we focus so much of our attention and energies on trying to make sure that every single person in our communities love us. Seriously, how many times have you discussed changing a policy because 3 or 4 people complained?

“Criticism is something you can easily avoid by 

saying nothing, doing nothing, being nothing.” 

~Aristotle

Aristotle ... if nothing else, THAT cat knew branding!

From a branding perspective, we are trying too hard to be all things to all people and trying so hard to avoid criticism that we become branding's brown paper bags.

So, here's the beautiful truth ... as a public service to help you sleep better at night.

In most larger markets, if you have only 30% market share, you will be the largest institution in town.  With only 15% market share, you'll typically be #2.

Whew! Think about the weight that just lifted! If 1 in every 3 people like you enough to do business with you ... You win! If 1 in 10 like you, you're doing GREAT!

To have an impactful brand, stop trying to appease everyone and be something meaningful to a focused group of people.

So now that we know that not everyone will ever love us, who do we focus on?

Check out these blogs on segmentation:

• 8 Life Stage You Should Market To
• Mirror Modeling and Birds of a Feather

Identify who your desired target is, learn what they want from you, determine if you can provide it, then make darn sure that you are THAT thing down to your very soul. With every interaction, every new hire, every policy and every message.

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

Nearing 240,000 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 about financial marketing.  

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.

See our story here. (click)

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937-426-9848

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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)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848

Finding a Way...

As you may know, I am a HUGE Ohio State Buckeye fan and also a Bengals fan.  To many, the success of the Buckeyes is great...and the pain of the Bengals is tough to take.  Both, however, have had equal shares of triumph and heartbreak...but recently they have also Found A Way!

My message is about finding a way...finding a way to victory even when the times are tough, the competition seemingly insurmountable and the odds stacked against you.

The Buckeyes and the Bengals both came back from heartbreaking last second defeats from a week ago...both have been pinpointed by many awaiting an even bigger failure. However, they both circled the wagons, talked about the team spirit and rode the wave to victory...DESPITE the odds, the competition and the neysayers...they found a way!

The economy is tough for bankers right now...the budgets are slim for marketers and the demands of customers never bigger...but YOU CAN FIND A WAY to victory.  It just takes three words to be repeated as often as necessary.  This will sound VERY trite, but it is true and it works...ready?

The three words are...

YES I CAN!

Yes you can....

• Make an impact with the budget you have
• Overcome the competition
• Make it through the fall planning sessions
• Grow you loan base
• Positively impact your attrition rates...
• and MORE!

You can do it!!  We have faith in you....but you need to take the 1st step....Repeat after me...

YES I CAN...

If you need a daily re-affirmation...call me...I would be glad to help!  After all, a Bengal's fan is used to saying "tomorrow will be better!!"

Cheers!

Bruce

It's Raining Opportunity!

Chicken Little….. is alive!

You know the old story…. “the sky is falling, the sky is falling!” Chicken Little said. Warning everyone, everywhere he went. In reality, the sky wasn’t falling but it didn’t really matter. He was certainly creating havoc wherever he went and making everyone question the truth.

Our current financial industry crisis is playing out in similar ways, don’t you think? The reality for most banks is that there is no crisis. In fact, most community banks and credit unions didn’t get involved in subprime lending practices. They are experiencing challenges only as the fallout from the major banks is wreaking havoc upon them from the recessionary economy and housing crisis. Community banking has never had a greater opportunity!

Right now, people on the street are questioning their financial partners and their financial decisions now like never before. The “Chicken Little effect" is taking its toll on us all in this noble industry. There is “money in motion”. Many people are wanting to know where they should take their money and their relationships. The "money in motion" could be in motion toward your bank...but you need to be known, be heard, and be proactive!

And I think the many financial institutions who are solid performers and are well-positioned to take advantage of the “fallout” of the “money in motion” in markets everywhere, need to be carefully crafting messages and positioning themselves as leaders -- IE be proactive and lead the market! Local leaders who make sound lending decisions, who care enough about their customers and clients and their financial success, to not “lead them into temptation” – by offering loans they shouldn’t take, credit card limits they can’t afford, or car deals that can leave their valued customers “upside down” and penniless.

This is a very tricky message however. As an industry, we are all guilty of not giving the kind of financial counseling to our customers that we could. So we must be very careful in how we try to put ourselves on any pedestals. Placing an ad that says “we’re the good guys” may appear shallow and empty to the now cynical financial customer. How can they believe “us” anymore?
I believe that a well-crafted public relations program, designed to build each piece of the pedestal we want to stand on, can be a good way to highlight the strengths of your institution… to gain a position in your existing and prospective customers’ minds about who you are, what you stand for, and why you are different than the “problem” children in our industry.

A word of caution. The local president, who writes an article for the newspaper, may think he is an “expert” in this field. But in today’s ever-changing society, can quickly find out he had no credibility in what he said, simply because he said it. PR experts are built of years of experience of what works and what can bite you in the butt and cause greater issues than you had before. Collaborate with an experienced PR communicator on this one and you can find avenues to build your pedestal that will have true credibility and meaningful impact on customers looking for a new financial partner. Need help? Call us...

Get your fair share of the “money in motion” in 2009. In fact, get more.

Cheers...

Sharon Lovejoy
The newest member of the MarketMatch team!