consumer marketing trends page: perception

Tuesday, October 23, 2012

Everything's Changing ... Nothing's Off Limits.

I love it when they “get it!”

Our industry is in a critical time. With changes in banking, nothing is off limits any more:

Stricter regulations
Expanding competitive channels
Technology changing at warp speed
Consumers changing the way they, well, “consume”
People communicate and learn in new ways

Often, we need to adapt to survive.

We met, last week, with an institution that understands just that. Anytime we get a call to discuss branding, we need to first understand the caller’s definition of the word. Are they looking to simply change their name and logo, or do they REALLY want to rebrand?

After meeting with these folks, they get it!

“We know that everything needs to change … nothing is off limits.”

What’s in a Name?

We have crafted the brands for many credit unions and banks from all over the country, but we’ve only changed the name of about 2. In fact, we rarely recommend trashing years, or decades of awareness with a rename, unless:

There is a negative perception of the name in the marketplace. We sometimes see this with credit unions who are still named after their core SEG – usually a company who has no corporate affiliation with the CU, but has enormous impact over the brand.
The name is limiting. A “Teachers” Credit Union with a community charter, for instance. Or a community bank named after a small town long before they expanded into several new markets.

It’s a Cultural Thing

The brand is not simply your name and logo, but EVERY aspect of the customer/member experience. It’s the way someone feels when they walk into your front door … more importantly, how they feel when they walk out.

The brand isn’t a snappy tag line or a great color palette, it’s emotion. It’s touchy feely. It’s a cultural thing.

Extreme Makeover

In our meeting last week, the CEO got it. He knew that everything is changing … so everything had to change.

They DO need a name change. They DO have a perception issue. They DO need to do a better job at the point of sale. They DO need to update the look of their branches. They DO need to define and better understand who they are and where they’re going. And we can help!

For more ramblings on branding, check out these links:

Branding DIY

Wake up Your Brand the Starbucks Way

Branding, It’s Not Rocket Science

4 Steps to an Authentic Brand

Branding … It’s not what you say, but what you do.

When it Rains … It Pours!

With more than 140,000 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.

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.

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Wednesday, September 5, 2012

Gagliano's 6 Laws of Marketing

My wife is a high school science teacher. She should love this blog.

Most of us are familiar with Newton’s laws of motion and Archimedes’ principle. Well, now here are (drum roll, please) … Gagliano’s Laws of Marketing.

Like the Laws of Science, these will describe, predict or explain why things happen in the marketing world.

1. The Law of Action

Every action should anticipate an appropriate reaction.

As marketers, we’re in the business of influencing people’s behavior. We are also in the business of driving revenue to our organization. That said, every dollar you spend should have a specific customer/target response in mind.

2. The Law of Consistency

A customer’s experience is only as good as their last interaction with your company.

Your team must be provide the same serve level at 4:58 on a Friday afternoon as they do any other time. As soon as they enter your parking lot, they are on stage and the curtain doesn’t drop until they leave the property.

This law also relates to your brick-and-mortar and electronic touch points. A sloppy building, down server or crashed ATM can play havoc with a relationship.

3. The Law of Differentiation

Customers never change a product or brand without a good reason.

As humans, we are creatures of habit. If we’ve made a product or brand choice, we tend to stick by it until the benefit of a change outweighs our comfort level with our previous verdict.

To motivate a change, you must demonstrate a tangible benefit for a customer to come to you. And make the switch as easy as possible.

4. The Law of Perception

A customer’s perception out-weighs a company’s reality.

You know you have the better mousetrap. You know your people are smarter and care more than anyone else in town. So why don’t you have 100% market share?

There are unlimited factors that drive a customer’s perception: building/employee image, brand recognition, social media/word-of-mouth, logo design, advertising messages, etc. You must gauge, analyze and manage your image in the community.

Part two of this law is that ANY perception can be changed – good-to-bad or vice-versa (see Law #2)

The best example I can share has to do with a fence that I had built a few weeks ago. I wanted a simple, split-rail fence. Nothing fancy, so my driving decision-criteria was price. I chose a company called Afford-A-Fence (seriously, I can’t make that up). In his heart, the owner knew he provided quality work, but with a name like Afford-A-Fence, my perception and expectation level was something different. In the end, they did a great job and changed my perception completely.

5. The Law of Need

The target’s needs take precedence to the company’s needs.

Your target has a need for a certain product, at a certain price-point, delivered by a certain technology and they want to use you in certain ways. If you do not meet those needs, someone else will.

To be successful, you must align your marketing to target individuals who are most aligned with your company’s product offerings, price-point and delivery system … but be ready to adapt with your target’s changing needs.

6. The Law of Measurement

That which is not measured cannot be considered successful.

This law follows closely with Law #1. As each marketing initiative has a defined objective, we must measure against that objective to determine success or plan future improvement. Whether you’re assessing unaided awareness or raw ROI, marketing must be measured to demonstrate success.

As “laws” these have each been tested and re-tested … proven over time. But this is, by no means, a definitive list. As a group of brilliant marketers, we can add to this. Please add your own Laws of Marketing in the comment section below.

With an in-depth knowledge of your product, a firm understanding of your target and these laws in-hand, you can plan marketing for anything from financial products to shin guards, custom homebuilders to tortillas, commercial air compressors to water parks (I know, because I’ve been responsible for all of these and more).

Take care,

Eric

With more than 125,000 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.