Public Relations - Do you do it?

How well is Public Relations/Corporate Communications performed at your financial institution? Do you incorporate public relations into your marketing plan or just take advantage of it when something happens, good or bad? Maybe now is a good time to take a look at 15 elements of public relations that PRSA has identified that maybe you are not aware of...

• counseling - advising management
• research - determining attitudes and behaviors of the public
• media relations - seeking publicity with or responding to communications media
• publicity - disseminating unpaid, planned messages
• employee relations - responding to and informing employees and their families
• community relations - seeking to be connected to the community through actions, participation, and communication with community, citizens and leaders
• public affairs - developing effective involvement in public policy
• government affairs - relating directly to legislatures and regulatory agencies
• issues management - identifying and addressing issues of public concern in which an organization is, or should be, concerned
• financial relations - creating and maintaining investor confidence
• industry relations - relating with other firms in the industry
• developing/fundraising - demonstrating the need for and encouraging support for an organization
• minority relations/multicultural affairs - relating with individuals and groups in minorities
• special events and pubic participation - stimulating interest through a focused event or activity
• marketing communications - combining activities designed to sell a product, service, or idea

If you need help putting together a corporate communications plan we can help you, we have done that for other financial institutions around the country. Or, if you are interested in more information please do not hesitate to contact us.

Make it a great Friday. Enjoy your weekend and until we talk again.

Debbi

Donations & Sponsorships – Make Them Count!

In marketing, we have to justify every dollar we spend with the quantitative or qualitative results that our investments produce. However, there are some budget items that we may not have total control over… such as a local high school team sponsorship or donations to top customer events. These types of donations and sponsorships can eat up a good portion of your budget, so let’s take a look at how you get more from them…

FIND YOUR PURPOSE : One simple thing you can do to stretch your donations is to set qualifying criteria for your donations and sponsorships. These guidelines should be created or approved by senior management, be in-line with your brand, and act as the criteria for all donation requests. For instance, your focus may be to support local economic growth or education in a defined market area. Communicating your cumulative donation efforts towards a specific cause will better allow you to communicate your donations and help to differentiate you from your competition.

THINK OUTSIDE OF THE BOX: Get creative. If you are presented standard sponsorship options, respond with alternatives outside of the normal sponsorship packages. Think of using employees as a “street team” to get your donation and message out at an event rather than just including a logo item in grab bag. Focus on making your brand more visible and interactive than a standard sponsorship or donation.

GET RECOGNIZED: Lastly, look to see if your state banking or credit union association has a “Community Service” Award and apply! The exposure and creditability gained can from such an award will greatly stretch your donation dollars by miles.

Start getting more from donations and sponsorships!

Jamie

What’s the Internet Saying About You?

It’s no surprise that one of the first places consumers go to get information about your financial institution is an Internet search engine, but do you know what they are finding?

If you haven’t searched your financial institution in awhile, it's time. Searching your financial institution on Google, Yahoo, Bing and other popular search engines should be a regular step in managing your reputation. Also, it's important to search more than just the name of your financial institution. Keep in mind that when consumers are searching your financial institution, they’ll poke around for information on your services, locations, staff, and even complaints.

When searching your financial institution, it's the first page of results that's most important. Click each link on the first page to understand how your financial institution is being presented on the web. Results will vary:

• If you find only your website and great praise… congratulations and keep up the good work! 


• If you find only your company website… expand your presence by submitting press releases or getting your social media noticed.
• If you find negative comments… do something about it. 
If possible, take it down or move the negative content down the list by adding positive content. 

• If you don’t find your bank… look into Search Engine Optimization (SEO), which can get your financial institution to the top of the list.

You can also take it one step further and set up your search as an alert. A search engine alert will send you automatic updates and keep you informed of current search results about your financial institution.

Best,

Jamie

When the circus comes to town

Something a little fun for a Monday...

When the Circus Comes to Town

If the circus is coming to town and you paint a sign saying "Circus Coming to the Fairground Saturday", that's advertising.

If you put the sign on the back of an elephant and walk it into town,
that's promotion.

If the elephant walks through the mayor's flower bed, that's publicity.

And if you get the mayor to laugh about it, that's public relations.

If the elephant walks down neighborhoods with more children than the rest and a higher # of former circus attendees, that's segmentation.

If the town's citizens go the circus, you show them the many entertainment booths,
explain how much fun they'll have spending money at the booths, answer their questions
and ultimately, they spend a lot at the circus, that's sales.

And, if YOU planned the whole thing, that's MARKETING!

Advertising simply does not work as it used to anymore. It is an ever shrinking component of the marketing plan.

The consumer is frankly completely and totally overwhelmed. We have to be relevant, emotional and sustained!

I wish I could take credit for this masterpiece, but I can't. I don't know who wrote it - but the message is no less profound or true.

Community Service Lessons from the Boy Scouts

This year the Boy Scouts of America are commemorating their 100th Anniversary and, to celebrate, they have created a program that we all can learn from.

They have created a Centennial Award. It is a special patch with slots for 5 ribbons - each ribbon signifies completion of achievements in a particular category:

• Leadership
• Achievement
• Community Service
• Character
• Outdoors

To earn a ribbon, a scout (or adult leader) must complete 3 of 5 specific tasks.

So, how would this work at your institution?

You could create a program for your staff and for your customers/members. You can create any categories you like, but let's use Community Service, since it makes the most sense. How about outlining the following standards:

1. Participate in one American Red Cross or Habitat for Humanity project
2. Donate food or time to any local food bank
3. Volunteer at least 1 hour to any local high school function
4. Participate in or donate to the American Cancer Society Relay for Life
5. Organize a litter pick up in your neighborhood

After completing any 3 of the 5 activities above, your customer or staff member get honored in some way.

Don't make it too complicated, base the program on the honor system and take their word for it. The idea is simply to motivate people to participate, not to create a program-policing nightmare.

By creating standards in areas like Community Service, Leadership and Financial Fitness you can have a complete program that would surely effect your community for the better and provide your bank or credit union with unique and positive public relations.

And in this time of negative publicity for financial institutions, wouldn't now be a great time for some good-will in your neighborhood?

Take care,

Eric

Don't Throw $$$ Down the 18th Hole!

Golf hole sponsorship -- $250

Spring Soccer League Sponsorship -- $400

Getting quantifiable ROI from any of these sponsorships – Doubtful


Stop right there! I urge you not to process that pile of sponsorship requests until you stop and answer some direct questions about why you are doing them and what you expect to get in return.

Yes, every company must support its local communities through charitable donations. However, sponsorships, as opposed to donations, mean you should get something back in return -- and a 5 inch one-color logo on a t-shirt just isn’t enough.

Take the time to look at all of your sponsorships with an objective eye and see if there aren’t better ways for you to build in a return on investment (ROI).

I used to do PR for McDonald’s and I can’t tell you how many sponsorship proposals came across my desk promising to give me logo exposure on banners and t-shirts. Well, there is a McDonald’s restaurant with huge golden arches every 4 miles or so in this country. We really weren’t looking for more logo exposure.

So, I rewrote the proposals and built in exposure that brought strategic value to McDonald’s. I used sponsorship of a community walk to promote a new line of salads and healthy kids meal options. I used sponsorship of a museum exhibit to showcase McDonald’s grants and activities in local elementary schools. Basically, I got strategic and creative and it paid off.

I urge you to look beyond logo exposure and build business drivers into your sponsorships.

• Can you showcase cash management products like desktop deposit scanners to all of the small business owners at the golf outing?
• When you sponsor the Spring Soccer League can you provide a bounce-back coupon for a free soccer photo frame to everyone who opens a child’s savings account?
  

Here are some questions that might help you be more strategic about your next sponsorship request:

1. What audience do I have access to with this sponsorship? Why is this audience important?

2. What do we MOST want this audience to know about us and what makes us different?

3. What business driver can I build into this sponsorship that will allow us to have another opportunity to touch this audience?

• “We have innovative business products that save time for small business owners” – have a business banker on hand to showcase your business products
  
• “We have online technology that saves Mom’s time paying the bills” – giveaway item that drives traffic to your online bill pay demo
  

4. How can I measure response to this sponsorship?

5. What plan can I put into place for my salespeople to follow up on these leads?

The bottom line – if you are creative you can do something good for the community and something good for your business at the same time. Make sure you take the time to make your sponsorships a win-win situation.

Post a comment and share great sponsorship ideas you’ve seen or implemented.

Deanna

In or Out -- Communication is the Key

So I was talking to a girlfriend about how we each work through little everyday issues with our spouses – you know, do you gripe when he leaves the toilet seat up, or when you disagree about whose turn it is to unload the dishwasher, etc. My friend was telling me that she and her husband communicate with each other proactively and don’t let things fester.

I had to admit that my spouse and I tend to be more head in the sand folks when it comes to problem resolution. We tend to pretend everything is roses and sunshine until the inevitable blow out where we clear the air and end up not speaking for a few days. But, that’s a topic to save for marital counseling somewhere down the road.

But speaking of communication . . . I think banks need to look at their communication styles with their customers right now. Are you burying your head in the sand, proceeding with business as usual and waiting for the storm to blow over? Not the best way to build a long term relationship with your customers, even I have to admit.

I troll community bank sites regularly and have seen some examples of banks that are doing a great job of communicating with their customers about the current economic climate and their position. I particularly applaud those banks being proactive in communicating their position on the TARP Capital Purchase Program.

Whether taking the money or not, the important part is that you share where you stand and explain your position. Here are two examples of banks that have done a good job letting customers know where they are and why:

• Arvest Bank – promotes its decision not to seek TARP funds because they are unnecessary
• Citizens Community Bank – explains how it has used TARP funds to provide loans in the community
  

These are just two examples I have found. I know there are tons more out there. Comment and let us know what your bank has done on this issue.

My main point -- Don’t take a reactive stance on this issue. You need to do more than arm a few managers and key frontline staff with talking points for customer inquiries. Only a handful of concerned customers will actually come to you and ask questions.

The majority will assume the worst and move their accounts without ever giving you a chance to explain. And, unlike spouses, you can’t give them a shoulder massage and expect to get back into their good graces tomorrow.

Deanna

No Time for Silence

A colleague was researching an article about advertising expenditure levels during a recession. I was struck by some advice referenced in the article insisting that now more than ever, financial services companies should not even consider dropping to the ground and going silent.

Customers are facing tough financial decisions and feeling unsure about their ability to navigate the suddenly choppy financial waters. Many are facing financial challenges they have not seen in their lifetime and desperately looking for help, but feeling unsure where to turn or whom to trust.

Will you be there when they need you most, or is this the time you will choose to duck and cover and wait for the storm to blow over?

Much of the current financial problems were created because many consumers did not fully understand the financial information being shared with them. Confused by financial jargon and misled by some unethical representatives, some customers saw everything they had worked for disappear along with their trust in the bank as their partner.

To regain that trust we need to be proactively reaching out to consumers to help them better understand their finances now and in the future.

Here are some simple things you can be doing to position yourself as a trusted financial partner to your customers:

• Train your staff to discuss underlying financial issues with customers when they see problems, and empower them to take the time to help customers learn how to better manage their finances in the future.
  
• In all of your communication, both in person and in writing, leave out the jargon and speak to customers in language they can understand.
  
• Promote products showcasing real life benefits to customers, show how bank products can help them improve cash flow, make paying their bills easier or help them set aside money for an emergency fund.
  
• Reach out to your customers and community to provide financial expertise in a non-threatening setting by hosting small group seminars or open coffee sessions to discuss financial topics in your branches.
  
• Partner with a local community newspaper to provide a column of down to earth financial advice for today’s tough economy.
  

The most important thing is not to stop reaching out to customers at a time when they need your help the most.

Thanks for pondering with me!

Deanna

Monday Morning Quarterback

Greetings...

Can you believe its November 17th!!! Thanksgiving is around the corner and the year is speeding to a close. On Mondays, I always read the paper and am constantly puzzled and irritated by the editorial comments and articles written about the weekends football games. Nothing like being a Monday morning quarterback. You know, sitting at the table, drinking a cup of coffee and thinking about the decisions coaches made, plays the players did not make and the state of the game. I have all the answers!

Well, that is exactly what is occurring on ALL of our markets...by the newspapers and TV news. How do we counteract it?? Get ahead of the curve!

You need to be proactive with your messaging NOW more than ever! A constant flow of positive press releases, making your senior executives available to the press at any time (with even a moment's notice), and proactively suggesting topical ideas. These are all ideas to get ahead of the powerful PR curve. We know the stories of ill-conceived sub-prime lending, lax credit reviews, and overly aggressive lending tactics. However, we know we are NOT part of it...yet, if we don't communicate and get ahead of that curve, we will be lumped into the same category and pulled into the same articles.

Hold yourself up as a positive example...share stories of your lending staying local, community assistance, credit assistance programs...anything that will counteract the negative press.

As Marketers, we have to be both strategic and tactical in our thoughts, planning and approach. Within our bank and externally to those that talk about us. That includes the press, our customers, and our staff!

Constantly review the "talk" and provide your staff with talking points, Q&As, and other information to prepare them for potential questions. The questions asked in the office are only a small portion of the questions asked....Don't forget that you and your staff are representatives of the bank and are probably asked MORE questions are football games, dinner parties and at the mall that anywhere else...remind your staff to be prepared and direct people to credible resources for information (your website hopefully is one of those resources!)

With preparation, planning, and getting ahead of the curve, you can position your bank to be a leader now and in a strong leading position when the economy and industry eventual turnaround.

Cheers!

Bruce