Standing out in a crowd..

Ok... we have all seen it...the crazy guy with the rainbow hair holding the sign.  It got our attention, right?  For a second, yes.

In the crowded world of banking... we all have options (and so do our customers!) we can---

1. Be the crazy guy in the rainbow wig
2. Be the non-descript woman dressed in casual clothes
3. The young man with the #7 jersey (along with 4,753 others wearing the same!)
4. Or we can be the stylish person that turns head when they walk past...because they just look confident and well put together!

We say #4 all the way!

In recent months, we have been doing a tremendous amount of product evaluation and realignment.  Some because it has been done in a long time and other looking to stay ahead of the curve!

When done right, you become the stylish person that does not need the fancy rate, gaudy hair, or best gift with purchase...peoples will bank with you because you offer the best value for their time, effort and life. 

This is an enduring value proposition...but one that takes strength to offer and stand-by...while others flash their rate, lower their fee or offer a cool new Corningware set!

Hang tough...it WILL be worth it in the end!

Call us...we can help you be strong!

Cheers!

Bruce

Catering to the Recession Mentality

Good morning!

What a great Monday it is...November is kicking in gear and its the 9th already!  Only 47 more days until Christmas.  That thought leads me to my post today!

In reading the Wall Street Journal today, an article struck me....it is entitled the same as the blog post- Catering to the Recession Mentality. It discusses the reality that many people are still sticky pretty close to the vest when considering spending. In fact, they quote two very telling statistics:

• 74% of people intend to buy items on sale
• 54% intend to use more coupons

If we are in fact retail businesses, we need to take a cue from our retail brethren and follow their lead (and the consumer, too!)  While I am a true value marketer and that may seem to fly in the face of using coupons and having "sale" items.  I am reminded of a time that at Bank One (yep, pre-Chase) we had a display at a technology fair and had t-shirts for sale at $10 a piece.  We did not see ONE shirt the 1st day.  The 2nd day, we got creative...we posted a sign with a $15 price with a slash through it and a note that said "Today only $12".  We sold EVERY shirt we had...and at $2 MORE than the day before!

The consumer is seeking VALUE...and if PRICE is their only sense of value then that rules.  If we can paint of different picture of value through relationships, account packaging, etc. we can address the consumer's need for a "deal" and take a page from our retailing brethren.

So you task is to strategize ways to bring VALUE to your marketing...price is one option...but leave that one for last....

Happy marketing!

Cheers!

Bruce