Bigger Picture...Better Results-- 3 Key Tips

Greetings!

It's that time of year...evaluation and strategic planning.  You are reviewing this year and the result achieved and looking forward into next year. The end goal is higher revenue, higher margins and greater retention...the true Win-Win-Win!

Data is pouring in by the truck load and megabyte.  Sales results, demographic details, market perceptions...product usage and balance results.

Where do you begin???

The answer is with a data plan...

Data is everywhere and growing by the minute.  You can request core system reports, MCIF downloads and information from many product systems.  The key, however, is understanding that data is just the beginning!

Data is just information...bits and bytes...until you transform it into information.

Knowledge is data that refined with a purpose and behavior attached.

Here is an example...

You learn that you debit card portfolio statistics are:

• 6.5 POS transactions per card
• 74% active cards
• $14.58 average ticket

Interesting data and good to know...but what can you DO with it?

A different look with the data transformed into knowledge:

• 6.5 POS transactions per card
• 14.2 from your Preferred Checking
• 1.5 from Free checking
• 74% active cards
• 95% active in the north region
• 47% active in the south region
• $14.58 average ticket
• $8.48 average ticket for debit AND credit card holders
• $55.89 average ticket for debit AND mobile banking holders

Now you have key INSIGHTS to build active plans that create actions in targeted ways.  At MarketMatch, we have a saying-- "Be Careful of the Net"...this means that there are insights behind data and transforming it into knowledge will uncover the nuggets of gold.  A "net" overlooks trends and key insights from the overall picture.

So now what??

It's time to build a data plan...

Here are the TOP THREE Knowledge Assets to build from your data:

1. Debit usage by checking account type
2. Loan usage by home ownership status and income 
3. Total deposits held by number of services

These key insights help you quickly identify and activate a REVENUE source, an ASSET base and DEPOSIT holdings...the keys to an effective balance sheet and organization!

No MCIF?

It's OK...you can build the tables by core reports and a little intuitive analysis.  An MCIF like 360View builds key insights into the program and analyzes profitability and retention risks.  Both very key knowledge point, built from the data of the bank accounts.

Here's to a great 2013 planning session...

Need help?  Give us a call...we're experts in the "last mile" of planning and turning data into actionable knowledge!!

Cheers!

Bruce

With more than 145,000 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.

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.

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5 Banking Megatrends Impacting Consumers

This post originally appeared on Bankrate.com on November 1, 2012

How Americans bank is undergoing a lot of changes right now. Free checking as we know it is becoming an endangered species, people are doing a lot more of their banking online, and smartphones and prepaid debit cards are taking off. As we move towards 2013, with planning well underway at most banks, what are the megatrends that are impacting the way people bank?

Here is my take on the 5 key trends impacting consumers:

1. Banks' mobile and online banking features are more important than ever to your overall banking experience.  

Not only are banks pushing them as a way to serve customers much more cheaply than they can in branches, but customers are getting much more comfortable with the technology, especially when it comes to mobile banking. You're definitely moving beyond the early adopters with mobile and online banking.

That means that having a welcoming, easy-to-use, powerful suite of technology products will be important criteria for the way customers choose banks in the future. And, if a consumer is one who is banking online or on their smartphone, they will probably look over a bank's technology offerings before signing up.

Number of Top 100 Banks Offering Mobile Services

First Annapolis Group, 2012 Mobile Banking and Payments Study

2. Banks' networks of branches will probably decline. 

In the past, having a branch near their house or workplace was a big selling point for customers, but bricks and mortar have become less important because so much of customers' interaction with their banks now happens online. Branch transactions are going down. Mobile and online transactions are going up. The comfort level that people have with not having to deal with their bank face to face is becoming more and more clear.

While banks still look to branches to help with servicing customers and marketing their products, it's clear banks are looking to pare back their branch networks. The biggest reason why many banks haven't yet may come down to the real estate market. 

Banks still have massive amounts of real estate, and there's no easy way to unload this burden in today's real estate market. In the meantime, many banks are looking for ways to transform traditional branches through the use of new digital technology.

3. Mobile wallets aren't ready to take off . . . yet.

Phone-based payments made at a store's register using a near-field communications chip like those incorporated in Google Wallet and Isis may never take off because they don't really give users anything they can't get with today's payment networks. As an industry, we get really excited about technology. But it's important that it's not technology for technology's sake, but that it actually brings value to the consumer. It's got to enhance the experience and go to a different level for people to change their behavior. Unfortunately, there hasn't been enough value from the consumer, merchant or banking perspective to help NFC (or today's mobile wallet solutions)

4. The next big thing is putting it all together. 

There are some new mobile banking features on the way, such as the ability to use a mobile phone rather than a debit card to withdraw money from an ATM. But rather than adding a host of new features, the Holy Grail for banks right now is bringing all the features together in a usable package.

If you can put all your value cards in one location in your banking app along with remote deposit capture, personal finance management (PFM) capabilities, a non-card ATM accessibility tool, various budgeting tools AND combine relationships from multiple institutions (in one app) . . . that's going to make mobile banking more powerful."

5. Prepaid cards are going to give banks a run for their money. 

The primary way many people use their banks these days is through using their debit card, online banking and mobile banking. That is not any different than some prepaid card providers are now offering customers. In fact, the new Bluebird product from Amex also offers remote deposit capture and potentially an integrated rewards program . . . for free.

I believe many banks underestimate the appeal of prepaid cards to a very high percentage of the public. While banks view this product as 'downmarket', consumers view this new combination of services as 'basic banking' . . . without the fees.

Digital technology is now taking over what was once solely owned by the big banks and traditional products. No longer do banks need to be represented by branches, large headquarters and massive marketing budgets. As Brett King says in the subtitle of his new book, Bank 3.0, banking is no longer somewhere you go, it is something you do'.

What do you think about these megatrends in banking from the consumer perspective? What else may change about the way your customers bank in the next couple of years?

Make It An Extraordinary November

November is really a terrific month. 

Do you have any idea what happened in November over the years? Let me give you a few examples:

• November 2, 1955  Jim Henson's "Kermit the Frog" the first Muppet was copyright registered
• November 5, 1901  Henry Ford received a patent for a motor carriage
• November 10, 1981  the board game Trivial Pursuit was registered
• November 11, 1954  we celebrated the 1st Veterans Day
• November 17, 1800  Congress first met in Washington, D.C.
• November 19, 1863  Abraham Lincoln delivered the Gettysburg Address
• November 26, 1789  George Washington proclaimed the first national Thanksgiving Day in the United States 
• 5 past presidents of the United States were born in November
• 6 different states were added in November 

What are you going to do to make November terrific? We have a couple important dates coming up in November, 2012

• November 6 - Election Day, get out there and vote
• November 11 - Veterans Day, celebrate a veteran
• November 22 - Thanksgiving Day, celebrate with family and friends
• November 23 - Black Friday, kick-off the holiday season, go nuts!

MarketMatch wishes everyone a terrific November!

MarketMatch is a full-service marketing consulting 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 MOMENTUM and yield the greatest RESULTS for your bottom line.

Learn more here.

Time to Replace iGoogle with New Reader Service

If you're a longtime reader, you already know how much I enjoy reading through my favorite blog feeds on iGoogle. At the time of this post, I have close to 75 blog feeds aggregated on my iGoogle page, allowing me to quickly scan the "headlines" (latest posts) and dive further to read a preview or the full post.

The recent announcement by Google that they will be retiring iGoogle effective November 1, 2013 has prompted me to find a replacement for the service.  I've looked before, because browsing my favorite blogs via iGoogle on my iPhone is sometimes wonky (turns out they had an iGoogle app that has since been retired).

Now I'm in the market for an RSS aggregator that works/displays as beautifully on a mobile device as it does on my computer screen.  In reading this post about the best free RSS readers, it looks like I should test drive Feedly and create a Google Reader (different than iGoogle) account.  



Since browsing my feeds on my iPhone is something I'd like to be able to do, I'm also referring to this post.  I'm noticing a trend...most sync with Google Reader, so it looks like I need to customize my Google Reader account with my favorite blogs. 

I'll be test-driving a few reader apps/products in the coming weeks and will bring my favorites to you soon! If you already have a favorite, share it with us below. Thanks!

Laura is a marketing professional and blogger who has been active in social media since 2005.  If you enjoyed this post, please consider subscribing to this blog via Email or  RSS. Laura can also be found on Twitter (@LauraCatherineO), Facebook, and LinkedIn. 

Impression share changes are coming next week. Download any desired historic reports now.

On October 1st, we announced several improvements and changes for AdWords impression share (IS) reporting planned to happen in early November. When we launch these improvements next week, there will also be changes to the availability of historical IS reporting data.

Preserving pre-October 2012 historical IS data
If you rely on historical impression share data for reporting or decision making, please download all desired historical IS reports immediately. In a few days, you’ll only have access to historical IS data dating back to October 1, 2012.

Posted by Dan Friedman, AdWords Product Manager

Make your print pop...

Do you ever find yourself wanting to take your printed piece to the next level?

Try adding some texture into the finishing of your printed piece. Print design takes on a totally different dimension when you bring a physical texture or special finishing element into the mix.

Here are some common examples of techniques that stand out from the crowd:

Coatings

Often referred to as "varnishes" these treatments are generally a liquid coating applied to a printed surface to add a clear glossy, matte, satin, or neutral finish. Some common coating types are UV coating, Aqueous coating and Varnish. These are relatively easy to do and can add an impression to your finished work. (Learn More)

Emboss/Deboss

A technique where the paper is pressed into reliefs or shapes using heat and force. The procedure involves the use of dies and counter dies. This leaves an impression on the paper in that shape. Embossing creates a raised impression while debossing creates an indented impression. (Learn More)

Letterpress

A classic art of printing in which a pattern is generally inked and pressed into the surface of the paper. Letterpress has a similar result to debossing in that each piece has an indented texture. Examples of this technique appear individually hand-stamped producing an appealing result. When you run your hand over letterpress printing, you can feel the subtle indentation where the images are printed. (Learn More)

Foil/Hot Stamping

Foil stamping is a specialty printing process that uses heat, pressure, metal dies and foil film. The foil comes in rolls in a wide assortment of colors, finishes, and optical effects. The die or the sculpted metal plate comes in contact with the foil and transfers a thin layer of the foil film onto the intended surface. As the metal plate is heated, the foil sticks to the surface only in the design of the plate and in the required areas with the desired imprint. (Learn More)

Until next time,
Jeremy

MarketMatch is a full-service marketing consulting 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 MOMENTUM and yield the greatest RESULTS for your bottom line.

Learn more here.

A Question for Leaders: Do You Connect?

As a leader, it’s important to make connections with those you lead. But how often do you actually spend the time to make these connections? In the words of Carl W. Buechner: “They may forget what you said, but they will never forget how you made them feel.” Therefore, it’s time to start.

Lyn Boyer, a leadership coach, author, and educator based in Florida, focuses on the emotional side of leadership, which she calls, “Affective Leadership.” Her unique background as a high school principal, coordinator of leadership development, and college professor, has provided a lens into the necessary emotional connections made by effective leaders. Who doesn’t want to be an EFFECTIVE leader?

Her book, Connect, Affective Leadership for Effective Results, “is about leaders who want to make positive connections and achieve outstanding results in all types of groups and organizations. In addition, it’s about possibilities for enhanced relationships, increased productivity, and greater personal and professional fulfillment.”

Lyn introduces a concept of Affective Leadership, which she describes as the connection of mind, body, emotion, and language that persuades others to join leaders. While business leaders focus on the bottom line, Lyn poses the argument that since leaders instill trust, it is the emotional connections that form the basis of all effective leaders.

Consider these statistics. Leaders may not always realize the emotional impact they have on others, whether positive or negative. But according to research from the Saratoga Institute, 80% of employees who voluntarily leave their jobs do so as a result of management issues or toxic work environments. According to the study, 50% of employee satisfaction was tied to the employee’s relationship with his or her supervisor.

One way to address a team or a challenging situation is to ask powerful questions:

[1] Why is this a concern for you? What do you fear?

[2] What are your greatest resources? What resources do you need?

[3] What have you gained or learned from this experience?

[4] What are your roadblocks to success?

[5] How can you turn the roadblocks into gateways?

[6] I am sensing frustration. What would make you relax?

[7] How would you describe your voice or body now? What does that tell you about how you feel about this situation?

[8] Am I trustworthy? In making promises? In keeping confidences?

So, how do you connect with others?

________________

Check out Lyn’s Blog: http://www.lynboyer.net

Connect on Twitter: http://www.twitter.com/Lyn_Boyer

Connect on Pinterest: http://pinterest.com/boyerlyn