Do you want to be a series of promotions or REALLY known for one thing?

Do you want to be a series of promotions or REALLY known for one thing?

What is your main goal for 2015? Loans? Checking? Services? Warm bodies?  



With the marketing budgets of most community banks and credit unions, it just might make sense to evolve from the “traditional” chain of 30-60 day product promotions as the focus of your annual plan. You may want to simplify your plan and focus on One BIG Thing.

Here’s an example
While their checking penetration and services per household seriously need attention, we have a client who’s primary strategic focus is on loan balance growth. They are not heavy in real estate loans, so our increase must come from consumer loans. 

Our recommendation (without going into too much detail) is to create one kick-butt loan offer that differentiates them in the market. Not for any specific loan type, but ALL loans. We will test this idea for 30-60 days and, if it resonates with their market, we’ll make it their “Thing.” Not a promotion … but a cultural change. When their market thinks “loans,” they’ll think about this offer and know exactly where to go. 

But that kind of awareness for an offer will not come overnight. It will take targeted reach and significant frequency. The type of effort that can not be distracted or have it’s budget diluted by other messages.

I’m not saying ignore goals 2, 3 and 4
Like the client in our example, you may need to fight battles on multiple fronts: like checking growth or services per household. And we’re certainly not recommending that those get abandoned like brussels sprouts on a dinner plate. We’re simple talking resource allocation here. Consider the 80/20 rule and get creative.

In the case of our client, the checking penetration is so low that we have great opportunity to grow checking simply with focus in our front line processes. Also, while our loan focus is being driven like a Derby thoroughbred, it doesn’t have the horse blinders on. Each new loan is an opportunity for a checking cross-sell (Isn’t it easier to transfer payments into that loan account with online banking?).

The idea is the get more grass-roots and guard every dollar being spent on secondary goals. 

Be obsessed with your One BIG Thing. I mean like chocoholic obsessed. Call it what you want: obsessed, driven, dedicated, crazed, single-minded, fanatical, passionate … your first and last thoughts of the day should be to measure, improve and promote your One BIG Thing.





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