Some “experts” say June, some say September, but most agree that the Fed will start to increase rates this year.
While no one knows exactly what the tea leaves have to say about rates, there are 2 indisputable truths that bank marketers can… well… bank on:
- No one wants to pay more for stuff
- The American public cares more about police shootings and flag burning than financial news
Some “experts” say June, some say September, but most agree that the Fed will start to increase rates this year.
(see this Bloomberg report)
While no one knows exactly what the tea leaves have to say about rates, there are 2 indisputable truths that bank marketers can… well… bank on:
- No one wants to pay more for stuff
- The American public cares more about police shootings and flag burning than financial news
So, if you want more loans, fear is a healthy motivator (just ask Fox News).
Are you thinking about moving? Rates are getting ready to raise like an Amish barn! Do you want new wheels? You’re speeding towards higher monthly payments.
When people get home from work and fall onto the couch into their perfectly formed butt-groove (you know your couch has one!), IF they turn on the news at all, they stay for the gory, controversial and fantastic. Then get up to grab another “soda” when the financial news hits. “Show me riots, a politician picking his nose and tell me who designed the royal baby’s onesie … you can keep that numbers mumbo jumbo.”
Customers need you to be the expert. To tell them what they need to know. Share Bloomberg and WSJ reports and tell them what it means to their wallet.
Be the expert. Reach out in emails and newsletters and blogs (oh my!). Create a “Financial Outlook & YOUR Money” web page and drive people to it. Share your CEO’s opinion on financial trends with the community.
When consumers realize that rates are about to increase for the first time since Bootlylicious topped the charts, they may move on that new car and bring the loan to you.
If you find it fun and helpful, please share this blog with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing.
In addition to being a strategic consultant, MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your institution or next conference.
See our story here. (click)
Or email me directly (click)
937-371-2461
Follow me on Twitter @egagliano
