Credit Union SEG Development
- 2. Last Year Creating a BD Plan Positioning & Goals Market & Competitive Overview/Trends Anticipated Growth Areas Acquisition Basic Sales Techniques Research Tools Penetration SEG Agreement Basic On-Boarding Welcome Kits Basic Tactics Budgeting
- 4. Resources Best Practices from CU Professionals What do banks do Brain Storming
- 6. 2008 Sean McDonald Director, Business Development Marketing Liberty Savings Federal Credit Union Jersey City, NJ SEG Acquisition Process/Tips
- 7. Challenges 1. Getting past the gatekeeper for an appointment with decision maker 2. Explain why the CU matters 3. Reaching Penetration Goals Member Acquisition
- 8. “We shouldn’t have to work as hard as we have.” “We’re finding that it seems to be becoming harder for banks to get into companies. Business owners are weary of dealing with them.” “Wachovia has a Wachovia@Work program, but in New Jersey, community banks do not offer the types of programs to compete with us.” Sean McDonald Director, Business Development Marketing Liberty Savings Federal Credit Union Jersey City, NJ
- 9.
- 12. Before the SEG Signs Research company’s clients (website, Google, press releases, etc). If company has common relationships: Ask common SEGs for testimonial directly to decision maker Ask common partners for personal introduction Research if decision maker/owner is in organizations or professional groups Use and leverage all professional contacts Return referrals to those who give them Network! “Cold calling stinks … no one likes it!”
- 13. There Is No Magic Bullet
- 14. “After they get to know me, it’s easier to approach them about the CU.” “BD Professionals need to find ways to effectively build relationships. Get them to know YOU. I try to help a SEG get new business before I even talk about the Credit Union.” Sean McDonald Director, Business Development Marketing Liberty Savings Federal Credit Union Jersey City, NJ
- 15. After the SEG Signs Arrange on-site to speak to all staff (staff meeting, training session, financial literacy seminar) “Maintain Excellent Credit” “Managing Money in Difficult Times” Ask for permission to include “Stuffer” in the next payroll to introduce CU If SEG has intranet, ask for CU to be included as a company benefit for employee and their families Target agreement to let CU in periodically throughout year Provide Welcome Kit/application/info to be included in “new-hire” packets Get one or more ambassadors to serve as liaison Ambassador must be trained and enthusiastic about CU
- 16. “On-sites are fine but they need to be advertised AND endorsed by the decision maker. Sitting in a cafeteria or break room for hours on end is a waste of time unless people know that you’re there and what you’re all about BEFOREHAND.” Sean McDonald Director, Business Development Marketing Liberty Savings Federal Credit Union Jersey City, NJ
- 18. Lessons Learned When dealing with a SEG owner/decision maker, you need to realize that they, themselves, may have no need for a CU. “Sell” it by focusing on how offering CU membership will ultimately benefit their company (more productive employees, owner will look like a hero) Try not to agree to on-sites where they say, “You can sit in our break room for a few hours and see what happens.” Your time is valuable and what you offer is important for members. Your visit should be treated with respect. Advertise visit and, if possible distribute information before hand. Your ambassador is key … They need to be a referral source. There’s nothing wrong with having more than 1 ambassador. “Heck, have 1 for each department! The point is, you need to have a credit union CHAMPION in every SEG.”
- 19. Lessons Learned You’ll lose contact with your SEGS overtime if new employees are not communicated to. Getting in front of new hires, either in person or through promotional material is important. Getting SEGs signed is the easy part. Getting employees to join is hard.
- 20. Results “We’ve always had better success making an ‘in-person’ pitch rather than a direct mail piece or cold call. Using the Networking methodology, we have signed on almost 150 new SEGs.”
- 21. SEG Penetration
- 22. 2009 Nancy Hutchinson SVP Marketing/Business Development Minnesota Power Employees Credit Union Duluth, MN SEG Recruitment Retention
- 23. SEG Recruitment Retention Plan 3-Step Process 1. Build relationship with company 2. Recruit employee members 3. Reach out to the wider community
- 24. Company Relationship Implement a written CU/SEG agreement Credit Union Exclusivity Accountability (“If we do …, you must…”) This agreement is made this 20th day of January, by and between ________ and Minnesota Power Employees Credit Union and shall commence for the period of 36 months, renewing in consecutive terms thereafter. If __________ or MPECU wish to terminate this lease they must notify the other party no less than 60 days prior to renewal. MPECU will operate an automated NCR5670 (ATM) on the business establishment of _________, as it is now located at, _____________, Bldg #2, Duluth, MN 55811. This agreement shall be for the term commencing January 25, 2006, and continuing thereafter for a period until terminated by mutual agreement of the parties, or by either party, pursuant to other provisions of this contract. MPECU shall use the Premises for the sole purpose of constructing, maintaining, and operating (including servicing) an ATM. MPECU shall install the ATM and related communications equipment. Any damage or repair cost to the ATM and related equipment will be the responsibility of MPECU unless caused by negligence of ___________. ___________ shall provide space for the ATM and related equipment. ________ shall be responsible for any modification to the Premises to permit installation of the ATM. Subsequent relocation of the ATM and related equipment on the Premises requested by __________ shall be solely at Cirrus Design’s expense. ___________ shall provide MPECU with thirty (30) days notice of such ATM relocation. __________, at ___________ expense, shall provide for electricity, phone line, and any other utility serving the MPECU ATM. __________ shall maintain the Premises in good order and repair and keep the same free from rubbish and dirt. ___________ agrees to display standard MPECU ATM signage as prescribed by MPECU at the ATM location. MPECU will comply with all applicable laws, ordinances, statutes, and regulations of the United States and the State of Minnesota, related to or affecting use of the Premises and the ATM If ___________ fails to perform any obligation within thirty (30) days after written notice from MPECU, __________ shall be deemed in default hereunder. In the event of default by ___________, MPECU may terminate this agreement upon giving fifteen (15) days written notice to ___________. For purposes of such notice, or notice of any other kind related to this agreement, the parties agree service of such notice shall be deemed effective by sending prepaid certified mail and addressed as indicated below or to such other place as may be designed in writing from time to time.
- 25. Company Relationship Position the CU as an employer profit and benefit enhancer 401K contributions Flex Spending Focus on key employer decision maker Keep a “Little Black Book” (Birthdays, Anniversaries, Family info., etc.) “We don’t just focus on one person. People come and go and you don’t want anyone in the organization to think that you treat anyone else special. I’ll often know 4-5 people in a SEG very well.”
- 26. Company Relationship Explain the greater business services opportunity SEG Related Seminars “Retail Credit Card Fraud Identification” Relationship Pricing
- 27. Company Relationship Demonstrate that employees want financial education Build effective employer support for the CU Partnerships Sponsorships Picnics Target, specialize and focus on selected SEGs • # of Employees • Do they pay on time? • General company background “Don’t be afraid to turn down a SEG.”
- 28. Recruit Members Incent member enrolment, not contracts produced MPECU targets 4-6 products per new member Dedicate significant resources to the SEG program Management Branch Managers Build employee awareness to achieve success Meet and Greets Flyers/Stuffers Offer a “can’t miss” product to build membership Lifestyle Marketing Use credit union ambassadors effectively
- 30. Community Outreach Pursue a special SEG strategy if yours is a community credit union “Join organizations”: Chamber, Rotary, etc. Sponsor activities, or be on boards that build community and awareness
- 31. “A SEG must be carefully managed and promoted. Credit unions cannot take for granted that once recruited, a SEG employer will support the needs of the credit union, and that employees will automatically join and use its services.” “You have to get involved at every level!” Nancy Hutchinson SVP Marketing/Business Development Minnesota Power Employees Credit Union
- 32. Results After 12 years of this process, MPECU has enjoyed: Membership has grown by 41% Assets size has more than doubled
- 33. On Boarding
- 34. Why is On Boarding Important? According to Frederick Reichheld, author of “The Loyalty Effect” A 5% increase in retention can lead to a 100% increase in profitability. In the banking industry, banks spend, on average, $500 to acquire a new customer and less than $52 to retain. Which would you rather see the bank invest?
- 35. “Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.” - Peter Drucker
- 36. Why is On Boarding Important? Most cross-sell opportunities come in the first few months after checking accounts are opened. In fact 73% of all cross sales occur in the first three months of a banking relationship. Gallup Management Journal, November 2005
- 37. “You’ll never have a product or price advantage again. They can be easily duplicated, but a strong customer service culture can’t be copied.” - Jerry Fritz Sooooo … we can’t do this…
- 38. What NOT to do…
- 39. Customer Lifecycle Target – Prospective customer stage, targeting with specific products/services Acquire – New customers open an account and are introduced to your financial institution Service – Continuous On Boarding and day-to-day servicing (transaction and value-added) Develop – Present offers to expand and grow relationship
- 40. What’s At Stake? “Only 26% of the average bank's customers will consider it for their next purchase, and few will look to a bank for their investment needs. To improve their cross-sell odds, banks must target online banking and bill pay customers.” Forrester Research 2006
- 41. On Boarding is Critical 90 Day Window Trust the Process Manage Expectations Communicate
- 42. Time is of the Essence
- 44. “Do what you do so well that they will want to see it again … and bring their friends.” - Walt Disney
- 45. BAI- 90 Day Window of Opportunity Report
- 47. Communication Methods Schedule Example (90 Days): - 1-2 Day - One Week - Two Week - Three Week - 60 Day - 90 Day
- 48. Communication Methods Schedule Example (1 Year): 1 Day: Personal “Thank You” note 1 Week: Welcome letter/survey 1 Month: Proactive personal call Make certain they received materials Gauge experience 2 Months: Personal call – Ask strategic, customer-focused questions 6 Months: Branch manager calls to ask about experience 1 Year: Handwritten Anniversary Card
- 49. “Treat every customer as if they sign your paycheck … because they do.” - Unknown
- 50. Communication Methods Email Phone Call Letter Direct Considerations: Determine who will send each communication (President, Branch Manager, CSR, etc.) Retail or Business Product
- 51. Success Tips Touch customers early and often – include Brand Service quality at all touch points – direct mail, online, frontline telephone and branch team. Demonstrate understanding – customer relationship, customer value, and financial expert. Include actionable steps Segment Audience – Targeted Communications Provide Consistent Training Ensure Accountability Have a special plan to onboard SEG Ambassadors
- 52. Keep the Momentum Don’t stop communications after 90 days! • Touch customers throughout the life of their relationship • Keep calling/mailing limited to no more than once per quarter • Target customers according to their current relationship • Homeownership status • Age • Income • Product Usage • Other demographics/Lifestyle characteristics • Include actionable offers in an effort to retain, reward and deepen relationships.
- 53. One More Case Study Andy Reed Business Development Manager American Airlines Federal Credit Union Forth Worth, TX
- 54. Situation TIP Charter Aviation Related Organizations Airline Government Related Aviation Employees on airport property (Support Service) Specifically excludes: Retail, Restaurants and Car Rental Geographically Disbursed (43 branches across country) Cashless CU Security Regulations/Badging makes it difficult cold call or visit TIPs The Key: 4 Function Structure
- 55. 1. Car Buying Advocacy Program CUDL
- 56. 1. Car Buying Advocacy Program Work with CUDL Dealer Advocate Focus on Seminars Smart, Savvy Sophisticated A Women’s Guide to Car Buying (Also offer Teen Buying) Presented by Barbara Terry (NASCAR) First Seminar Results: 85 Participants 40 Referrals for Approvals 25 Loans
- 57. 2. Volunteer Army Coordinator Program American Airlines other TIP Employees 170 people strong Represent the credit union “They’re were we’re not” Focus on key gate keepers in TIP companies. Typically: Modest means Under served/Under banked Younger (off-sets older AA member-base) Their Job Refer Feed information to members
- 58. 2. Volunteer Army Focus – Primary Products Savings Checking Overdraft Debit Rewards Program Visa Points Double Points in first 60 days Incentive Trip (every other year)
- 59. 2. Volunteer Army Training Twice/year offer to fly them to TX for 2 ½ day training (Ambassadors asked to attend once every 2 years) CU philosophy Initiation into CU culture Products Services Basics Annual Budget for Entire Program $19,000 $7,400 for trip every 2 years
- 60. 2. Volunteer Army Results 75-80% of Ambassadors Refer Ambassadors have higher products per member than CU staff 2009 Goal Actual as of Aug. Consumer Loans $689,000 $1,728,977 Mortgage Loans $837,000 $3,202,957 Training Results (April 2009) Of 38 Attendees (60 days post-training): 360 new products 55% refresher attendees (51% of new product sales)
- 61. 3. Sales Side (2 People) Objective: Track TIP Leads Establish Relationship Top-down approach (Focus on CEOs/Owners) “Can you provide contact at local level?” Bottom-up from local information Means: Cold Call Email Visit
- 62. 3. Sales Side TOOL Ways around security/badging Escort by AA Employee or Coordinator Set-up appointments in advance
- 63. 3. Sales Side Goals: 1,800 total contacts per year (4-5 contacts to land TIP) 15-30 NEW initial (cold call) contacts per month 4 Nationwide PREFERRED PROVIDER agreements
- 64. 4. Service Side (2 People) Objective: Onsite Service Onsite CU days Formal Presentations Informal “Table” Visits Break room Benefit Fair Company Picnic Revisits Ranking system (3, 6, 12 month) Partners recommendations/desires
- 65. Credit Union Wide All employees at all levels meet with BD during orientation Branch Goals RESULTS: 10% TIP Growth in 2008 29% TIP Growth in 2009
- 67. When We Return Commercial Products ROI/Measurement
- 70. Commercial Products • Extend BD relationship as a resource • Compete against banks • A new foot in the door • CUSOs
- 71. Small Business Dynamics: The Economy-Driving Engine There are an estimated 25 million small businesses in the U.S. and they are growing at a rate of 14% per year Small businesses would constitute the world’s 3rd largest economy Delivers approximately $50 billion in annual revenues Small businesses tend to be 2 – 3 times more profitable than the average retail customer 1 in 13 US retail banking customers is an “under-banked business (no business checking or savings)
- 72. What’s going on locally? Business Lending Statistics Maryland DC CUs Banks CUs Banks Total Assets $15.4 Billion $40.2 Billion Total Assets $6.7 Billion $1.6 Billion Market Share/Deposits 11.80% 88.20% Market Share/Deposits 19.62% 80.38% Total Business Loans $169 Million $13 Billion Total Business Loans $2 Million $559 Million Market Share/Biz Lend 1.27% 98.73% Market Share/Biz Lend 0.36% 99.64% Biz Loan as % Assets 1.09% 32.62% Biz Loan as % Assets 0.03% 35.54% 3 yr Change $92 Million (-$7 Billion) 3 yr Change ($-1 Million) $196 Million 119.1% -33.1% -37.9% 54.0% 111 credit unions have outstanding MBLs (23%) 3 credit unions have outstanding MBLs (5%) Source: CUNA Economics Statistics Dept. All financial data is December 2008.
- 73. Small Business Dynamics: Who They Are 50% of small business owners prefer to use the same service providers that they use for their personal needs 32% of these businesses are women-owned, and 9% are minority-owned Nearly 90% of small businesses use commercial banks as their primary financial provider
- 74. What You’re Up Against Wachovia Bank Value Proposition People Service Ideas • Talented, experienced • Guaranteed first-rate • Understanding your local bankers and customer care from business is our #1 relationship specialists banking team, branch, priority. We ask…and backed by a team of telephone or Internet we listen product partner specialists • We regularly ask for our • Proactive, thoughtful customers’ feedback and ideas to help you grow • Access to sales and measure the results your business, retain service specialists in your employees and ways that work for • Convenient, anytime accumulate wealth you…in person, on the access; it’s easy to do phone, over the web business with us
- 75. Low-Cost Acquisition Tactics Arrange for Senior Managers to speak to Small Business groups Form partnerships with local colleges to educate small business owners on lending programs, etc. Establish a “Centers of Influence” program with CPAs and Attorneys Target select trade shows Arrange for CEO presentations to small groups of prospects Create special events to recognize top women, minority business owners and other niche segments
- 76. More Low-Cost Acquisition Tactics Send white papers/articles to prospects focused on changes/issues in their industry Manage media relationships to gain exposure Join the regional Economic Development Committee
- 77. Retention Tactics Host Value-added seminars for small businesses (i.e., “How to better market their businesses”) Leverage sponsorships to benefit customers Ask your good customers for referrals Invite spouses of small business customers to event marketing Hold networking breakfasts for customers Utilize in-house Credit Union talent to “educate” customers Learn from your peers. Find out what’s successful and try it in your market.
- 78. Another Value-Add Idea Premier America Credit Union California Texas 67,554 Members
- 79. Now That You Asked… Before every customer call, have your sales force consider the following questions. If they don’t ask the questions, someone else will and probably already is. Is it easy to do business with me/us? How do they perceive my/our customer service? Am I taking care of their business and personal needs? Am I suggesting better or more innovative ways to meet their present and future needs? If concern areas are outside my scope of responsibility, am I alerting the appropriate people so problems can be addressed and corrected? Am I achieving a value proposition? Am I/we employing all of the Credit Union’s resources for the benefit of the member?
- 80. Business Lending CUSO Options to Build Business Lending: Develop a Business Lending Dept. Outsource to a third party Form CUSO
- 81. Business Lending CUSO “Given the opportunity in the market, we believed a number of credit unions could benefit from offering business services but may not be able to make the necessary investment to build capabilities on their own. Capital limits also played a role, as well as the ability to participate and diversify a commercial loan portfolio among a group of credit unions.” - Doug Fecher CEO Wright-Patt Credit Union Dayton, Ohio
- 82. Cooperative Business Services, LLC (Ohio) 7 credit union owners Focused on underwriting, processing and servicing the loans Each credit unions assigns a primary contact within the CU for small business loans Once a loan is approved, the CUs each fund a certain percentage of the loan – to diversify the risk of each The CUSO provides servicing, receiving payments and distributing monthly portfolio reports along with loan payments to each CU CU’s participate up to their 12.25% limit For more info, go to www.cbscuso.com
- 83. Advantages of CUSO Affiliation
- 84. Business Lending CUSO “If we do not fund a loan, we will educate the borrower on the reasons why and identify the steps they can take to become a stronger credit. If we approve a loan, we will try to provide several lending solutions to the borrower. This level of service distinguishes us and credit unions in the small business market.” - Keith Reed President/COO Cooperative Business Services Dayton, Ohio
- 86. Business Lending CUSO Results: CUSO was profitable in about 1 year More than $10 Million in outstanding balance within 6 months Servicing 40 Credit Unions ($20 million to $1.4 Billion) PORTFOLIO THROUGH JULY 2009 309 Loans $191,155,295 Avg. Transaction Size: $618,625 Avg. Rate of Return: 6.1943% ‘09 Conversion Rate (Appt. to Close): 87.62%
- 87. A Resource For You • Participate with other states’ CUs • 6-7 MD/DC Cus • Lead CU takes min. 10% • Other CUs do not need to fit your member criteria Example: $10 million loan in NC • NC CU took $1 million • Remaining 9 million shared between CUs in: • VA • NY (2) • FL • TX
- 89. Measurement
- 95. To what level do you currently utilize ROI or ROMI calculations in your marketing planning and/or review? ____% 1. We do not use it at all ____% 2. We have used it, but have either stopped or use it infrequently. ____% 3. We use it fairly regularly. ____% 4. We constantly measure ROI and use if for pre- and post- planning reviews.
- 100. “In preparing for battle I have always found that plans are useless, but planning is indispensable.” Dwight D. Eisenhower
- 102. Budget Analysis Marketing Expenditures Allocation Advertising is the most widely used promotional tool with public relations almost a quarter of the budget Allocation of Ad Expenditures Newspapers remain the most important mass medium with $3 out of every $10 Source: Forrester’s 2006 Joint Association of National Advertisers (ANA) Online Study
- 103. TV advertising isn’t getting any better… In the past two years, would you say television advertising has become... Base: 133 television advertisers Source: Forrester’s 2006 Joint Association of National Advertisers (ANA) Online Study
- 104. …and interactive marketing will benefit Now that 1 in 10 households own DVRs, which of the following forms of non-television advertising -- if any -- will you spend MORE on? Base: 102 television advertisers Source: Forrester’s 2006 Joint Association of National Advertisers (ANA) Online Study
- 106. How do you create your Marketing Budget for the Year? ____% 1. I take last year’s budget and add/subtract a percentage ____% 2. I base it on the asset size of the credit union
- 107. Average Bank Marketing Budget Expenditures Bank Assets in Millions 2000 2005 $(000) $(000) Less than 25 23 23 25 - 49.9 32 38 50 - 99.9 70 80 100 - 249.9 146 179 250 - 499.9 328 330 500 - 999.9 555 518 1,000 - 4,999 1,507 1,222 5,000 - 24,999 5,279 5370 Source: ABA Bank Marketing Survey Report
- 108. How do you create your Marketing Budget for the Year? ____% 1. I take last year’s budget and add/subtract a percentage ____% 2. I base it on the asset size of the credit union ____% 3. I come up with a number of programs that will hit the credit union’s business objectives and I justify the costs for each program ____% 4. I take whatever Finance gives me
- 109. Factors That Affect Your Budget Strategic Direction of the Credit Union Community vs. SEG Market Segments Market Share Growth Goals Orientation towards Marketing and Branding Media Costs in Your Market(s) Number of Branches/Markets Ability to Provide ROI
- 110. {And YOU can impact it…}
- 117. Importance of Measuring ROI Creates the ability to understand and communicate the return on your marketing/BD dollars. Helps to better evaluate which programs are the most effective and which need to be modified or eliminated Assists in getting the resources you need Allows you to have an intelligent conversation regarding your marketing/BD budget Prevents you from becoming a Dilbert cartoon
- 119. Developing Marketing Strategy/Planning Defining Brand Strategy/Managing the Brand 3. New 1. Market 2. Competitive 4. Financial 5. Brand 6. Brand 7. Internal Product and Assessment Analysis Analysis with Development management Offer Brand Mgmt. Creation ROI 20. Measuring 8. Client Performance Understanding Understanding and Managing Clients Effectively Managing the Quality Control Managing the Marketing Function Segmentation 19. Staff and Partner Twenty Activities of 9. Experience and Service Management Marketing Management 10. Retention 18. Marketing and Process Role Definition Improvement 17. PR and 15. Sales Support Promotions/ 14. 13. Marketing 12. Media Mix 11.Operational 16. Product Internal Comm. Merchandising Message Selection Systems Pricing and Creative Planning Offer Executing the Marketing Plan
- 120. “We spent $25,000 to sponsor the Hispanic Festival. Did we get our money’s worth from that event?” “I think giving away a free DVD player for a free checking account is a stupid idea and will never pay for itself.” “I do not think that home equity direct mail did us any good, should we save the money next quarter and just drop it?” “We are projected to sell 46,000 new small business checking accounts this year. How much could we sell next year?” “I liked our TV commercials, but did they really do anything for us?”
- 121. “We spent $25,000 to sponsor the Hispanic Festival. Did we get our money’s worth from that event?”
- 123. How many checking accounts will I need to generate to pay for the Event Sponsorship ?
- 127. Generated 374 new checking accounts at a cost per acquisition of $67 per account Estimated profit of $55,410 based upon a one year account profit model, or over a 220% return on investment Household profitability of the accounts after a 6 month basis averaged $278 Gained brand exposure to critical market segment of over 180,000 in a 5 day period
- 128. Do as much work after you launch the program as you did to prepare for it Talk to clients, operations, front line sales personnel, ambassadors and managers Speak to the 5 best performing branches/SEGs and the 5 worst performing branches/SEGs The numbers alone do not always tell the story
- 129. “We are projected to sell 46,000 new small business checking accounts this year. How much could we sell next year?”
- 130. “Doing the same things over and over again and expecting different results.”
- 132. Projections estimate a 15% increase in 2005
- 133. A new offer to give away a $50 Office Max gift card for the first quarter Our prospect direct mail budget increases from 1.5 million pieces to 2 million pieces Our member direct mail budget increases from 300,000 to 500,000 pieces We add 10 new sales people
- 134. “I think giving away a free DVD player for a free checking account is a stupid idea and will never pay for itself.”
- 136. What is the lift required on Checking Account Sales to pay for a DVD Player?
- 137. “I do not think that home equity direct mailing did us any good. Should we save the money next quarter and just drop it?”
- 139. Recover the cost of your marketing expenses, or achieve a 100% ROI Recover your expenses and produce a 20% return on your investment, or a 120% ROI Double the return on your marketing dollars, or produce a 200% ROI
- 140. Mailed 120,000 Home Equity Pieces and Tested $100 Home Depot Offer
- 141. “I liked our TV commercials, but did they really do anything for us?”
- 142. Recommend Retain Acquisition Advocate Communication WOM Driven Commitment Cross- Sales “Rational” and “emotional” Positive elements Purchase Experience Active Consideration Consider Seek Retention/ Information Accept Understand / Value Growth Information Experience Aware Driven Unaware “Rational” and “emotional” elements
- 143. Examine both sales and awareness level changes
- 144. “If marketing were easy, we would all be making minimum wage.”
- 146. A Perspective CEO, Senior Management, and Board Leveraging capital Expense vs. investment Support vs. lead CEOs and CFOs typically grow up on the “numbers side” of banking Speak their language Think like your CEO/CFO Gain buy in Discuss assumptions
- 147. Survey of Fortune 500 Companies What is the most important skill for a CEO to have for the future growth of their organization? Financial 14% Marketing 52%
- 148. ur ned t Re ue Val Strategic Optimizing Emerging time
- 151. With what frequency do you (or a member of your Marketing function) attend the credit union’s regular Asset/Liability Committee (ALCO) meetings? ____% 1. I’m a member. I attend regularly ____% 2. I’ve attended, but am not a member ____% 3. I’ve never attended
- 152. Know your “Champions” Use the analytics at your disposal Find information Talk with the front-line Dissect the competition Share what you learn Use your MCIF to drive information and automate some processes Create ambassadors Engage all staff
- 153. Be your best promoter And most vocal critic Share the progress Weekly Monthly Recaps Program End Post-mortem
- 155. Marketing’s total impact Margin earned Non interest revenue Average balances Cross selling Promotional expense Quantity and quality measurements
- 158. Summary Use facts and data to create intelligent conversations with your managers Build a strong partnership with your Finance Group Results for programs work best when both the field and Marketing have ownership Pilot programs are a great tool for testing new ideas and creating realistic projections Always keep your results close to you
- 159. ROI Wrap-Up: Key Take-Home Points
- 161. Wrap-Up: Key Take-Home Points
- 163. From the MarketMatch Team… Thank Thank You! You! Feedback welcomed, please email me at: egagliano@marketmatch.com