Perspectives: Marketing Insights You Can Use Right Now

Enhance Your Bank's Sales and Marketing Initiatives: 5 Tips

Posted by Rick Hall on Mar 17, 2016

no-5-1176806.jpgPart three of a three part observation series

In my last post we examined a few ways that banks can elevate the role of data in their marketing programs to begin the process of gaining better alignment to overall strategy. This post will focus on the sales aspect of sales and marketing campaigns – what can be referred to the execution channel. But a word of caution: sales and sales people are no longer synonymous.

As with our data post, you will find five areas of focus for bank marketers to enhance sales activities. Since we emphasized the critical nature of list development driven by strategy, we would be remiss if we now veered back to traditional sales activities to execute the program. Modern marketing programs should create buyers - not just serve as a ‘warm lead sheet’ for field staff.

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Topics: Bank Marketing, Banks, Banking and Financial Services

Five Steps to Jump Start Your Bank Marketing Data Strategy

Posted by Rick Hall on Mar 08, 2016

Understanding Strategy Makes for Better Marketing Execution and Sales Results, Part Two

Part two of a three part observation series

In my first post I started the discussion around the need for better alignment between bank strategy and sales and marketing initiatives.   For years, many bank growth initiatives have suffered either from cases of data overload, often referred to as the kitchen sink strategy (leading to inconclusive results) or data access paralysis resulting from legacy infrastructure (which provides little, if any insights into why programs succeed or fail). These challenges are real and our daily experiences lead us to a frustrating conclusion: many bank marketers underestimate the importance of good data in building any worthwhile campaign.

A quick word about data

The rapid increase in the amount of customer information available to bankers today is staggering, not to mention the mind blowing amount of R&D spent by technology providers on Big Data initiatives - particularly when you realize how little of the output is actually being utilized. While the banking industry is continuing to progress, we propose five steps that can jump start your institution’s work with data in developing and managing sales and marketing campaigns.

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Topics: Bank Marketing, data, Banking and Financial Services

Understanding Strategy Makes for Better Bank Marketing Execution and Sales Results

Posted by Rick Hall on Mar 01, 2016

Part one of a three part observation series

Over the past twenty years, it has continually amazed me just how vigorously discussed and overthought the sales process (including the marketing support function) has become in the banking industry. So many financial and human resource investments have been deployed to find the right structure that it really is one of the great industry head-scratchers to observe.

Maybe the reason behind it is due to the industry trying to hang onto the concept of differentiation based on service - flooding frontline staff members with concepts like balanced scorecards, product sales “cheat sheets”, competitive positioning tools, and sales training boot camps – and that we just can’t face reality. Service in the unspecified way that most banks use the term just doesn’t make you different. So what's left, price?

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Topics: Bank Marketing, Banks, Banking and Financial Services

One last 2016 outlook: 3 major bank marketing drivers

Posted by Rick Hall on Jan 28, 2016

Change in banking isn't's here!

So we are almost one month into the New Year and by now, all of us have consumed a wide variety of 2016 outlooks from the best prognosticators following the banking industry.

I always find it interesting to gauge whether this year’s version of ‘trends’ and ‘game-changers’ is really materially different from previous years or just delivers a few new positioning modifications - like ‘define a digital marketing strategy for our bank’ to ‘explore new opportunities for digital banking at our bank’.

What's great about outlooks is that they can generate strategic and visionary conversations and energize teams around what is possible - the challenge is that success is always a reflection of capable execution and too many times vision and execution do not align.

The road forward

As we look at the broad landscape of bank marketing and strategy these days, there are three major drivers that all of us in the bank marketing world should focus on in 2016…regardless of the size and scale of institution.

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Topics: Banking and Financial Services

BKM Launches Banking and Financial Services Division

Posted by Bruce McMeekin on Jan 26, 2016

BKM Marketing is pleased to announce the launch of our newly formed Banking and Financial Services practice. Richard A. Hall, a 20-year financial services industry veteran and 10-year client of BKM Marketing recently joined the firm to lead the practice.

As Head of Banking and Financial Services, Rick will focus on developing strategic solutions for BKM’s banking clients and expand the necessary capabilities for BKM to address the increasing demand for banks to build innovative and differentiated competitive offerings. In addition, he will focus on expanding the company’s market leading bank merger communications offering.

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Topics: Banking and Financial Services, News