Don’t Be An Alice

Alice came to the fork in the road.
“Which road do I take?” she asked.
“Where do you want to go?” responded the Cheshire cat.
“I don’t know,” Alice answered.
“Then,” said the cat, “it doesn’t matter.”
– Lewis Carroll, Alice in Wonderland
Are you an Alice – do you rack up ads, brochures, sponsorships and other marketing tactics – but really don’t have thoughtful marketing strategies – let alone a plan?

With apologies to all the Alices out there – don’t be an Alice when it comes to your marketing dollars.

Some bankers without clear marketing goals and supporting strategies are often disorganized in their marketing approach, juggling many initiatives which are tactical in nature. Since they aren’t clear about the big picture and what they want to accomplish they may have no idea if they’ve accomplished anything they set out to achieve – they just get it done, mark it off their to-do list and move on.

Now some of you will say we know all that and we know what we’re doing, we just haven’t put it down in writing. That’s a great approach if you actually do what you’re thinking, and what you do is on strategy. But do you – and are you? Is the marketing stuff really getting done right – or just getting done?

Having a marketing plan is a great approach to making sure your marketing investment is focused on the right goals. Your plan should not be just a list of projects you want to do this year – maybe even just a brushed off version of last year’s list – but should evaluate where you are and where you want to be – and define the path you need to follow to get there. Specifically:

  • Define what you want your investment to accomplish for you — your marketing goals. Your marketing investment should be building something – your financials, brand, market awareness, new customers, more business from current customers – etc.
    • Example: Increase new retail checking customer retention from x% to y%
  • Build in your marketing strategies next to accomplish those goals
    • Increase cross sell ratio at account opening from a% to b%
  • Define specific marketing tactics as the last step to support these strategies.
    • Launch cross sell training, new checking cross sell incentives and customer contact program for new checking customers

Your plan should also clearly define what makes you special – why anyone would choose you over your competition – how the people and businesses you want to attract will find out what makes you special, and when and where they are open to hearing these messages.

This is just a start – but start. Don’t be an Alice – be strategic, accountable and goal oriented in your marketing. Prioritize and focus your marketing investment on achieving the right goals for your bank!

We’re here to help when you want to get started. Call me at 303-795-3539 or reply to this email if you want to explore this further.

Please Stop Saying That
What is it you wanted to sell me?

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