What Was the Name of that Bank Again?
description
Transcript of What Was the Name of that Bank Again?
What Was the Name of that Bank Again?Dr. Walter Guarino, Practicomm LLC
October 3, 2013
Agenda The Need for Emotional Branding
Social Media Tools
Evaluation Metrics
Local
Q & A
Note
Why People Don’t Remember Most bank advertising looks alike. Being different by itself does not work. Most banks do not hire branding professionals. Most banks fear compliance issues when it
comes to advertising, so they play it “safe”. Most banks do not do “communications
research”. The ones that do that kind of research do it
once or twice, and do not “track” it over time.
Problems Develop
New Services and Products don’t “get off the ground”.
Old customers often get lured away. They are not easily being replaced
by new customers. Hardly any Word-of-Mouth exists. People are allowed to define the
bank in their own terms and in their own way.
Problems Develop (cont.) It gets harder for small banks to
compete. Advertising budgets are one of the
first things to be cut when business is down.
Investor relations suffer. Crisis management plans are “all
PR”.
A Whole New Issue The issue is not whether Marketing and Advertising
across the board is too big or too small, but:
DOES IT WORK AT ALL?
New Ways to “Sell” Are Developed on an Ad Hoc basis.
What Has The Industry Done?
The banking industry started to turn to NEW MEDIA to try to solve the problem.
They were partially correct in doing so, especially with regard to Social Media.
But a new way of thinking was really what was needed!
And, we’ve become focused on the “new” and the “future”
The Fact
Everything old is new again! It’s “Back to Basics 1.0” And what could be more basic than
your brand? You must ask yourself one question
to begin to solve your marketing problems.
The Question
How is my brand being affected by current
economic conditions ? Once you ask, the next question is
“What are you doing about it?”
What Is A Brand?
It’s nothing more than a collection of
thoughts and feelings a person will have upon seeing your brand or an icon representing it.
Four Reactions
There are four basic reactions a person can have when exposed to your brand:
Great company. Well-established.
POSITIVE
Old-fashioned…not able to deal with
current problems.
NEGATIVE
Not sure…Heard many different
things about them.
NEUTRAL
???
NO REACTION
?
Attitude Match?
Once a product is created to meet the needs, Market an attitude to meet the needs.
Brand Positioning
Target Market Needs
Your productNeeds
Brand Attitude
Your brand may not convey an attitude that matches the need that your product or service was developed to fulfill.
Your brand image may not effectively relate to the target’s self-concept.
Branding Success To succeed in branding, you must understand the needs
and wants of your customers and prospects. You do this by
integrating your brand strategies throughout your company at every point of
public contact.
ProductBrand Image
ConsumerSelf-concept
RelationshipBetween self-concept
and brand image
BehaviorSeek products and
brands that improve/maintain
self-concept
SatisfactionPurchase
contributes to desired self-concept
Reinforces self-concept
Self-Concept & Brand Image
Attitude match?
Define Your Competition
“Buying Countrywide and Merrill Lynch will make the bank more diversified and competitive.”
“The nation’s leading financial institution and home for all your
personal financial needs”
(
Social Media Marketing
The Tools Don’t use popular tools like Facebook,
LinkedIn, YouTube, Pinterest, Twitter, Instagram, et al. without a “social media marketing plan”.
Use tools that give you SEO and drive traffic to your website.
Revisit your website to make sure it “sells”. Make sure you maintain brand positioning
and use brand guidelines throughout all social media.
The Tools
Become creative when using tools that aren’t necessarily in the “mainstream”, such as A Greater Town, Duda Mobile, Slideshare.net.
Use tools that give you SEO and drive traffic to your website; e.g. a blog.
See what your competition is doing online before you finalize your plan.
Make sure you use tools that have metrics.
Metrics & Evaluation
Alerts Analytics Places
Google Create Alerts with online PR releases, blogs,
crosslinks in social media, etc. Analytics tell you demos of visits, number of
visitors, geographic data, average time spent per page, bounce rate, unique visits, search engine usage, cost-per-click, CPMs, etc.
Google Places is a quick way to create your listing, and is free. Places can be visited at any time to edit your information or to see how many people have clicked on your listing.
Facebook Facebook Ads give you the power to drill
down into your target group in many ways and they are inexpensive. Data includes number of impressions each ad gets and cost per thousands, and more.
Facebook Posts create Google Alerts and can be multi-purposed.
Facebook Friends allows you to expand your audience among a large numer of users who have relatively the same demographics and interests as your Fans.
Competitve Data
Mention.com is basically a free listening post that operates close to real time.
Web.Url give you estimated visitor data to your competitors’ websites in addition to the estimated “value” of those sites.
Website tools allow you to look at competitive megatags used on their sites.
Providing Near-user Marketing® to
Smart Businesses with Local Targets
Near-user Marketing®
Near-user Marketing®
Pre-Internet 5.2
Today 10.4
Number of Exposure Needed to Reach Tipping Point of
Influence
Near-user Marketing®
User Controlled
Company/Brand
Controlled
People Search Locally
Strategy #1
Leverage Local Search
Banks haven’t gone after local search optimization
aggressively. The
ANSWER?
Locally Targeting in Paid Placement (PPC)
The “Map Pack”
Local Organic
ResultDirectory
Strategy #2
Dominate Local Mobile Search
90% Drop in Click-Through
1st Place
90% Less
4th Place
Mobile Search = Action!
There’s a direct correlation between mobile visits to your (mobile friendly) website and action:
Local Paid
Google Adwords
Map Pack
Local Reviews
World Wide Web
Local Web
Brand Monitoring
Brand Monitoring
Why don’t banks “monitor” their brand(s)? They take them for granted after a
while. They don’t know how to do it. They don’t think it’s important. They think it’s expensive & too much
work. They think they can change the bank’s
image without dealing with the brand.
Why You Should Monitor Your Brand Your brand unites your entire
organization around a unique, powerful promise, which charts a course for greater awareness, increased recognition and a competitive edge that positions you for change and growth.
What you lose sight of, however, is that all messages have to be aligned with the brand or they won’t work.
Why You Should Monitor Your Brand If you do not monitor your brand by
tracking either on a qualitative or quantitative basis, chances are good that your brand will be tarnished over time.
Summary
Summary
Know your brand…today Know your targets’ needs Match your brand attitude with
target’s needs Know your brand/product profile Use social media the “right way” GO “local” Monitor and measure your brand
What Was the Name of that Bank Again?