In order to drive any of these initiatives which reach across the traditional reporting lines of an organization, an executive level Director of Marketing may be necessary. The value of this high level employee is that they can sell the benefits of these initiatives to other the executive level staff by outlining why and how each item impacts the overall organizational strategy.

I can only imagine the frustration that the employee responsible for marketing would be when attempting to drive initiatives on this list if they’re not empowered to do so based on organization structure…

It should actually go further. What do you get out of the press you got?

I’m sorry you found the advice so disappointing, however this article was never intended as a comprehensive strategic overview or guide to building a strategic game plan. No, most of the items aren’t new. Yes, establishing goals and objectives should come first. Yes, organizations need a strategy. And yes, many of the things in the list are tactics, but what’s wrong with offering readers a list of tactics that they should consider within their organization’s strategic framework? Are the only worthwhile discussions those that hover above the 35,000 foot level? Are tactics taboo, never to be discussed? Or does every discussion involving tactics always need to include a reminder that tactics should be framed within a greater strategic construct?

It’s worth pointing out that this article isn’t the work of one author. The list is a compendium of suggestions from many of the financial industry’s more respected marketing figures — both consultants and clients.

Nice to meet you, and thanks for your comment.

Any marketing plan should start with the business objectives, whether it’s improving profitability by, signing up new clients, improving client satisfaction, deepening existing clients or building greater brand awareness.

Once the objectives are established, strategies are chosen to fulfill them. Here, “Differentiate yourself,” “Reward loyal customers,” “Calculate ROI,” “Create emotional appeal,” and “Act like a retailer” are strategies that connect to business goals.

From the strategies come the tactics. “Closing branches,” “Guerilla marketing,” “Email marketing,” “Integrating systems,” “PR” and “Measure what matters” are tactics, not strategies.

It’s amazing how many institutions, like this article, confuse tactics with strategies. I can’t tell you how many clients come to me saying, “We need a new brochure/web site/SEO strategy/email program/social media plan” and, when I ask them what strategic and business objectives such tactics will serve, stare back at me with glazed expressions on their faces.

Unfortunately, too many financial marketers, bent on winning work, feed into this confusion, trying to win our small piece of the tactical marketing pie without thinking about the big picture. Then, when these programs don’t work, marketing is blamed, budgets are slashed, and no one learns.

It is amazing to me the number of small and mid-size financial institutions that know they should be doing everything on the list above, but don’t have a staff that is capable of addressing these issues. Instead of hiring a consultant or a firm to assist them (because it “costs too much”) they choose to ignore these areas instead. It is cheaper to do nothing than to invest in external resources to employ some of the ideas above.

What appears to them to be a cost savings, however, is really a liability. They risk loosing current customers and miss an opportunity to expand their marketing tools. One of my favorite marketers, Jeffery Hayzlett (former Kodak CMO) says it best – “What is the ROI – Return on Ignoring?” I think we can all answer that one.

~ Jeff

You really hit the nail on the head with #1. The rest of the items never have a chance if you don’t achieve separation with your brand. Differentiation is my mantra and is what I practice with all of my clients. Jack Trout said it best many years ago and it still rings just as true today… “differentiate or die”.

It would be interesting to see a follow up article listing all of the other great suggestions.

Best,
John Mathes

Another for the list is “innovate, innovate, innovate.” Lack of innovation is one of the most significant strategic weaknesses in community banks and credit unions across the country.