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One Loyalty Program's Impact On A Bank's Customer Relationships

The Aite Group recently published an excellent report on reward/loyalty programs in financial services. I can’t share their analysis and forecasts here, but they did give me permission to share the following chart, which shows the impact that Banco Popular’s loyalty program, Premia, had on the depth of their customer relationships. [Note: The point of […]

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Today's Financial Services Customer

That’s her on the right. Satisfied with the firms she does business with — but not loyal to them.

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The Unrealized ROI Of Blogging

Forrester recently published a report on the ROI of blogging and a follow-up case study focusing on the ROI of General Motors’ FastLane blog. According to Forrester’s calculations, GM’s first-year ROI on the blog was 99%. The primary contributors to the top line: 1) $180,000 in customer insight, which was estimated by assuming a cost […]

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Bank's Ad Spending Effectiveness

AdAge reported that Miller Brewing is shelving its Man Law ads. Apparently, Man Law #1 is “advertising must boost sales.” If that’s so — and who am I to challenge Man Law — then some banks may have to re-think their ad spend. Using data compiled by TNS and published in American Banker (pw req’d), […]

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The Unseen Barrier To Marketing Innovation

Following my post on sense-and-respond marketing, I exchanged emails with Steve Haeckel, who coined the term “sense-and-respond” as a business concept in the mid-80s. One comment from Steve sheds light on why many innovation initiatives (which includes building a sense-and-respond marketing capability) are doomed to under-deliver, if not fail outright: The legacy managerial framework systematically […]

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What Smart Marketers Will Focus On In 2007

You didn’t think I was joking when I suggested that the Crankys were a new emerging consumer segment, did you? I wasn’t. There are millions of relatively well-to-do, highly-educated Boomers (and some Seniors and Gen Xers) who are dissatisfied with many of the firms they interact with. Why? Because few firms understand what the Crankys […]

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You Can't Compete On Analytics If You Don't Use It

In a 2005 Harvard Business Review article (get free summary report here), Tom Davenport described the emergence of a: New form of competition based on the extensive use of analytics, data, and fact-based decision making. Instead of serving all customers, [companies] serve optimal customers. Instead of throwing money at business problems, they optimize their use […]

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Want To Compete In The High-Yield Savings Accounts Market?

Then get ready to pony up some serious online advertising dollars. According to data compiled by TNS and published in American Banker (pw req’d), financial services firms competing for deposits by offering high-yield savings accounts are spending big bucks online. Granted, online spending from the big firms doesn’t support just their high-yield savings accounts. But […]

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The Hot New Profession: Consultainment

Want to break in to this new field? Here’s the formula: Write a book, create a blog (or vice versa), then get hired to speak at conferences and company events. You know who today’s consultainers are. They’re not strictly consultants (they don’t do “projects” — their call to action on their blog is usually “hire […]

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The New Emerging Consumer Segment: The Cranky

I’ve been accused of being cranky. Turns out, I might not be alone. I could be part of a whole segment of cranky consumers. Some evidence: Cranky.com. Eon’s new search engine designed specifically for aging baby boomers. (#1 search term: “sex”, #9: “arthritis”). MrCranky.com. Movie reviews with a rating scale that starts with “almost tolerable” […]

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Word-Of-Mouth Recommendations

Recent research from professors at Nanyang Technological University and the University of British Columbia about word-of-mouth recommendations should be of interest to bank marketers. According to the study: Consumers are more likely to provide WOM for products that are relevant to self-concept than for more utilitarian products. There was some indication that…consumers exaggerated the benefits […]

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What Marketers Should Learn From IT

Not “about” IT… but “from” IT. It’s not news that marketers are under the gun to demonstrate ROI. CIOs are laughing under their breaths — they’ve been dealing with this for 25 years. And they’ve learned a few things about how to deal with the issue. (But they’re not going to tell you, because, hey […]

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BankerSpank: Cute, But Ineffective

A series of ads on BankerSpank.com parodies the PC/Mac ads, this time with Bank and Credit Union. They’re cute ads…but they won’t drive any business a credit union’s way. One reason why Apple fanatics are devoted to the brand is that they see themselves as different from the stuff-shirted, boring business types who use PCs. […]

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Email's Impact On Customer Loyalty

Relevance is the mantra for today’s email marketers. But it shouldn’t be the only consideration. The emotional level of the interaction or transaction that an email message pertains to is an important factor in understanding how an email message will impact a customer’s relationship with a product, brand, or company. Irrelevant email about things a […]

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Emotional Or Informational Advertising?

According to an article on uwnews.org, researchers from three [state of] Washington universities found that: Consumers who are skeptical about the truth of advertising claims are more responsive to emotionally appealing ads than ones peppered with information.” Emotional ads were characterized as “providing an emotional experience that is relevant to the use of the brand; […]

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Innovations In Bank Marketing

Here’s how [I imagine] this came about. Overheard at the Management Committee meeting: CEO: We need to increase deposits. Any ideas? Marketing guy: We could give away iPods. Finance guy: Too expensive. Retail banking guy: My brother-in-law has a chicken farm. We could give those away. IT guy [mumbling about an email he read on […]

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Advertising On Airport Security Bins

A brilliant idea. Here’s who should advertise there (and their message): Handi Wipes. “Cuz’ God knows what’s been put in these bins.” Banks. “Bank with us. Our lines are shorter than this one.” Amtrak. “If you rode the train you wouldn’t need this bin [well, not yet].” Cialis. “By the time you get through this […]

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What Finance Wants To Know From Marketing

I spoke recently to a senior finance exec in a large organization about measuring marketing’s return on investment. He said: We know it’s hard to calculate the ROI on all expenditures, and we’re not looking for Marketing to do that. We know that they have to invest in brand equity and market research — and […]

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Stop Measuring Your Net Promoter Score

A number of observers have eloquently weighed in on the weaknesses of Fred Reichheld’s Net Promoter Score (for an excellent discussion go to Adelino de Almeida’s Profitable Marketing blog). I’ll go one step further. Firms should stop measuring their NPS. Why? Because the NPS: Doesn’t help explain WHY a customer would recommend the firm. Let’s […]

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