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Article Image: Let IT Own The Customers

Let IT Own The Customers

A bank CIO was recently quoted in an industry publication as saying: “The customers really belong to the IT department once the salespeople are done opening accounts for them.” My first reaction was that this might just be one of the stupidest things I heard all week. But on further thought, I’m not so sure […] Read More

Article Image: Marketers: Identify The Psychopathicos In Your Customer Base

Marketers: Identify The Psychopathicos In Your Customer Base

First, we had the Net Promoter Syndrome sufferers telling marketers that they had to figure out which of their customers were “advocates”, that is, those who gave a top-two box rating on a 10-point scale of likelihood to recommend the firm to friends, families, household pets, trees, and other living creatures. Now, Yahoo! is telling […] Read More

Article Image: Are People Really Primed To Put Deposits In Banks?

Are People Really Primed To Put Deposits In Banks?

In a recent American Banker editorial titled “People Primed to Put Deposits in Banks”, Eugene Ludwig, a former comptroller of the currency in the US, wrote: Banks should aggressively reach out to individuals to take in their savings. Of course, establishing a meaningful deposit relationship has not been easy. Customers have increasingly been rate-sensitive and […] Read More

Article Image: Off-Topic: What Would You Have Said?

Off-Topic: What Would You Have Said?

Mom called the other day to tell us about hers and Dad’s trip out to Utah. They flew back to Ft. Lauderdale from Las Vegas. Guess which flight they were on? Right — the one with OJ. My mother said that, as she boarded, there was OJ sitting in the aisle bulkhead seat. They made […] Read More

Article Image: A Dinosaur Banking Metric

A Dinosaur Banking Metric

On bankstocks.com, two First Manhattan Consulting Group execs wrote: One metric stands out as being highly correlated to growth in a bank’s shareholder value: Same-store deposit growth. Banks that consistently generate strong same-store deposit growth in their mature branches tend to generate strong growth in other relevant measures, as well. And on gonzobanker.com, Terence Roche […] Read More

Article Image: Canadian CU pays $1.62 million to name arena

Canadian CU pays $1.62 million to name arena

Windsor Family Credit Union will be paying $1.62 million over 10 years to name a new arena in its hometown as ‘WFCU Centre.’ (The good news: That’s only $1.45 million or so in U.S. dollars.) It’s unclear if the deal will be evenly divided into 10 annual payments of $162,000, or if there were any […] Read More

Article Image: What Credit Unions Could Learn From Coke And Pepsi

What Credit Unions Could Learn From Coke And Pepsi

A while back, I worked on a consulting project for a Pepsi bottler who was building new plants in Argentina and Brazil. What I learned on that project should be of interest to credit unions. I bring this up because of a blog post by Tim McAlpine, who wrote: In the past, there was an […] Read More

Article Image: Off-Topic: Would You Fire Your Boss?

Off-Topic: Would You Fire Your Boss?

Gallup asked that very question to about 1000 people. How many people do you think said yes? Was it: a) 24% b) 43% c) 57% For the answer, go here. But before you do, if you answered yes to that question, remember: a) The grass isn’t greener b) Be careful what you wish for c) […] Read More

Article Image: Reply To Peppers And Rogers On The Subprime Mortgage Mess

Reply To Peppers And Rogers On The Subprime Mortgage Mess

In their weekly 1:1 Media email, Don Peppers and Martha Rogers addressed the subprime mortgage situation with a piece titled “Subprime Woes Shows Consequences Of Short-Termism.” In it, they wrote: The situation serves as a lesson for companies fixated on the short-term bottom line. It dramatically illustrates that neglecting a customer’s long-term situation can devastate […] Read More

Article Image: Off-Topic: What Kind Of Lunatic Does This?

Off-Topic: What Kind Of Lunatic Does This?

I sat in the bulkhead aisle seat on a flight from Pittsburgh to Boston not long ago. The guy in the row in front of me (in first class), and across the aisle, turns on his PC to watch a movie. The movie: Airport. That’s right. A movie about impending air travel doom. And he’s […] Read More

Article Image: Customer-Centricity And The Foreign Threat To Banks

Customer-Centricity And The Foreign Threat To Banks

BAI Strategies recently published an article in which it stated: US banks are laggards in adopting a “customer centric” marketing strategy. As a result, foreign banks in the forefront of this strategy are likely to enter the US and gain market share at the expense of domestic institutions.” My take: 1) I told you so, […] Read More

Article Image: Credit Unions' Competitive Secret: Innovation?

Credit Unions' Competitive Secret: Innovation?

A Boston Consulting Group exec was recently quoted in American Banker as saying that financial services firms could do even better if they raised the bar on innovation — a view shared by Matt at The Boulevard to Retirement. What do consumers think? According to Forrester’s research, not a lot. Just 18% of the consumers […] Read More

Article Image: Do SWOT Right

Do SWOT Right

In an article titled “Don’t Do SWOT: A Note On Marketing Planning” on ManyWorlds.com, J. Scott Armstrong of the Wharton Business School wrote: The problem with SWOT (Strengths, Weaknesses, Opportunities, Threats) is that, because it mixes idea generation with evaluation, it is likely to reduce the range of strategies that are considered. In addition, people […] Read More

Article Image: The Evolution Of Financial Services Web Sites

The Evolution Of Financial Services Web Sites

Jim Bruene at NetBanker recently predicted that there would be 300 FIs blogging by the end of 2007, but that it was unlikely that the number would get much higher than the 100 or so currently blogging (including CU employee blogs, MySpace pages, and multiple blogs from a single firm like Wells Fargo). My take: […] Read More

Article Image: The Anti-Web 2.0 Movement

The Anti-Web 2.0 Movement

He might not take this as a compliment, but I think Andrew Keen will be recognized as the Bill O’ Reilly of the Anti-Web 2.0 movement. Love him or hate him, O’ Reilly accomplished something very important for the conservatives in this country: He defined the enemy. For a long time, many conservatives struggled to […] Read More

Article Image: A Call For A Moratorium

A Call For A Moratorium

I’m calling for a moratorium. I want market research firms to stop releasing research statistics on consumers’: Channel preferences, and Trust in friends and family’s recommendations over advertising. I could fill a couple of pages with links to these studies, but why should I? They all say the same thing: Consumers prefer the Web for […] Read More

Article Image: Generational Niches

Generational Niches

Market researchers just love to highlight the majorities in their research results (you know, “72% of people surveyed do this…”). Why aren’t they interested in the minority? Wouldn’t it be helpful to know why they don’t like the product? Why they don’t act like everybody else? And to know who these people are, and how […] Read More

Article Image: We Need A Strategy

We Need A Strategy

If I had a nickel for every time I heard someone say “we need a strategy” — whether it was a marketing, Web, database marketing, analytics, advertising, IT, or you-name-it strategy — I’d be rich. If I had to pay a nickel for every time the ensuing strategy-development effort failed to materialize or pay off, […] Read More

Article Image: New media lessons from old school brands

New media lessons from old school brands

You probably haven’t picked up an issue of Adweek in quite a while, because what’s happening on Madison Avenue with the Budweiser account doesn’t really affect the financial industry. But a recent issue showed how much Adweek has changed. Adweek used to be all about global agencies and massive TV ad campaigns. Now it’s almost […] Read More

Article Image: Canora CU members help change names to ‘Crossroads’

Canora CU members help change names to ‘Crossroads’

After inviting members to submit names, Canora Credit Union in Canada will become ‘Crossroads.’ According to an announcement from the credit union: “‘Crossroads’ has a meaning that is both physical and philosophical. It represents those moments when one comes to a point where a path must be chosen that will have both large and small […] Read More

Article Image: Why Do Marketers Test?

Why Do Marketers Test?

Jim Novo recently commented that few online marketers deploy testing the way it’s often done in the offline world. Jim speculates that the reasons for this include cultural issues and a lack of ideas about what meaningful tests to conduct. For me, this raised a more fundamental question: Why do marketers test in the first […] Read More

Article Image: What’s Wrong With This Picture?

What’s Wrong With This Picture?

Forrester Research asked ~100 marketers which skills were most important to the success of a marketing executive, and how critical those skills are relative to five years ago. So what’s wrong with this picture? The marketers got it completely wrong. The order should have been reversed. Marketers earn the right to be “strategic” by the […] Read More

Article Image: The Question Isn’t Should Banks Blog, But How And When

The Question Isn’t Should Banks Blog, But How And When

A quote in The Bank Channel quotes says: “Banks should move fast to open their blog sites if they are not to miss out on a powerful new brand building and customer interaction capability.” My take: Whoa, not so fast. You don’t have to convince me of the potential for banks to use blogs to […] Read More

Article Image: Announcing A New NPS Metric

Announcing A New NPS Metric

Sufferers from Net Promoter Syndrome share a common symptom with those afflicted with another marketing malady called Simplificosis, the tendency to believe that just because a marketing or management metric is simpler to understand or measure than other metrics, then it must be better. I understand that companies often make things more difficult than they […] Read More

Article Image: An Inconsequential Typo

An Inconsequential Typo

Got the following email from MediaPost this morning: Anything catch your eye? I’ll tell you what caught mine: Insurers spending $980 BILLION on online advertising. And if TV ad spend garners two-thirds of the total ad spend, then this $980 billion represents, at best, only one-third of their total ad spend! So let me get […] Read More

Article Image: Indelible Moments

Indelible Moments

It’s August 9, 2007. Do you remember where you were 12 years ago today? Better yet, do you remember specific events, or specific conversations you had that day? Probably not. But I do. At the time, I used to take my bicycle to work and ride during lunch. I had just come back from a […] Read More

Article Image: What If It Had Happened At A Bank?

What If It Had Happened At A Bank?

Trey writes about Paula, who had a problem with her credit union, and received a pie for her troubles. I got to thinking, what if this had happened at a large bank? What would have been the response? The following is a [fictional, duh] conversation between the VP of Customer Service (CS) and somebody in […] Read More

Article Image: Common Marketing Afflictions

Common Marketing Afflictions

I’ve detected what appears to be some common afflictions that marketers suffer from. I haven’t found the cures yet, I’m still diagnosing the problems. Here’s what I’ve found so far: Delusions of brandeur. A condition where marketers think that a branding effort will be the antidote to falling or stagnant sales. Showing sufferers pictures of […] Read More

Article Image: The ROI On Brand Versus The Value Of Brand

The ROI On Brand Versus The Value Of Brand

I had an email exchange recently with a friend who raised some excellent questions and views on the topic of branding that I thought I’d share here (with permission, but anonymously): Our clients often ask how to measure the ROI of branding efforts. Maybe the question needs to be redefined. Instead of “what is the […] Read More