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Article Image: A Consumer Advocate’s View On Financial Services Cross-Selling

A Consumer Advocate’s View On Financial Services Cross-Selling

A recent New York Times article about financial supermarkets reports that: Consumers should think carefully before combining their financial accounts with one company, said Barbara Roper, the director of investor protection at the Consumer Federation of America, a consumer advocacy group based in Washington. She said the flip side to the convenience may be a […]

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Article Image: Fixing The Marketing-CEO Disconnect

Fixing The Marketing-CEO Disconnect

HBS Working Knowledge interviewed Harvard Business School professor Gail McGovern about fixing the disconnect between marketing and the CEO. Here are a few of the key points that stuck out for me and my responses. ______________________________________________________________ McGovern: “Over the past 10 years the mix of marketing skills needed by a company has radically changed, and […]

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Article Image: I Must Be A Gen Yer

I Must Be A Gen Yer

In the May 28, 2007 issue of Fortune magazine, there’s an article that purports to be a “field guide to Generation Y.” According to the article, the way to spot a Gen Yer is by his or her headphones, clothes (jeans, sneakers, jacket), laptop, designer coffee, BlackBerry, digital camera, and iPod. I read this article […]

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Article Image: The Dark Side Of Customer Analytics?

The Dark Side Of Customer Analytics?

The May 2007 issue of the Harvard Business Review contains a case study entitled “The Dark Side Of Customer Analytics” by Tom Davenport and Jeanne Harris, authors of the book “Competing On Analytics”. An intriguing title, for sure. But completely misguided. The crux of the story is that an insurance firm purchases loyalty card data […]

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Article Image: The Fourth Skill

The Fourth Skill

Somebody screwed up. I don’t know who, and I really don’t care, because as a result of this screwup, I’m sitting in first class on my way home from my firm’s conference in Miami. And I’m sitting next to my colleague Dennis, who’s in first class because he screwed up — he took a job […]

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Article Image: Why Firms Don’t Care About LTV

Why Firms Don’t Care About LTV

Jim Novo asks (and answers) the question: Why don’t firms care about customer lifetime value? Jim asserts that there are fundamental reasons why companies don’t take a longer-term view in respect to their marketing programs including: Business culture — where performance rewards are tied to short-term goals. Nobody in charge — no one has full-time […]

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Article Image: Make Something Worth Talking About

Make Something Worth Talking About

I’m at my company’s annual customer symposium at the Biltmore in Miami, and just heard Seth Godin present. Very entertaining, of course, but one thing, in particular, really resonated with me. Something that gives me more fodder for arguing against the Net Promoter Score mania gripping many firms. Seth may have identified other rules, but […]

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Article Image: CEO Letter To Web Analytics — Response To Eric Peterson’s Memo

CEO Letter To Web Analytics — Response To Eric Peterson’s Memo

In response to the CEO’s letter to Web analytics, Eric Peterson penned a memo from Web analytics back to the CEO. Take a moment to read his letter, then come back here for my reply back: ———————————————————————————————————- To: CMO, CIO, SVP-Ecommerce From: CEO Subject: Memo from The Web Analytics Team to “beloved CEO” Date: May […]

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Article Image: Subliminal Messages

Subliminal Messages

A recent article on MarketingProfs on the “wrongheaded claims against advertising” asserts that: Subliminal advertising, the alleged ability to motivate action with messages that are below are threshold of perception, doesn’t exist. Explicit, above-threshold messages in advertisements are what sell; hidden, muffled, or unperceivable messages do not.” Oh really? Well, it turns out that… Research […]

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Article Image: Advice For The New Volkswagen Chief Marketing Officer

Advice For The New Volkswagen Chief Marketing Officer

Adweek reported a while back that Volkswagen dismissed its Chief Marketing Officer. While I’m generally loathe to offer advice to CMOs in industries I don’t usually work with, in this case, the urge is too tempting: Give all the money earmarked for advertising to manufacturing. Why? Steve Johnson at Pragmatic Marketing wrote: “…and then there’s […]

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Article Image: How To Give A Great Presentation (In Nine Words)

How To Give A Great Presentation (In Nine Words)

When I first saw the link on Robbie Wright’s site, I didn’t click on it. But after I saw the link on Colin Henderson’s site, I knew that I had better click on it. When two bloggers you respect link to the same thing — pay attention. The link was to a presentation called Shift […]

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Article Image: A Letter To Web Analytics From The CEO

A Letter To Web Analytics From The CEO

To my colleagues in Web Analytics: I wanted to take this opportunity to thank you for the great work you’ve been doing in helping the firm improve our Web site, and for the enlightening data that you provide to me and the leadership team regarding our site’s visitors and the trends in utilization of the […]

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Article Image: Lazy Money

Lazy Money

Announcing his firm’s new high-yield checking account, Charles Schwab said: The financial world lives off lazy money. There is inertia, and in some respects that’s exactly why we decided we had to make this a very powerful offering.” Chuck’s right on. (If the firm is going to run ads that say “Talk to Chuck”, then […]

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Article Image: The Future Of The Chief Marketing Officer

The Future Of The Chief Marketing Officer

What’s the biggest problem CMOs have? In my opinion, it’s that they’re held accountable for too many things for which they have no control, let alone influence, over. The CMO Council might agree. As reported in AdWeek: CMOs are failing at a high rate because they lack the skill sets, credibility, and authority to fulfill […]

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Article Image: The Market Research Hall Of Shame

The Market Research Hall Of Shame

MSN Money recently published its Customer Service Hall of Shame, which found banks like Bank of America, Citibank, and Wells Fargo in the “Bottom 10”. As a way to generate publicity, this is an infallible approach. Survey some consumers, ask them to rate a bunch of big companies on customer service, and blare the results […]

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Article Image: Update On comScore conFusion

Update On comScore conFusion

Spoke to Serge Matta and Brian Jurutka from comScore today about my post regarding comScore’s online banking statistics. Although I linked to comScore’s press release, I didn’t cite another source upon which I drew some of the data — this Marketing Daily article. My apologies for that, and a lesson learned for me — because […]

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Article Image: The Devolution Of Social Networking?

The Devolution Of Social Networking?

Hundreds of years ago, the key to economic success was land ownership. Today’s it’s idea ownership (sometimes called intellectual capital). That’s why thought leadership is so important (side note: I’ve only received one request for membership to ITCH so far — not a good sign). It’s in this context that I found this comment from […]

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Article Image: When Should A Bank Outsource Outbound Sales?

When Should A Bank Outsource Outbound Sales?

The CMO of a financial institution told me about a meeting she had with a firm regarding outsourcing her firm’s outbound sales calls. Which got me thinking: When should a bank outsource its outbound sales efforts?” My answer: Never. Sure, I can envision arguments for outsourcing sales. And I know that many firms are highly […]

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Article Image: Announcing The Institute Of Thought Leaders And Consultainment Hotshots

Announcing The Institute Of Thought Leaders And Consultainment Hotshots

Did you know that (in the US at least) you have to be certified to practice professions like law and medicine? It’s true. And yet, apparently, anybody (and seemingly more and more bodies) can claim to be a management or marketing “thought leader.” But exactly what is thought leadership? And who qualifies to call himself […]

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Article Image: Dear Credit Union: If You're Going To Blog…

Dear Credit Union: If You're Going To Blog…

At the risk of overstepping the boundaries of my expertise (whatever that might be), I’d like to offer a few recommendations to the growing list of credit unions jumping on the blogging bandwagon. If you’re going to blog: 1) Sign the entries. An entry on Comala CU’s site starts off by saying “you’re not going […]

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Article Image: comMents On comScores' conFusing Scores

comMents On comScores' conFusing Scores

comScore released the results of its annual online banking study, which found a 10% increase in the online banking population in 2006 from the prior year. After reading the press release, I came away doubting some of the numbers. Specifically, I had trouble with: The sizing. According to the study, the US online banking population […]

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Article Image: Ponemon Institute's 2007 Banking Privacy Trust Study

Ponemon Institute's 2007 Banking Privacy Trust Study

Ponemon Institute‘s 2007 Privacy Trust Study for Retail Banking has lots of interesting data points, but a few that stood out for me involved: Importance of personal information privacy. 88% of consumers said that the privacy of their personal information is important or very important (4% didn’t comment). Personal information safety perceptions. The percentage of […]

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Article Image: Banks (And Credit Unions) Have To Earn The Right To Cross-Sell

Banks (And Credit Unions) Have To Earn The Right To Cross-Sell

If you’re a bank marketer, what can you do to improve your cross-selling success? The answer, although easier said than done, is still ignored by most firms: Engage your customers before cross-selling them. On the Verity Credit Union blog, Joe wrote (with some editing on my part): One of my job responsibilities is to make […]

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Article Image: ‘1st Trust Bank for Savings’ changing name to ‘Magna Bank’

‘1st Trust Bank for Savings’ changing name to ‘Magna Bank’

1st Trust is spending more than $1 million on all aspects of the name change, including creative and legal costs as well as new signage, stationery and marketing to introduce the name to the public. This announcement comes almost a month in advance of a vote by the bank’s 800 shareholders, presuming a favorable outcome. […]

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Article Image: A Credit Union That NEEDS A Name Change

A Credit Union That NEEDS A Name Change

Some credit unions have changed their names recently, prompting discussion about the merits of doing so. But when I saw the picture below, I couldn’t but help think: “Now here’s a credit union that should change it’s name.” If I need to tell you why….then you should brush up on your Internet slang. hat tip: […]

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Article Image: Marketing’s Civil War

Marketing’s Civil War

Jacques asks if we’re in the midst of a culture clash between branding and measurement. The answer is yes — and in financial services, it’s more than just a culture clash — it’s a civil war within marketing. And there’s no question in my mind that branding is winning. How else could you explain the […]

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Article Image: Anti-Twitter

Anti-Twitter

I’ve been pondering a profound question [for the past 30 seconds, anyway]: What do you call someone who Twitters?” I can think of one answer…but I’m not sure I want to tick off a whole lot of people by saying it publicly. I don’t really get why this has become so popular (but then again, […]

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Article Image: Off-Topic: The Internet Reduced To A 2×2 Matrix

Off-Topic: The Internet Reduced To A 2×2 Matrix

Not sure why anybody needs Google to find what they’re looking for on the Internet — I can point them to wherever they need to go. To understand why Craigslist.com is positioned where it is, check out this post from the folks at Compete! Cranky.com, as I wrote about a while back, is a search […]

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Article Image: Notes From The DMA Financial Services Conference

Notes From The DMA Financial Services Conference

At the DMA’s financial services conference in Florida last week, I got a chance to hear Martha Rogers, co-author of the One-to-One marketing books, kick off the second day of the conference. Some of my favorite quotes: “There is little pure acquisition out there.” According to Martha, what firms do under the banner of acquisition […]

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