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Customer Engagement Is Measurable

In a recent post, Avinash claims that engagement is not a metric, and writes: Engagement is not a metric that anyone understands and even when used it rarely drives the action/improvement on the website….It is nearly impossible to define engagement in a standard way that can be applied across the board.” My take: I think […]

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Stupid Headline Of The Day

And I thought April Fool’s Day was April 1, not October 1. What an innovation, eh? What used to take about 7 seconds — “I’d like the Meat Lovers pizza, delivered to 123 Elm Street” — can now be done in, what, 1 to 2 minutes? On the other hand, this is a real boon […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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) […]

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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 […]

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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 […]

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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, […]

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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 […]

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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 […]

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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: […]

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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 […]

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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 […]

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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 […]

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Personal Financial Management Is Not The Cure For Online Banking Adoption Stagnation

I just published a post on this topic on the NetBanker site. Please check it out. Technorati Tags: Banking, Personal Financial Management, PFM, Online Banking, NetBanker

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