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Well-capitalized, community banks often grow new customer relationships by acquiring other banks. However, as their geographic footprints expand, many find it challenging to also grow new customer relationships organically. As their DMAs widen, their marketing budgets are spread thinner and thinner. The idea of spending money on television, radio and outdoor grows more untenable, and digital becomes more important than ever. If this is where you find yourself, your digital marketing strategy should take the following realities into consideration. Focus on Fundamentals 1. Relationships are everything. The lifetime value of a customer whose financial needs evolve through many stages of life is worth far more to your bank than the interest earned on a one-time transaction. It’s interesting when you ask people “Who is your bank?” Invariably, their bank is where they keep their checking and savings accounts. The same is true with business customers. This is where long-term banking relationships begin. 2. You sell more loans to existing customers … Continue reading
Posted in: community bank marketing
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Friendship between First Commonwealth Bank and Elliance goes back a long way. In 1998, Elliance designed the bank’s second website. Since then, Elliance has redesigned the bank’s website three times – most recently three years ago before responsive design movement took off. Last fall, First Commonwealth Bank reached out to Elliance and posed an interesting challenge: make the current website responsive without redesigning it. The bank’s customers still loved their branch-architecture-inspired website design but wished it was mobile/tablet friendly. Elliance welcomed the challenge. In short three months, we delivered well-documented responsive templates to their Web/IT team, and walked them through the template architecture. Then we supported them for another three months while the wonderful Web/IT team incorporated the new templates into their Content Management System. The entire process worked very smoothly. Two happy teams! Most importantly, the site visitors are now enjoying the perfect website experience whether they are visiting the bank website from their desktops, tablets or smartphones. Now, … Continue reading
Just wrapping up a touching book titled ‘Management Lessons from Mayo Clinic’. Few takeaways: 1. the needs of the patient (customer) come first. 2. Teamwork isn’t optional; it powers integrated multi-specialty excellence. 3. Deliver care with time-condensed efficiency. 4. All touch points, systems, and processes are aligned with the first three values. 5. Build leadership bench strength. 6. Hire for values first – and then talent. 7. Create a superior experience for patients. 8. Services are performances. Orchestrate them well. 9. A strong brand is a safe place for customers. 10. Mission-over-profit is the higher purpose. Interestingly, Mayo Clinic paradigm applies to services industries such as airlines (Southwest comes to mind), and community banks (Umpqua Bank comes to mind), Higher Education (Elon University comes to mind) and others. In my business journey, I run into a few brands that follow with the Mayo Clinic blueprint, but it’s rarer than you think. Contact us if you are ready to embark on … Continue reading
Posted in: Branding, community bank marketing