Planning for long-term success while addressing short-term goals isn’t easy for a bank marketing organization. It can feel like a tug-of-war between two opposing forces. A Deloitte Insights post about The Future-Ready CMO put it this way: “Effective marketing leaders often live in two realms—the present and the possible.”
I recently returned from the 2018 Franchise Consumer Marketing Conference, in Atlanta, and as with past FCMC events, it was a great place for picking up fresh ideas and insights from some of franchising’s most innovative and successful marketing pros and practitioners.
In marketing, there may be no better resource for keeping pace with change, innovation and best practices than our marketing peers. The insights of those who have “been there, done that,” provide valuable input for finetuning our own marketing strategies and tactics.
Mar 01, 2018
In its 2018 Banking Outlook report, Deloitte’s Center for Financial Services talks about the multiple challenges banks face as they aim to transform into “more strategically focused, technologically modern and operationally agile institutions.” Among the challenges Deloitte identifies are: complex and diverging regulations, legacy systems, disruptive models and technologies, new competitors, and an often-restive customer base with ever-higher expectations.
Dec 22, 2015
Last week, we took a moment to look back at 2015’s biggest marketing trends. This week, we’re looking forward to the marketing innovations in store for 2016.
Dec 17, 2015
Taking a look back at some of 2015’s biggest marketing trends can be a great way to review the year, and think toward 2016 marketing strategy – if you haven’t already done so.
Oct 09, 2014
On the children’s live-action adventure show Captain Midnight, members of the Secret Squadron used special decoder rings to decipher messages that no one else could understand. The secret decoding power provided a competitive advantage that allowed the Secret Squadron to win.
Wouldn’t it be great if you could slip on a special marketing decoder ring to decipher your prospects? Imagine the advantage of knowing the secret communication channel and message to most efficiently and effectively win the sale. Marketing case studies would be written and awards presented as victory over your competition would be certain. The challenge is that consumer’s aren’t predictable, linear, rational or sequential beings. In other words, good luck decoding your shopper. That’s not to suggest you should ignore consumer behavior or the buying process though. Because when you do crack the code by engaging your customers through the right touch point with relevant and timely information, you build consumer trust and improve their buying experience.
May 01, 2014
“Where all the solutions are best-in-class, the ROI is proven, and customers are engaged.”
Sounds great, doesn’t it? If you are a fan of Garrison Keillor who reports the news from Lake Wobegon – a fictional town in Minnesota – on the radio show “A Prairie Home Companion,” you probably recognized my spin on his tag line; “Reporting from Lake Wobegon, where all the women are strong, all the men are good-looking, and all the children are above average.” It’s a fun show, and I’m sure you would enjoy listening.
I completed my college studies at Abilene Christian University which is located in Abilene, Texas. I really like Abilene and look forward to my class reunions. However; for marketing organizations, Abilene is to be avoided when mentioned in the context of the “Abilene Paradox.”
Aug 15, 2013
As we’ve discussed on this blog before, technological changes and economic variables are putting more and more pressure on marketing teams and businesses in general to justify strategies and quantify results with data. The problem with data is that data, in its simplest, just-collected form, is completely raw. Knowing that 10 of your leads this month came from Ohio doesn’t really tell anyone anything about how well you did or how you should run your business going forward. Is that number high or low when compared with how you’ve done in that state in the past? How does it compare to other states? The point is data needs a context before it can have meaning and be useful.
Here’s the problem with everything I just said, though: The person who manages the data collection often isn’t the person who is best qualified to place the data in a useful context. There’s a data integration process – from collection, to management and filtration, to analysis, to action – that relies on technology and systems, and someone has to maintain those systems (usually IT). But, IT isn’t the department actually needing/using the data (that would be marketing and/or sales). At some point, the data baton needs to be handed off, and figuring out how to do that is the real challenge for businesses.