What Was the Name of that Bank Again?Dr. Walter Guarino, Practicomm LLC

October 3, 2013

Agenda

The Need for Emotional Branding

Social Media Tools

Evaluation Metrics

Local

Q & A

Note

Why People Don’t Remember Most bank advertising looks alike. Being different by itself does not work. Most banks do not hire branding professionals. Most banks fear compliance issues when it

comes to advertising, so they play it “safe”. Most banks do not do “communications

research”. The ones that do that kind of research do it

once or twice, and do not “track” it over time.

Problems Develop

New Services and Products don’t “get off the ground”.

Old customers often get lured away. They are not easily being replaced

by new customers. Hardly any Word-of-Mouth exists. People are allowed to define the

bank in their own terms and in their own way.

Problems Develop (cont.)

It gets harder for small banks to compete.

Advertising budgets are one of the first things to be cut when business is down.

Investor relations suffer. Crisis management plans are “all

PR”.

A Whole New Issue

The issue is not whether Marketing and Advertising across the board is too big or too small, but:

DOES IT WORK AT ALL?

New Ways to “Sell” Are Developed on an Ad Hoc basis.

What Has The Industry Done?

The banking industry started to turn to NEW MEDIA to try to solve the problem.

They were partially correct in doing so, especially with regard to Social Media.

But a new way of thinking was really what was needed!

And, we’ve become focused on the “new” and the “future”

The Fact

Everything old is new again! It’s “Back to Basics 1.0” And what could be more basic than

your brand? You must ask yourself one question

to begin to solve your marketing problems.

The Question

How is my brand being affected by current

economic conditions ? Once you ask, the next question is

“What are you doing about it?”

What Is A Brand?

It’s nothing more than a collection of

thoughts and feelings a person will have upon seeing your brand or an icon representing it.

Four Reactions

There are four basic reactions a person can have when exposed to your brand:

Great company.

Well-established.

POSITIVE

Old-fashioned…not able to deal with

current problems.

NEGATIVE

Not sure…Heard many different

things about them.

NEUTRAL

???

NO REACTION

?

Attitude Match?

Once a product is created to meet the needs,

Market an attitude to meet the needs.

Brand Positioning

Target Market Needs

Your productNeeds

Brand Attitude

Your brand may not convey an attitude that matches the need that your product or service was developed to fulfill.

Your brand image may not effectively relate to the target’s self-concept.

Branding Success

To succeed in branding, you must understand the needs

and wants of your customers and prospects. You do this by

integrating your brand strategies throughout your company at every point of

public contact.

Product

Brand Image

Consumer

Self-concept

Relationship

Between self-concept

and brand image

Behavior

Seek products and brands that

improve/maintain self-concept

Satisfaction

Purchase contributes to

desired self-concept

Reinforces self-concept

Self-Concept & Brand Image

Attitude match?

Define Your Competition

“Buying Countrywide and Merrill Lynch will make the bank more diversified and competitive.”

“The nation’s leading financial institution and home for all your

personal financial needs”

(

Social Media Marketing

The Tools

Don’t use popular tools like Facebook, LinkedIn, YouTube, Pinterest, Twitter, Instagram, et al. without a “social media marketing plan”.

Use tools that give you SEO and drive traffic to your website.

Revisit your website to make sure it “sells”. Make sure you maintain brand positioning

and use brand guidelines throughout all social media.

The Tools

Become creative when using tools that aren’t necessarily in the “mainstream”, such as A Greater Town, Duda Mobile, Slideshare.net.

Use tools that give you SEO and drive traffic to your website; e.g. a blog.

See what your competition is doing online before you finalize your plan.

Make sure you use tools that have metrics.

Metrics & Evaluation

Alerts Analytics Places

Google

Create Alerts with online PR releases, blogs, crosslinks in social media, etc.

Analytics tell you demos of visits, number of visitors, geographic data, average time spent per page, bounce rate, unique visits, search engine usage, cost-per-click, CPMs, etc.

Google Places is a quick way to create your listing, and is free. Places can be visited at any time to edit your information or to see how many people have clicked on your listing.

Facebook

Facebook Ads give you the power to drill down into your target group in many ways and they are inexpensive. Data includes number of impressions each ad gets and cost per thousands, and more.

Facebook Posts create Google Alerts and can be multi-purposed.

Facebook Friends allows you to expand your audience among a large numer of users who have relatively the same demographics and interests as your Fans.

Competitve Data

Mention.com is basically a free listening post that operates close to real time.

Web.Url give you estimated visitor data to your competitors’ websites in addition to the estimated “value” of those sites.

Website tools allow you to look at competitive megatags used on their sites.

Providing Near-user Marketing® to

Smart Businesses with Local Targets

Near-user Marketing®

Near-user Marketing®

Pre-Internet 5.2

Today 10.4

Number of Exposure Needed to Reach Tipping Point of

Influence

Near-user Marketing®

User Controlled

Company/Brand

Controlled

People Search Locally

Strategy #1

Leverage Local Search

Banks haven’t gone after local search optimization

aggressively. The

ANSWER?

Locally Targeting in Paid Placement (PPC)

The “Map Pack”

Local Organic

ResultDirectory

Strategy #2

Dominate Local Mobile Search

90% Drop in Click-Through

1st Place

90% Less

4th Place

Mobile Search = Action!

There’s a direct correlation between mobile visits to your (mobile friendly) website and action:

Local Paid

Google Adwords

Map Pack

Local Reviews

World Wide Web

Local Web

Brand Monitoring

Brand Monitoring

Why don’t banks “monitor” their brand(s)? They take them for granted after a

while. They don’t know how to do it. They don’t think it’s important. They think it’s expensive & too much

work. They think they can change the bank’s

image without dealing with the brand.

Why You Should Monitor Your Brand

Your brand unites your entire organization around a unique, powerful promise, which charts a course for greater awareness, increased recognition and a competitive edge that positions you for change and growth.

What you lose sight of, however, is that all messages have to be aligned with the brand or they won’t work.

Why You Should Monitor Your Brand

If you do not monitor your brand by tracking either on a qualitative or quantitative basis, chances are good that your brand will be tarnished over time.

Summary

Summary

Know your brand…today Know your targets’ needs Match your brand attitude with

target’s needs Know your brand/product profile Use social media the “right way” GO “local” Monitor and measure your brand

What Was the Name of that Bank Again?