The Financial Choice Act is being finalized in Washington and is expected to be enacted in the coming weeks. It allows small banks to escape the debilitating regulations of the Dodd-Frank law. Dodd-Frank imposes such detailed regulations on financial institutions that most small banks were forced out of existence. The new act is said to replace regulation with capitalization. Meaning that if your bank is financially strong enough, you can ignore the regulations that delve into the minutia of your product offerings.
That means small banks won’t have to spend great sums of money just to make sure they are in compliance. It will allow new banks to be established, and existing ones to grow. In essence, whether or not your bank will take advantage of the new law, your competitors will. That means more competition for the finite amount of money in your area.
To take advantage of the new law, existing banks should work toward solidifying their customer base. The most important way is to sell a new product to existing customers, especially those who currently hold only one product. Those second and third products are typically the most profitable for the bank, thereby contributing to raising that Tier One ratio. It currently looks like 10% will be the point at which a bank can opt out of Dodd-Frank.
Bringing in new accounts will likely be more difficult after the law’s passing due to the new competition it is expected to unleash. New banks will be desperate for new business, since they don’t have an existing customer base. That means they will provide stronger reasons for new customers than existing banks are likely to be able to deliver.
My bottom line advice to existing community banks. Cross-Sell and start right now. Don’t wait for the law to do so. The details of the law are just details. The principle is baked in. Before those new competitors are allowed to start, solidify your customer base.
If you read all the junk out there on marketing (including my own) you’ll conclude that your situation is messed up.
Your logo doesn’t really tell your story, but it is too expensive to change. Your name doesn’t address your brand, and that is too late too. There is no time nor budget to do research, only to potentially hear what we already know, and I need results fast to not get fired.
My answer to any of that is lets get going anyway. Sure there will be a price to pay if our brand message is even a little misdirected. We surely are stuck with your name and logo, and we can’t justify the expensive inaction as we research your situation.
The fact is, every situation has greater needs in some areas than others. There is more currency in some names, and logos even when they are no longer quite relevant. Compromises in the process are expected.
The important thing to do is get on the right path, and maintain that direction. Get there as best as you can. Certain areas will delay you, others can be skipped through and still others will be undesirables, yet given.
We will speak of a North Star that the brand has to follow. But following a star ignores all the terrain and political difficulties that will arise on the journey. Just be relentless as you take the path. The direction is the important thing.
“Victory has a hundred fathers and defeat is an orphan”. It is true of great creative. Great creative starts with a daring client who understands that as long as the marketing and branding goals are met, be as outrageous as you dare.
It takes a marketing plan that everyone believes in and makes realistic sense for the brand.
Finally, it takes a creative mind capable of getting into the mind of the audience, then is able to interpret the benefits of an offer, and blending it with the rules of the media used, the brand and psychology delivers an impact.
All that has to go into it for it to be good. It wasn’t just a useful brainstorming.
Widget Maker: We are a new company. We have a great location, a recognizable name, a solid market that will love us, and now we need a logo.
Marketer: No you don’t.
Widget Maker: That is silly. Of course we do. We need something to put on our building, business cards and stationery.
Marketer: Why not just put up this recognizable name of yours? Why make people go through the steps of visualizing your logo just to recognize your name. Just put up the name instead.
Widget Maker: Get out. You don’t know anything about marketing.
Marketer: I know about human nature. You don’t need your name to be read aloud, you need that name to mean something. Surely one of the best ways to deliver the meaning of your brand is through a logo. People will recognize it in a snapshot, but that is only useful if they recognize the meaning of brand that logo represents at the same time. Your brand doesn’t need a logo, your brand needs meaning. Without that meaning, a logo is useless.
You will get a logo. But it is only a tool to convey the meaning we will help develop for your brand. If I were to give you a logo first, I would be providing you no service.
The classic Robin Williams bit on the invention of golf is really a lesson on launching a unique brand. At the time there was no demand for the new sport of golf. As a marketer, and not a comedian, I’d have argued that the world was in need of a frustrating five-hour competition in a tightly managed wilderness. Then I would have introduced the sport of golf as the solution to that need that no one realized existed until I told them it did.
My story would not be nearly as humorous, but it might have been successful. This skit, and the story of Red Bull energy drink are identical in that regard.
They both created a need. Invented a marketplace that didn’t exist before they made an argument for it, then they introduced their product as a way to fill that need.
So don’t fear launching a brand new product. Just push the category that it satisfies, whether that need is recognized to exist or not. Then introduce the new product as the solution to that dire category, which screams for attention.
Just be careful. This is inappropriate for work. Sure there is foul language, but the loud laughter it creates may be unproductive.
The new year has arrived, and we celebrated the most hedonistic of holidays. Celebrate to excess on New Year’s Eve, while counting down the inevitable.Then, lounge about on New Years Day, watching parades and bowl games. The only honoree is Father Time, who appropriately changes into an infant at midnight. What symbol is more self absorbed? The only gifts given are those that are to be consumed that day.
The very idea reminds me of the most fundamental rule of advertising. To promote a product, appeal to one of the seven deadly sins. Pride, envy, gluttony, lust, anger, greed and sloth may carve your path to Hades, but suggesting that your brand will feed any of these will help make that brand successful.
How many times have you been attracted to a product that made one of these promises?
A beer that makes you popular with women (beer teaches marketing, I always say).
A car that makes others stop and look at you drive down the street.
A restaurant where you feast like a king.
A cake mix that lets you get back at the perennial baking queen by just opening a box.
Financial services that make you wealthier.
A home appliance that does the work for you.It works.
Plain and simple. So when you are about to find a marketing angle for your next project, be sure to ask how that product will make the user envied, sexy, rich, pretty, fat or lazy.