It’s that time again. The CEO says, “We need deposits!” And you scramble to create a campaign to march new checking accounts in the door.
You know how to create a catchy theme and run some ads. Keep reading and you’ll also know how to fix the most common campaign mistakes!
- Don’t Create a One-Shot Wonder.
Pre-plan your annual marketing focus: first quarter, deposits; second quarter, home loans; etc. and tuck your campaigns into the context of your plan. This allows you to leverage an “umbrella” creative for a more consistent look and brand alignment. It also allows you to create a timeline that includes competitive research, product development and training. No more a la carte campaigns! Make a 12-month plan. Stick to it. And make sure the most important effort of every campaign is targeted at your current customers – to deepen their core relationships. - Set Better Goals.
Separate the results you hope to achieve into where you intend to achieve them: from your employee group, your current customers, and your potential customers. Then translate these goals to the branch level, so your team has a sense of control over their efforts.Next, if you’re using an ROI process, create or review it together with your CFO before the campaign breaks. You must mutually agree on what success is (including no unintended consequences!) so your metrics are valid and valuable.
- Empower Your Branches.
Send a campaign “tool kit” to each location. Fill it with on-site support items, like 200 postcards to be personally sent to nearby homes and businesses. Add conversation-starter ideas, phone scripts and handouts. Then let them run. You provide support, and let them customize initiatives to their location. - Tell the Whole Story.
Your team wants to do what’s important; give them enough information so they truly know why you need the product you’re promoting, how that product generates income and/or fees, and what you expect from them. They work at a bank. They’ll get it if you talk to them like adults. - Arm Your Front Line.
I’ll bet you a pizza that you can anticipate 99% of the objections you’ll hear during your campaign. Sooooo……go ahead. Answer “I’ve banked there for years,” “It’s too hard to switch,” and “My current bank is so convenient.” Give your front line powerful words to approach the campaign with confidence. - Offer Incentives.
Reward activity. Call 20 people, get $20. Reward each branch as a team when they reach their goal with a paid half-day off. Reward your top 5 individual performances with a weekend getaway.Make it exciting. Make it fun.
- Offer Energizers.
One of our clients is running a home equity campaign with a newspaper ad series where each ad features a different use for the credit line: a new deck, new car, vacation, educational expenses, etc. Each branch manager reached in a fish bowl and pulled out one of the ads. Then they had to decorate their branch – soup to nuts – to coordinate with “their” ad. Great prizes were awarded to the best efforts, and the team was pumped up and happy to share their story. You get the picture. - Follow Up Effectively.
Ask for more products. Check up on your new customers personally. Make referrals. Make new friends. - Dispense a Daily Dose of Data.
Make your campaign kick-off a big deal. The CEO should visibly and vocally support the effort, as well as drop in at all locations sometime during the campaign.Post results early and often, and share success stories on your intranet.
- Look, Listen and Learn.
Conduct a postmortem with your Branch Managers. Ask about the clarity of the campaign’s objectives, the sufficiency of marketing support, and whether management contributed to an environment of excitement and support.Conduct another postmortem with your front line. Ask how helpful management and marketing were. Ask for suggestions and modifications for the next campaign.
There you go. Do these things and you’ll spend your money and time a lot more efficiently!
