First, a confession: This is not an original headline, but the title of a book written in 1963 by one of the most famous ad men of all time – David Ogilvy. My advertising career began at J. Walter Thompson, at that time the largest agency in the world. In those days, I loved the Ogilvy book, considered to be the Bible for the advertising profession. As a newly-minted … [Read more...]
Bank Marketers: Are You Connecting with Seniors to Meet Their Needs?
While much of the advertising dollar goes to the prized 18-to-35 demographic, Bill Murtha’s recent post on mature adults gives powerful witness as to why marketing to mature adults is critical, especially for community banks and credit unions. Murtha cited a recent survey that found that by 2018 nearly 70 percent of all disposable income in the United States will belong to … [Read more...]
Bank Directors and Officers: How to Prepare for a FDIC Lawsuit
Over the past few weeks many articles have been published about the damage that has been caused by lawsuits the FDIC has filed against bank directors and officers. I know there were some things going on in a few banks that weren’t always done appropriately or legally, but the problem is that much of this activity had been occurring for years. As Warren Buffet once said, “Only … [Read more...]
Develop Marketing Plans, Not Severance Plans
New banking regulations, reduced loan volume and intense competition are causing banks all over the country to search for ways to cut overhead. FDIC data shows that small banks as a group are less efficient than the larger ones. In the most recent quarter, 76 cents of every $1 in revenue at banks with less than $100 million in assets was used to cover expenses. At the larger … [Read more...]
How to market your Internet Bank
A reader of this blog recently asked my advice on the most economical and effective way to market an Internet bank. The truth is – basic marketing rules still apply. Like with marketing traditional banks, your primary concern should be who your audience is. Internet banks attract a very specific kind of banking customer – one that is computer savvy and comfortable doing … [Read more...]