The Low Interest Rate Savings Dilemma
July 28th, 2010
Savings account and CD interest rates…how low can they go? Apparently, very low – low enough to force many would-be savers to become Wall Street gamblers.
Repositionable Post-it Note Involvement Device
July 28th, 2010
My last post mentioned some direct mail marketing techniques that attract and hold a prospect’s attention and get the individual involved in the message. Today, without getting too technical, I’ll focus on one specific involvement device, the Repositionable Post-it Note or RPN.
The RPN looks like a standard Post-it Note you find on your desk, but in this case it’s attached to the outside of the mail piece.
The Changing Cost Structure of Free Checking
July 26th, 2010
It’s has come to the point that every time I encounter another ridiculous media article about the pending demise of free checking I behave like one of Pavlov’s famous dogs. Only in my case, instead of salivating, I write another blog debunking the article.
“Awash in a Sea of Liquidity”
July 26th, 2010
“Awash in a Sea of Liquidity”… That’s the cover story in the current Credit Union Magazine.
2009 was such a healthy year for deposit growth for most credit unions that many are flush with cash and seeking ways to turn those deposit dollars into loans to members. In fact, the article says that 2009 saw the fastest deposit growth since the 2001 recession.
While the author quotes the senior economist for the Credit Union National Association (CUNA) as suggesting several strategies for credit unions to pursue, one suggestion is to “scan members and ask them to refinance their bank loans at the credit union”
Involvement Devices Boost Interest
July 26th, 2010
You’re doing chores when you get sidetracked. You find something you didn’t intend to do, but you get involved with it and you ignore the projects you expected to finish.
There’s a similar idea behind the use of involvement devices for direct mail marketing.
The mail piece asks you to do something specific with the involvement device, intending that you’ll become caught up and invest your time exploring the message and offer instead of skipping over the promotion.
A 3-D Promo is a “National Treasure”
July 23rd, 2010
If you’ve ever found a 3-D promotion in your mailbox, you certainly remember it. They make a bold impression. It’s a topic I haven’t covered yet, so today’s post will take care of that oversight.
First, what is a 3-D promotion? 3-D stands for 3-Dimensional. In other words, it’s not a flat mailer or postcard. It can be a box, a mail tube, or another object that has shape and thickness. There’s something inside that gives you a reason to use the dimensional carrier.
Mega-Banks Move Up on Fortune Global 500
July 22nd, 2010
It’s a sad commentary that while 96 smaller banks have been allowed to fail through July 16 of this year, and 140 failed last year, the country’s four mega-banks moved closer to the top on the recently released Fortune Global 500 list.
This Simple Service Could Increase Acquisition & Retention
July 21st, 2010
Most financial marketers agree the more relationships an individual has with a bank or credit union then the longer the person remains an account holder. While we typically consider checking, loans and savings as relationship accounts, there’s one relationship often overlooked.
Online banking and bill pay.
Consumers Have Four New Banking Options
July 20th, 2010
In the past couple of weeks I’ve come across news stories about four new banking options that fall outside the traditional banking system. Whether or not these new options will ultimately pose a threat to traditional banks and credit unions has yet to be determined. But they are new ventures that are worth following.
Don’t Disguise Your Advertising
July 19th, 2010
I turned the page of the newspaper and caught a glimpse of the ad. It appeared to be a supermarket promotion. Seemed likely since it was Wednesday, which is the day the grocery ads fill the paper.
There was a photograph of a cow and the word “MEAT” jumped out of the headline. “Moooove” was another word I noticed. I was already scanning another page when my brain said, “Hey, wasn’t there an Equal Housing Lender logo in the corner?”
Who Writes Letters Anymore?
July 19th, 2010
Since the day I moved out of my parents home I received a letter at least once a month from my grandmother. It was very refreshing to open that letter and reflect on the person I had spent so much time with in my youth. Letters of encouragement, recipes, an occasional $5 bill.
In today’s fast-pace world I find it very rare to open an email with as much anticipation as I held when opening a letter from my grandmother. Not that I’m discounting the importance of a well-written email, but I know the email cost you nothing and you wrote 200 of them in the 20 minutes leading up to mine. I’m sure you’ll write a thousand more before you leave work today.
Start a Secret Number Promotion
July 16th, 2010
Everyone likes to win. People go far out of their way for chances at prizes. Maybe it’s the excitement and anticipation of winning that pulls us in. Certainly, it’s the appeal of getting something, maybe something big, for nothing.
You can use that allure to draw more prospects into your lobbies.
I’ll Miss My Monthly Newsletter
July 14th, 2010
While reading the July issue of my credit union newsletter which arrived in my monthly checking statement, it occurred to me that by switching to online statements I’ll no longer receive this newsletter.
Stir Up Attention This Summer
July 14th, 2010
Remember when the summer months were quiet times for financial services advertising?
Conventional thinking says people aren’t interested in their bank accounts during the summer, except to finance vacations. Spring is the period for home remodeling loans and home-buying. In autumn, it’s back-to-school loans. Cars are purchased in the spring or in the fourth quarter when consumers want model-year closeout deals.
No one promotes checking accounts in the summer. Supposedly, consumers won’t switch June through August.
What Happened to the Teller Windows?
July 12th, 2010
Historically, the first thing we see upon entering a bank or credit union branch is the familiar row of teller windows. After all, for a majority of customers every day, the teller window is our destination point. Most of us quickly scan the windows hoping to see our favorite teller. And, there’s nothing more disappointing than eyeing what appears to be a new teller who we know will take way too much time to process our simple transaction.
Remedy for Bad Press
July 12th, 2010
The image of all reporters being like Woodward and Bernstein isn’t accurate. For reasons like inexperience, misunderstanding, or plain laziness, the stories you read and hear aren’t always exact or unbiased.
As you know, the July 1 deadline for new account opt-in has passed. Now, all new account holders must choose overdraft protection in order for the financial institution to honor those overdrafts. And as you know, the opt-in deadline for accounts opened prior to July 1 is August 15.
Analyze the Value of Free Checking
July 9th, 2010
Over the past several months, multiple media outlets have been forecasting the demise of “Free Checking” since the overdraft era has brought the attention of the regulators and the government. They say that “Free Checking” is an unprofitable account and without the NSF income, it will cause banks and credit unions to reposition and redesign their product offerings for checking accounts.
Can Your Prospects Understand This Sentence?
July 8th, 2010
What you say is no more important than how you say it. After all, if what you say is incomprehensible, then your idea has little or no effect.
Unless you’re trolling science websites, you probably didn’t see the press release, “Many English Speakers Cannot Understand Basic Grammar.”
So what? Nothing you can do about it? Well, a lot of those poor readers are the prospects you’re targeting with your advertising. So are you wasting your marketing money?
I’ll Gladly Pay the Surcharge on My Debit Card
July 7th, 2010
There’s a fight brewing in the California legislature over senate bill SB933 which, if enacted, will ban retailers from adding a surcharge on debit card purchases. To date, the only debit card surcharge I’ve encountered in California is at the ARCO gas stations I visit weekly.
