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FI marketing for the non-marketer

May 20, 2013 by Dan Kramer — Senior Vice President, Marketing & Merchant Servic, SHAZAM

At community financial institutions — and other companies in the financial services realm — employees are often asked to carry out a number of collateral duties for which they're not formally trained. One of those is marketing.

Here are a few tips that will help marketing newcomers — and serve as a good refresher for those who have some experience.

Look at your competition's good side

Businesses often gather competitor intelligence based on the testimony of unhappy customers. This is a mistake. Such information paints a highly biased, worst-case picture that can make you believe you're much better than you really are, compared to your competition.

Find out the best aspects of your competition — then beat them by adding value to your own products, services, and offers.

Get to know your audience

Marketing only succeeds when you fully understand the needs of your customers.

For example, if your customers seem to be more engaged with their smartphones than they are with you, then they're likely to appreciate mobile apps that make their lives easier or safer. But if your audience is older, perhaps a campaign that warns them about social engineering scams would be better.

Use consistent messaging

Consider the entire user experience — not just an individual statement stuffer or web ad — before you launch a campaign. From one channel to another, is your customer enjoying a consistent user experience? If they are, then you're doing better than most of your competitors.

Focus on customer benefits, not product features

There's an old saying in marketing: "Don't tell me about your grass seed. Tell me about my lawn." In other words, sell the beautiful lawn that makes customers feel good when they come home from work (benefit) — not the grass seed that produced the lawn (feature).

Every feature you offer has an associated benefit. Speak to your customers in terms of those benefits — how your products and services will improve their lives — and your marketing will be far more effective.

Be sure to ask for help

Marketing can be a strange business for those who don't do it every day, so you'd be wise to seek the advice of those who do. 

No matter the source, find the answers to your marketing questions from someone with experience. It can save you time and money in the long run.

About Dan Kramer

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