Keep It Simple

Today’s competitive landscape is changing; and as regional and national players become more aggressive in their marketing efforts, it’s time that you do the same. Marketing today’s financial institutions isn’t easy; but, in an industry where institutions continue to look more and more alike, and traditional “bank/credit union marketing” doesn’t work like it used to, marketing is more important than ever. Some institutions clearly understand the importance of marketing; however, many are employing reactive and unfocused strategies which often produce lackluster results and do little to add to the bottom line.

When it comes to your advertising campaign message, I suggest that you keep it simple.

Financial institutions are notorious for text-heavy, product-focused marketing that can seem random at times. Often times, these initiatives attempt to say too much, and can do more to confuse a customer than to encourage action and/or build a relationship. Today’s consumer is bombarded by as many as 3,000 advertising messages a day; and they want to know quite simply what’s in it for them – beyond the expected free checking account or great CD rate. So, rather than delivering a series of product-focused or rate-driven advertisements, complete with all the fine print, financial institutions can become more effective in marketing themselves by allowing one simple and compelling message to drive their efforts.

The first step in keeping it simple is letting go of the traditional financial services marketing mindset where every advertisement highlights the latest product or rate promotion. Sure, many customers want the latest products and the best rates, but no one has the time or patience to read every last detail about them in an advertisement. Keeping it simple is about communicating your unique value quickly in one powerful and easy to understand message.

Think of the messages used by Citi over the years: Live Richly; Where Money Lives; and the Citi Never Sleeps. Each of these messages is simple; none of them mentions a product or rate. Furthermore, each works to establish a deeper connection with the audience, beyond the latest product or rate promotion, and each was/is used as an organizing principal around which all marketing efforts were based.

The idea of keeping it simple can also make individual advertising and marketing efforts more cohesive when it is applied to an entire campaign, as opposed to just individual ads or marketing pieces. As mentioned in the Citi example, once your message is established, it should be used as an organizing principal that informs all of your marketing efforts.

Another great example of allowing one simple message to drive an entire marketing campaign is Harris Bank’s “We’re here to help” campaign. The message is simple and compelling. The advertisements that support the marketing campaign feature clever help tips and advice for the audience. The help tips include everything from driving directions to subway information; they do not discuss product details or rate promotions.

Consumers have been conditioned to expect text-heavy advertisements from financial institutions who offer the latest giveaways for opening new accounts and great home mortgage rates. Because of this, the audience tends to ignore these expected messages. Effective marketing in today’s marketplace demands that you communicate a simple but compelling message that can stand alone – without all the details and fine print.