When asked about the most pressing branding issues facing financial institutions, one participant in the roundtable discussion at this year’s ABA Marketing Conference responded:
“We need help developing a message to appeal more broadly.”
In an industry where so many institutions are striving to be “all things to all people” with messages that are already very general and safe, financial institutions should be taking steps to narrow (rather than broaden) their messages – and to clearly communicate the value they bring to their target markets.
Rather than addressing the issue of creating a message with broader appeal, I think the question that more bank marketers should be asking themselves is:
“How can our message be refined to speak more directly to our target market?”
While I can understand the interest in trying to attract more people to an institution, it’s important to remember that the industry is full of so many other institutions trying to do exactly the same thing. And, from the consumers’ perspective, this can only make it more difficult for them to distinguish between institutions in making a choice.
As a result, institutions should be looking to clarify their target market. And, after the target market has been established, it’s important that marketers take the time to understand the needs, values and preferences of that target. This level of understanding will allow messages to be created that have the ability to cut through the noise of other institutions’ more generic messages.
Keep in mind, that while your refined message may resonate loud and clear with your target – it may not be well received by everyone. But this is exactly what you are trying to do – allow people to easily see that you are the choice for them…even if this means that others will have to keep looking.
Be sure to keep your eyes out for Jeff Stephens' insights relative to this topic on The Story.
Oct 2, 2007
ABA Discussion Point 3: Developing a Message to Appeal Broadly
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5 comments:
Was it David Ogilivy who said, "Speak to the smallest possible audience -- ideally a target size of 'one.'"
Also, the next evolution of targeted/message marketing is this: "How can our target markets be more refined (i.e., segmented) so that we can speak directly to each of them?"
Jeffry -
Certainly, refining a target audience will allow a message to be communicated more directly.
It's been our experience that many bank/credit union marketers have not identified (or given thought to) a specific target market - which should be the first step in developing a more direct message.
I'm not sure that focusing on a "target size of one" is a realistic goal for marketers who currently have no target market focus - but it's clear that more refined targets and messages could certainly bring clarity to many institutions' marketing efforts.
Ogilvy would probably agree with you. I think his comment was more along the lines of a parable, suggesting that you should be looking for the smallest groups with which it is still practical to communicate to, rather than try to find the 'lowest common denominator' between one massive group.
The challenging part of directing a focused message is the definition of 'one'. Is it practical to send a message to a much smaller group? What type of relevant message is applicable? Is that 'container' going to remain static or is it going to change. Really difficult and every changing scenarios but necessary if you want to remain relevant.
Gene –
The definition of ‘one’ is certainly important, especially as it relates to developing and communicating a message effectively and practically. And, once again, I’m not sure targeting an audience of ‘one’ is a very practical or realistic approach for any organization that is currently targeting anyone and everyone. Taking steps to identify and establish a target market will allow you to develop a more refined message – one that speaks more directly and communicates value to a specific audience (‘one’).
The relevancy of your message obviously depends on your target market. A solid understanding of your target will allow you to craft your message that is relevant, meaningful and memorable. And, once you develop your messages, they shouldn’t be considered set in stone. Monitoring the dynamics between your geographic market and your target market may allow you to recognize when your messages need to be tweaked, delivered differently or changed all together.
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