Change Your Mindset #20: Pay Attention to Marketing Outside of Financial Services

Today’s most successful companies are those that market themselves effectively; they connect with their target audience, communicate a clear value proposition and deliver with consistency. And in today’s crowded marketplace where consumers are exposed to thousands of messages a day, financial services marketers must pay attention to marketing initiatives both inside and, perhaps more importantly, outside of the industry in order to stay relevant and effective.

Many financial marketers rely heavily on the traditional marketing playbook with initiatives like local newspaper-ads, sports team sponsorships and in-branch flyers to promote products; and while these initiatives may contribute to success at some level, they are often-times predictable and easily overlooked by consumers. In order to create the kind of buzz that will generate real results at the bottom line, institutions need to get noticed and focus on integrating their efforts effectively across various channels; this works to introduce, reinforce and keep your message in front of your audience.

While buzz can be generated in a number of ways, it’s important that you remember that you want to be noticed for the right reasons. This begins by identifying what message or characteristics you want to emphasize in your marketing efforts and ensuring that all of your initiatives work to support them.

An example of this kind of thinking can be found in many of Umpqua Bank’s marketing initiatives where it has borrowed from the retail industry in creating an environment that is much more like a retail store than a traditional bank branch. Umpqua generates buzz with initiatives like its Discover Local Music Project where the Bank supports local musicians, creates compilation CD’s and sells them in their branches and online. This initiative reflects Umpqua’s dedication to being involved in the communities it serves and is in-line with their brand and messages; this allows the initiative to both create and sustain a buzz over time.

Overall, financial services marketers need to watch for trends and shifts in their target audience and reflect those shifts in the marketing initiatives. We see great opportunities for institutions to expand upon their online presence with social media like blogs and podcasts; to run campaigns that connect emotionally with the audience as opposed to emphasizing product and/or rate; and to leverage community involvement as means to reinforce an institution’s messages and brand. And while many of these kinds of initiatives have had successes in other industries, there’s no reason why they shouldn’t or couldn’t be successful in financial services. With that, we ask that you pay attention to marketing outside of financial services and be open to the kind of unexpected initiatives that can get you noticed and have a real impact on your bottom line.