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    February 13, 2013

    Thoughts on the State of the (Credit) Union (and Bank Marketing Survey), 2013


    by Jimmy Marks

    Last night was the State of the Union address. All the big-wigs in Washington, D.C. gathered together to applaud, not-applaud, talk, listen, and pretend to listen to a summary of how America’s doing and what the administration is likely to do in the coming year.

    But nothing President Obama said was as stirring or shocking as what I read yesterday in the State of Bank & Credit Union Marketing report from the Financial Brand and Aite’s Ron Shevlin.

    [Author's Note -- As this is a "State of the Union" themed post, please feel free to stand up and clap or sit and stare disapprovingly as you choose. Make a real show of it and disturb everyone in your office. That's what I'm doing.]

    In the past, this report has been an eye-opener about the world of credit union and bank marketing and this year did not disappoint. Well, it sort of disappointed…because there are a lot of roadblocks for banks and credit unions (and yes, us CUSOs and vendors) to overcome this year.

    (more…)

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    January 2, 2013

    The Case for Onboarding: A Timely Way to Help Financial Institutions Build Loyalty

    Filed under: Banks,Credit Unions,On-Boarding,technology — admin @ 10:35 am

    Technology continues to eliminate face-to-face contact and cross-sell opportunities. With the proliferation of online account opening platforms, now is the time for a formal onboarding process.

    Challenges of the past few years have changed how consumers view their primary financial institutions. Loyalty is harder to come by these days. According to the 2011 U.S. Retail Banking Satisfaction Survey by J.D. Power and Associates, more people are willing to switch their PFIs, more financial institutions are being considered in the PFI selection process, and more consumers are turning to non-PFIs for additional banking products they may need. It seems the days of checking accounts making for “sticky” PFIs may be numbered.

    But that’s not necessarily true for financial institutions with effective onboarding programs. These institutions are seeing real success in building stronger, deeper relationships with new members from the first day of opening an account.

    Onboarding involves introducing new members to your credit union during their early weeks or months of membership. Part educational and part promotional, the process helps your members see the full value of your credit union. When done effectively, the results show higher retention rates, broader product usage and lower servicing costs.

    So how are these effective financial institutions doing it? The key is using well-planned, sustained and value-driven email messages. The most common timeframe for an onboarding program is 90 days to six months. Included among the elements of successful onboarding practices are:

    1. Simple, easy-to-read emails
    2. Similar design styles and formats across all messages
    3. Deliberate, slow-and-steady delivery schedules
    4. Supplemental welcome calls at two-week and 60-day intervals

    Happily, today’s technology allows for the onboarding process to be simplified and cost-effective. Messages can be personalized based on members’ individual profiles, often synchronized with credit union data files. Certified email engines can automatically deliver customized emails at timed intervals to keep the credit union name in front of members, without being pushy. And systems can manage email lists for bad or duplicate addresses, while collecting delivery and open-rate measurements.

    The shifting consumer trends affecting today’s financial services industry are providing financial institutions with great opportunities to draw in – and retain – new members through initiating a strong onboarding program. It’s a proven marketing strategy that, when done right, can build loyalty, trust and “stickiness” among your membership.

    For financial institutions, the timing has never been better.

    This article originally ran in our free, monthly e-newsletter. Are you signed up already? If not, sign up here to receive a monthly collection of helpful articles and interesting tidbits right in your inbox.

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    December 20, 2012

    The Twelve Days of Electronic Marketing


    by Ron Daly 

    If you’re waiting until the last minute to figure out that perfect gift for a special someone, might I dissuade you from looking into giving them the “Twelve Days of Christmas” gifts? Twelve drummers drumming, eleven pipers piping, and so on, will cost you quite a pretty penny. Plus, where do you put it all? I haven’t really got the room for the 364 total presents I’d be getting. Maybe we could stick the birds outside in the back yard, but all the milk maids and leaping gentlemen would be a little annoying.

    I’ve decided none of you is getting all these birds, rings, busy artisans, etc. Instead, I’m giving you the twelve days of electronic marketing! Sing along, if you think you can.

    On the 12 Days of Christmas, DigitalMailer Gave to Me: 

    • 12 Months of eMailing - A monthly email newsletter doesn’t cost much to send and gives your customers an idea of what’s shaking at your business.
    • 11 major holidays- You’ve got:
      1. New Year’s
      2. Valentine’s Day
      3. St. Patrick’s Day
      4. Easter
      5. Mother’s Day
      6. Father’s Day
      7. 4th of July
      8. “Back-to-School”
      9. Halloween
      10. Thanksgiving
      11. Christmas/Holiday

      That’s eleven easy touch-points with built-in branding to play with – get to work and make something outstanding.

    • 10 fingers typing – Got an initiative you’re trying to get off the ground? Have a fun community outreach program? Got something really interesting to say? Start a blog! It’s never been easier.
    • 9  referrers referring – If you’re looking into NetPromoter scoring, remember – nines and tens are your only “referrers”. Sevens and eights aren’t counted and six and below are detractors. And always ask “why?” when it comes to the score you were given.
    • 8 hours of working – The eight hour workday is disappearing. People are working from home and on the go. Consider how much information you’re hoping they’ll retain. Make your messages clear and concise, and always lead them to an action. Be efficient, you want to be a solution, not part of a bigger problem.
    • 7 days a week – Are certain emails more likely to work on the weekend? How will you know if you’re not split-testing? Consider a weekend email for new home buyers looking into open houses, or car shoppers who might take a Saturday afternoon to browse the lots.
    • 6 month reviews – Check out how your efforts are doing every six months or so. Set benchmarks, evaluate, make changes, and strive for the best.
    • 5 GOLD RINGS! (Just felt like singing that one.)
    • 4 points-of-contact – We like to give people a few ways to get hold of us, if they need us. We welcome people to email us, call, write or tweet at us…whatever works for them, works for us.
    • 3 calls-to-action – In a good email campaign, you’ll want to give at least three call-to-action links: one at the top, in text, for the impulsive; one that’s a big graphic for the visually minded; one toward the bottom for the thorough readers.
    • 2 ways to view – Remember, more and more users are reading their email on a mobile device – ReturnPath estimates that more people will be reading email on a mobile device than on a computer by the end of 2012 (which, I don’t need to remind you, is less than two weeks away). We’re working on a few ways to optimize emails responsively that we’re going to share with our clients in 2013. What are you doing to prepare?
    • And a cartridge printer in need (of a job) – More mobile documents, fewer things to print out, more ways to save and store those documents…we’re committed to taking our clients further away from their paper needs.

    Not to toot my own Christmas trumpet or anything, but that’s a much better list. Better to have good advice and food for thought than a bunch of dancers, geese and hens breaking all your furniture and getting allergy-causing down everywhere.

    From all of us to all of you, MERRY CHRISTMAS and a happy, productive, lucrative new year!

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    September 12, 2012

    Our White Paper Series Starts Today! Did You Sign Up Yet?


    A few weeks ago, we told our eNewsletter subscribers about our “Back to School” white paper series. We’re covering four important topics – cost savings, electronic surveys, social media basics and “localizing” via search tools.

    Today, our first email heads out to subscribers around noon EDT. Our question is: have you signed up yet?

    These white papers are based on extensive  research and our own personal experience with our clients. They come once a week and they’re only available for a limited time. And best of all? They’re free!

    Simply go to our white paper enrollment page and sign up today.

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    August 16, 2012

    How do you “measure up”?


    A great article just came out of MarketingProfs.com, offering up new insights into the average open rates, click-through rates (CTRs), and unsubscribe rates for financial service email marketing campaigns. To highlight a few important points:

    • Financial services campaigns had a 22.6% average open rate. This might seem small, but it’s actually pretty good compared to other businesses (especially education, health and retail). If you’re getting open rates higher than 22%, you’re doing well.
    • FIs can anticipate an average CTR of 3.5%. Again; small in theory, big in practice. You always want this number to be higher than it is, and the more focused your list, the more you should expect a high CTR.
    • The average unsubscribe rate for FIs is .18%. What?! You read that correctly – that’s point-one-eight percent. It might make you think that people really love getting emails from their FI, yes? Not necessarily. See, that doesn’t account for people who see an email from their bank or credit union and drop it into trash. Nor does it account for “priority inboxing” (thanks, Gmail, for making emails even harder to get read).

    So, what can we take away from all this? Well, as an industry, it would be nice if those rates reflected a highly-engaged readership. It can happen, it DOES happen. But we also shouldn’t use this to shame ourselves out of ever using email marketing again — remember, these numbers are actually pretty good, considering.

    How can we raise the bar?

    • Better Content/Unique Content – The short-and-sweet way to increase your open rates? Make sure it’s an email worth opening. Consider special offers that are only accessible via your email list. That way, users aren’t just users, they’re “insiders”.
    • A Better Focus on Calls-to-Action – As we’ve discussed before, try out different calls-to-action – text, images, text AND images, different wordings, different positions – it all matters, and it’s all dependent.
    • The “Let-Out” – Don’t hide unsubscribe links from people. If they want out, let them out. It’s only going to improve your open rate in the long-run (after all, the open rate is the number of opens divided the number of emails sent – decrease the bottom number and the percentage will increase. Simple math, yes?)

    Learn more about DigitalMailer’s Email Marketing engine, the ARB.

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    February 22, 2012

    Who “Lost It” in 2011?


    by Jimmy Marks

    At the end of last year, we put the word out to our clients about a contest we were running. We called the contest “Move It and Lose It”. Not move it “OR” lose it, mind you, but “Move It AND Lose It”.

    The “Move It” part of the contest was moving customers and members to electronic statements. The “Lose It” was losing costs associated with printing and mailing statements month after month. And boy, did our clients “lose it”!

    In the contest period, clients added almost 40,000 new eStatement users! Assuming an average savings of $.50 per user per month for twelve months, they’re looking at just shy of a quarter of a MILLION dollars in savings, just from those new users alone! How cool is that?

    You can read more about the contest and the results via our press release, and see who won the iPad (the grand prize) on the “Move It and Lose It” page.

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    February 1, 2012

    Knowns and Unknowns: The Troubling Numbers in a Recent Social Media Study


    by Ron Daly

    Jim Marous just did a fantastic story over on his blog, Bank Marketing Strategy. In it, he showed the results of a study he did about bank and credit union marketing strategy, conducted in conjunction with the Financial Brand‘s Jeffry Pilcher.  According to their results, credit unions are heaver social media users overall whereas your “non-community banks” use progressive online media channels for advertising (banner ads, fully-online account opening, iOS apps, etc.).

    But when I read the social media report, I almost fell out of my chair. Not because of the number of channels the respondents said they were using, not because of the high number of people who said they were “planning to use” social media. It was because of the number of respondents that say they were “not sure” about which social media platforms they were using.

    You’re not sure? You don’t know?

    How is that possible? And what’s worse, according to the post, 82% of respondents work in the marketing department of their financial institution. Of everyone in those banks or credit unions, a marketing person SHOULD know.

    I know, it’s a minor quibble – there aren’t many respondents saying they’re “not sure”. But six out of forty-six bank respondents not knowing whether or not their company has a blog? A blog typically sits on the website. That’s something anyone who knows your web address should know. Shameful.

    Why am I getting worked up about this? Because it’s foolish. Not knowing whether or not you’re using a particular social network? That’s a problem. Because if you’re not sure, then you’re ALSO not sure that someone ELSE isn’t MISrepresenting you in that space. And you’re ALSO not sure that there’s not a “[Your FI's Name Here] Sucks” page out there. And you’re ALSO not sure that an employee is or isn’t following guidelines.

    If Jim Marous and Jeffry Pilcher decide to do this study again next year (and I hope they do, because this is some great info), I hope there’s a big fat zero next to every “not sure” on that chart. Because when it comes to your financial institution’s reputation and customer/member relationships, you can’t afford to be ignorant.

    [Click here to learn more about DigitalMailer's new Social Monitoring tool, SocialSentry.]

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    January 19, 2012

    Why bother blocking social media? The “Big Guys” don’t.


    Take a look at this video from Ragan.com that’s all about social media access in the workplace. Erin Moran from the Great Place to Work institute has some insights about how valuable social media can be, how “career-ending blunders” very rarely happen, and how allowing employees to have their say can lead to transparency and a better “trust relationship” with the consumer.

    Can’t view the video on the blog or via the daily email? Go see it on Ragan’s website.

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    November 10, 2011

    The Losing Team


    by Jimmy Marks

    I had to learn how to be a good sport. It took a lot of time and I still don’t love a loss, but for the most part, I remember when I’m dealing with a game.

    My nephew was recently in the championship game for youth flag football. He and his team played a team much bigger than themselves and they held them through the scoreless first half, but were eventually outgunned. They lost. And my nephew did something really surprising…

    He high-fived the other team, sat down for his chat with the coach, and then went on his merry way. He wasn’t upset, he didn’t cry or get angry, he was just fine. He’s a good kid, and he’s no sore loser. It was inspiring.

    Sometimes, it’s okay to be on the losing team. I guess it all depends what you’re losing.

    Which is why DigitalMailer clients across the country are joining us in our quest to “Move It & Lose It”. And I’m joining the losing team for a goal of my own.

    See, from now through January 31, 2012, our eStatement clients are going to be creating and running campaigns and changing their eStatement enrollment strategies to try and have the highest amount of enrollments. The winners will be getting an iPad 2 to either give away or use at their branch (for whatever reasons they choose…the SMART folks know they’re great for chatting with branch visitors and showing them important info that just won’t translate to paper).

    To show that we’ve got something at stake ourselves, I’ve decided to try and lose twenty pounds by January 31. I’ve gotten off to a rocky start – it’s tough to will myself onto a treadmill, but I’ve cut a lot of sugar and fat out of my diet. I’m hoping to get a little better every week, just as our clients are trying to add more eStatement  users day by day.

    What are the clients “losing”?

    Costs. Specifically, printing and postage costs. It takes a lot of money to mail statements every month and a simple switch can make a world of difference. Electronic statements are easy-to-use, compliant, and best of all, cost-effective. There’s just no reason not to encourage your customers/members/users to switch. It saves you money, it saves them time (and storage space) and it makes the whole world a little simpler and a little greener.

    We’d love it if you’d come join us…on the “losing” team.

    If you’re a client and you’d like to get in on the fun, click here.

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