One of my coworkers had brought in coupons for a favorite fast food place and we started extolling the virtues of couponing. In our conversation, she mentioned that when not wanting to cook for the family dinner, her husband now asks, “Where do we have coupons to use?” While we laughed, as one of our market research analysts, she commented about the changing of consumer behavior. “Will consumers go back to paying full price when the economy recovers?” …
Have you read or listened to a book that haunted your thoughts long after you finished it? Recently, I listened to the audio version of The Age Curve: How to Profit from the Coming Demographic Storm by Kenneth Gronbach, and I can’t get some of the things he said out of my head. From a marketing standpoint, this book clearly states the issues that are underlying the economic slump and encouraging the focus on the future. First Haunting Thought: “Gen …
In crazy times, like a stock market plunging and gaining day after day, it is hard not to be overly reactive. One thing doesn’t change, and that’s the value of your database, your list of customers/members. The customer or member information that you have captured in a database is a gold mine. Every transaction performed and communication with the customer/member gives you vital data that can be used to enhance marketing efforts and stretch your marketing budget! Here are some …
Just when you think you’ve “got it” in terms of consumer behavior and ways to reach people with marketing messages, a shift happens or is that “@#$%” happens? Recently, one of my favorite bloggers, Mitch Joel of Six Pixels of Separation, ran a couple posts about a September 2010 article in Wired with the title, “The Web is Dead.” This gave me a mental jolt because as a marketing consultant, I spend countless hours figuring out ways to reach consumers …
What is your philosophy of marketing? Do you believe it is essential, valuable and requires the commitment of the best professional minds in the organization? Or, is your philosophy of marketing that it is a necessary evil, that anyone can do it with some guidance? The marketing concept is a philosophy. According to the MarketngTeacher.com, “it makes the customer, and the satisfaction of his or her needs, the focal point of all business activities. It is driven by senior managers, …
For every financial institution, getting a consumer to switch his/her checking account, refinance a loan or open a credit card is a starting point for a relationship. Yet, because consumers are creatures of habit, breaking up with a bank or other financial institution is hard to do! Think about how much financial services are woven into the fabric of our lives on a daily basis. You stop to get a coffee at Starbucks and pull out your debit card. If …
My Marketing Strategy Nicolette Lemmon, President & Founder Over the past year, CU senior execs have offered their thoughts on the challenges and opportunities credit unions have faced in 2010 and beyond on our Credit Union Sustainability video microsite. From overdraft privilege to interchange, “Credit Union Land” is facing many challenges and sharing what executives are thinking across the industry helps highlight opportunities and ideas. All the videos of the CEOs, senior management, marketing professionals and consultants that participated are …
My Marketing Strategy Nicolette Lemmon, President & Founder For the last year, every week when I went to visit my mother in her memory care facility, the treat was to have lunch at the Quiznos down the street. I got to know the owner and often had brief discussions about the business environment and how he lost a lot of business from a mortgage company going bust that had employed 500 people in the office complex near his store. Each …
My Marketing Faves Heather Wilhelm, Client Service Coordinator Focusing on social responsibility as a marketing tool can be a useful strategy for not only contributing to society, but in turn also contributing to the core of your Credit Union: your young members. Support not only charity and community events, but also larger organizations and ideals. For example, Foothill FCU created a youth calendar “Sketch & Save” contest. The contest encouraged youth members to engage with …