Amish vs CU Marketing: Is their budget outpacing yours?

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Amish, Credit union, Lancaster County Pennsylvania

Not too long ago I was talking to a marketing friend of mine who was extremely excited about doing creative for her client, the Amish.  She was getting ready to do a series of billboards, and ads to promote Amish businesses and tourist locations in Lancaster County, PA.

Can you believe it?  The Amish are embracing marketing!

Over the years I’ve had plenty of conversations with credit unions about their marketing efforts.  Historically credit unions see marketing as a pure expense rather than an investment or cost of doing business.  Certainly not every credit union feels this way, but those who do think it fiscally conservative to cut back on this expense when the budget gets tight instead of viewing as reinvesting in tools to grow their business.

Frankly, I’ve never understood this position.  I think you can be fiscally conservative, but still recognize that you have to spend money in order to make money.

No one can claim that the Amish aren’t conservative when it comes to spending money.  They are nothing if not frugal to a fault.  Not a penny is spent unless there is a clear business purpose, and the expectation that the investment of those funds will generate positive financial results.

So why in the world are the Amish spending money on marketing?

They recognize you have to get your message out there in a competitive market.  Every summer millions of tourist come to Lancaster County to visit the amusement parks, music theatre, Outlet stores and of course the Amish tourist sites.  There are many restaurants, shops and locations to choose from, so the competition for those tourist dollars is heated.

They realize that people don’t spend money with you just because you’re there.  Just because tourists visit Lancaster County, it doesn’t necessarily mean visiting Amish sites or businesses are on their agenda.  Lancaster County is full of great sites, activities and shopping for out-of-towners to enjoy.  Tourists have so many choices that businesses that don’t actively promote themselves will be overlooked.

You get what you pay for.  The Amish are competing against a lot of attractions and businesses that have substantial budgets.  While they will never be able compete dollar for dollar, they have developed a strategy that allows them to invest what funds they do have in media that will give them high profile exposure at a reasonable cost.  The Amish are not ones to squander funds, so they have to be confident that they will earn a dividend from this investment.  They put their money where it will do the most good.

I think credit unions can learn a lot from the Amish.  Investing funds wisely in marketing that will bring you a return and grow use of the credit union is not extravagant.  It’s smart business practice.

Just think about it – if you are spending less than the Amish on marketing, maybe you need to rethink what you’re doing to promote and grow your credit union.

Are You Ready for Some…Super Ads!

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Advertising, Business, Credit union, Go Daddy, Marketing, Super Bowl, Super Bowl advertising, Television advertisement

This is an exciting week for us marketing geeks.  It’s Super Bowl time!  I admit it.  I look forward to the ads every year.  I rate my favorites, and during the game I have been known to text real-time ad commentary with my friends.

After the game, I happily read all the articles on how well the commercials rated and which ones scored highest in viewer polls.  Yes – I am a total marketing geek.

This year the cost of a 30 second ad is $3.8 million.  Credit union marketers will never, ever get close to this kind of budget for a year let alone for one ad.  So the obvious question to ask is – is it worth it?  If you were to ask a company such as Go Daddy if it is worth it, I would expect they would say yes.  Would people really be as familiar with this internet service provider if not for their controversial Super Bowl ads?  I would imagine their response would be no.

But here is the important point.  Their ads were memorable.  They generated controversy and therefore a lot of additional press coverage.  We’ve all watched Super Bowl ads, and we know that many of them are not memorable.  Or worse, we remember the commercial but not the company or product it was supposed to be advertising.

So here is the universal truth of all advertising and marketing.  It doesn’t matter how much or how little you spend.  If the content of your ad is not good; if it doesn’t get people talking about or remembering your product, then it is not worth it.

Credit unions don’t have huge budgets for marketing, and very often I hear CEO’s ask if “marketing is worth it?”  The answer is yes, marketing is worth it if done well and it gets results.  Companies that advertise during the Super Bowl believe that the return they will get is well worth the $3.8 million dollars they’ve spent.  For the ones who do a good job with their creative, it will be.

Before credit unions spend any money on marketing, there should be a clear strategy and plan behind the ad, or mailing or online campaign.  The message should be creative and memorable.  When executed well, your marketing will always get results.

Armstrong’s Last Stand

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Armstrong, Lance Armstrong, Oprah, Oprah Winfrey, public relations, United States Anti-Doping Agency

For PR practitioners, this week has been like the build up to our own Super Bowl.  Lance Armstrong’s interview with Oprah airs tonight and what he says will either set him on the course to redemption or seal his reputation as the biggest liar in sports history.

Armstrong has been fighting off allegations of doping for years.  He has been consistent and adamant in his denials that he used performance-enhancing drugs.  When the United States Anti-Doping Agency released its report outlining all its evidence of elaborate cover-ups and deceit, Armstrong continued to insist he was innocent.  When he was stripped of his Tour de France titles, he declined comment then doubled down until deciding to confess to Oprah that he did use the drugs after all.

Unfortunately for Lance however, it is way too late to manage this crisis in any way that will save his reputation.  When it comes to crisis communications, there are clear rules about controlling and managing your story effectively.

Tell the Truth

This is the heart of all Lance Armstrong’s issues.  Telling the truth in any crisis is the number one way to salvage your reputation.  Armstrong apparently has lied; lied again and then lied some more.  He has certainly been consistent in his message, which is usually a good thing when it comes to PR, but the truth has a way of coming out eventually.  If you don’t admit to a wrong or tell the whole story from the beginning, all credibility is lost.  From then on anything you say will be looked on with skepticism.  Armstrong lost ownership of his story from the moment he doubled down on his lies.

Timing

It’s too late to tell the truth once everybody already knows you’ve been lying.  At this point any opportunity to control the story and its outcome is long gone.  By not responding or coming clean immediately Armstrong lost all chance of regaining any credibility.  He made the classic mistakes of ignoring the situation, denying what was happening and what he had done.

Armstrong’s decision to “confess” to Oprah now will not be seen as brave, and he won’t be given credit for finally being honest.  Instead the coverage will continue to focus on his motive for doing the interview now more than what he actually admits to having done.  His actions and motivations will be examined far more closely than anything he actually says.

Consistency

As I said above, being consistent with your story and responses is usually a positive when handling a PR crisis.  But that strategy only works when you’ve started off being honest and proactive with your information. People and the media will forgive you if the information given at the beginning of a crisis is what you know to be true based on the best data you have at the time.  As long as you are making a true effort to be forthcoming and transparent, those listening to you will continue to give you the benefit of the doubt.

Armstrong was adamant and arrogant in his denials up until this week when word came that he will be pivoting in the complete opposite direction with his admissions to Oprah.  This is not consistent.  It comes across as a desperate last attempt to salvage his reputation. By now everyone has formed their opinions based on the actions and statements of the agencies that sanctioned him and stripped him of his titles.

How Armstrong will be perceived in the future will depend on his future actions.  Will he be contrite and apologize to all his fans?  Will he be humble and take steps to show he understands that what he did was wrong?  If so, then he may have a chance to build a new future.  But if he does not accept or own his lies, and the impact they have had on his sport, he will continue to be reviled.

Let’s Talk Turkeys

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content marketing, Credit union

So as marketers and PR people we all have our language usage pet peeves. I had fun reading an article from PR News about words that haunt PR pros and it got me thinking. So in honor of the recent Thanksgiving holiday. Here are my top turkeys – those words and phrases I think are overdone and dried up. Stick a fork in ’em, they’re done.

Premier – It’s become so common in credit union marketing that it’s lost its meaning and impact. Unless you’re actually truly the first, this word should be avoided. Try clear, strong adjectives instead like best or outstanding.

Maximize –As in return or profits, etc. Whatever happened to increase or improve?

Going forward – Well I hope we’re all going forward and not backward. How about ”in the future?” Or specifying a time period, like “over the next few months…”

Real time – What is unreal time? Enough said.

Innovative – We all want to be innovative, but it’s hard to claim this unless your really, truly the first to market with your offering.

Leading provider – This is just too stodgy and boring. Instead of saying “leading”, why not give real stats about the use of your services. That would be truly impactful.

How about you? What words or phrases are on your list?

What’s Old is New Again

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content marketing, public relations

So the big buzz in marketing lately seems to be “Content Marketing”. I’m getting all kinds of emails telling me I need to implement a “content marketing program” or inviting me to attend webinars a about how to be an effective practitioner of this new information trend.

First let me say, I am in total agreement that sharing educational/ informational content about your business is the way to go. When you provide quality information, you have positioned yourself and your business as experts in your field. You prove your worth by giving value to the relationship you have with your clients and in credit union land, your members.

The issue I have is calling this “new”. As a long time credit union marketer, I know that “content marketing” used to be called “your newsletter”. The credit unions that did a good job with their newsletter stayed away from sales pitches. They educated their members on how to manage their finances, how to save for college or a home, or how to manage debt. They promoted new products by explaining why the member’s life was going to be better if they used that service. They held educational or fun events at the credit union and talked about it in the newsletter. This was also called PR.

None of this has gone away. But instead of the newsletter we have brand new distribution channels. There are blogs, and tweets and Facebook, all of which should be used to share information and market what you’re doing.

I think a lot of credit unions get too caught up in worrying about all this “new stuff” that they think isn’t for them. These are just new tools to help us communicate better and reach our members. It used to be that everyone would take the time to read our newsletters. Some still do, but people have a lot of options now. So we need to use the same channels that they use to get information. We need to be where they are in order to reach them.

So don’t be afraid of a blog or Facebook or YouTube, whatever it may be. Credit unions know how to provide information that their members need and want. Content marketing has always been here, we just need to adapt and embrace the new delivery methods.

When the Real World Comes to a Small Town

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Crisis communication

I live in a small town in Central Pennsylvania.  It’s the kind of town where you meet someone you know in each aisle at the supermarket and the whole town comes out for the high school’s Friday night football games.  There’s not much excitement around here – usually.

Every so often the unexpected, “real world” stuff shows up on your door.  For our town, it was a kid bringing a loaded handgun to our high school this past Friday afternoon.  Happily another, responsible student reported what he saw to the school officials who acted quickly, confiscated the gun and brought in the local police.  Everything was under control, all students were dismissed as normal and a full investigation was started immediately.

I first heard about the incident from my son, who texted me from the school bus, as soon as he was dismissed.  But to the school’s credit, I received an email from them explaining everything not five minutes later.  Obviously my first concerns were as a mom.  How did this happen?  Was everyone ok?  But the PR person in me couldn’t help but start evaluating and examining how the school district was handling their communications.

The tough thing about crisis communications is that you are usually in the middle of an extraordinary event, and you are just trying to deal with what is happening.  Many times the first reaction is to go into shut down mode.  No communications until we have all the answers and everything is under control!  But today we live in the world of social media.  Information about a gun being at the school was already out on Facebook and Twitter by the time the kids were getting on the busses to leave school.  In a crisis there is no longer the luxury of waiting too long to send out communications, because if you don’t tell your story someone else will do it for you.

I have to give our school district a lot of credit.  Obviously in the midst of handling a very tense situation, they were also preparing their messaging.  Within an hour of everything occurring, they had sent out a message to parents that described what had happened in as much detail as they could, and explained their decision to cancel that evening’s homecoming events in the district.  These messages were sent via email and phone through their auto-call announcement system.  Messages were also posted on the District’s Twitter and Facebook pages.  The news media, who had already been alerted, were given the same information.

The District then sent an update later that evening that the rest of the weekend’s Homecoming events would proceed as scheduled and explained the steps that they were putting in place with local law enforcement to monitor and assure crowd safety.

Homecoming Weekend is a big event for our school district and entire town, and while the kids and parents who were interviewed by the local news expressed disappointment that the dance had been cancelled, they also said they understood why and approved of the District’s actions.

No one criticized the District and they said they approved of the way things were handled.  I’d call that a PR home run!

So what did they do right?

• Had a crisis communications plan established so that everyone knew what steps to take while events were happening quickly
• Had an instant messaging system in place to be able to reach parents immediately with information and also posted everything on their website
• Used social media sites to post updates and new information
• Provided accurate, detailed information as quickly as possible, but not before they had all the facts
• Provided follow up information and updates throughout the weekend and ongoing as necessary

The lesson in all of this for credit union is that crisis communications should be a key part of your disaster recover plan. Most importantly, whether you’re big or small size doesn’t matter when it comes to communicating in a crisis.  You need to have a plan in place, then execute it well.

Saying It Once is Not Enough

The thing about having a 15 year-old son is that you get used to being ignored.  I used to be cool.  We used to hang out and talk about all kinds of fun things.  Now I get “Yeah, yeah Mom” as he passes me on the way to his room.

This is of course tough for me.  Since he’s become teenager, I am now trying to balance his band and school schedule with my own.  So, I’m always sharing all kinds of important information, like what time band practice starts in the evening or doctor appointments coming up or the grandparents are coming to visit this weekend.   I feel like I’m telling him stuff all the time, so it’s really frustrating when I hear back “you never told me that!”  I have come to realize that if it doesn’t pertain to food, Xbox or “Top Gear”, then it’s like the words never left my mouth.

As a marketer, I suppose I should not have been completely surprised.  I don’t know about you, but I have often had the same frustration when communicating to members.   Sure, when members first join they think you’re great.  They read everything you send them, and then they get comfortable with you.

We feel like we’re telling members the same things all the time, but we’re not being heard.  The reality is our members have a lot going on.  There is so much competing for their attention that they are a lot like my son.  They’re only going to give their time to the things that really interest them.

So what to do?

Talk about the things that interest them. 

I now know, thanks to “Myth Busters”, that you can make an actual, working, floating boat out of duct tape.  Who knew?!  Does this have much relevance to anything?  Not particularly, but it’s cool. So I use topics like this to start a conversation with my son, and then sneak in the stuff he needs to know.   I’m just packaging my message in a way to get his attention. We sometimes forget that what is a huge priority to us within the credit union doesn’t mean our members are going to feel the same.  So don’t just say you have great student loans.  Share tips about surviving dorm life.  And how do you get to the dorms?  With a loan from the credit union, of course!

Repeat your message across multiple channels

There are a lot of messages competing for our members’ attention.  Using one channel to spread your message is not enough any more.  People consume their information from many different sources.  You have to try to use as many as you can to get your message across.  Direct mail, social media, statement inserts, newsletters both on and offline – It’s not enough to be in one place anymore.  It may feel like overkill, but all of these channels work together to amplify and extend the reach of the communications you are trying to share.

I have gotten creative about sending information to my son.  I may tell him something directly, then write it on the bulletin board in our kitchen.  For follow up I send him a text and/or an email.  And amazingly, every so often, when I’m probably telling him something for the fifth time, he says “Mom, you already told me that!”  Really? Huh, how about that.

Tips For Your Earned Media Program

As credit union budgets have gotten tighter, I’ve been hearing a lot more discussion about using earned media placements for promoting the credit unions and their services.  As a PR person, I am all for marketing departments engaging in a more active public relations program.  Frankly, it should always be part of your communications mix regardless of any year’s budget concerns.  If you’re managing your brand and promoting your credit union, you should use all the tools and communications channels available to you.

Where I think some credit unions miss the boat is when they forget that writing for placement in external media is very different from writing for the newsletter or other direct to member communications.  So just a couple of things to remember when writing those press releases:

The media is not obligated to run what you submit to them – The media do not work for us.  When we submit stories to them, we are playing in their pool.  This means we have to make sure that what we send is actually newsworthy.  It has to be of immediate interest and relevance to their readers.  It’s not enough to tell them that we’re launching mobile banking.  We have to tell them why their readers should care.

Get to the point –  Follow the journalistic style of placing the most important facts or information in the first paragraph.  If you start the release talking about the history of the credit union, it will never see the light of day.  What’s your big news?  Make sure that it’s the first thing you talk about.

Watch your writing style – Don’t submit something that reads like a newsletter article or a sales pitch.   Write like a journalist covering your story as a neutral outsider.  Don’t use “we” or “our”.   Watch your use of descriptive words like –best, greatest, easiest, awesome, etc.  It’s ok to include these in a quote from a credit union official who is offering his or her opinion, but not as part of the main text.   Keep your punctuation and formatting neutral as well.  Save the bold, all caps and exclamation points for your direct mail or sales brochures.

Get to know your media contacts –  Make sure you have the full name and contact information of the reporters or editors on your list.  Know their deadlines for publication, and if they cover specialized topics like finance or community events.  You shouldn’t send all releases to all your contacts.  Target your releases by topic to the reporters who cover that particular beat.

Reach out and introduce yourself.   – Make it a goal to become a resource for the contacts on your media list.  These people live under tight deadlines.  If you can provide them with the information they need to cover a story, then you become a valuable contact for them.  So get to know them.  Share data on savings or mortgage trends that might be interesting to their readers.  Show how your expertise on financial service topics can help them do their jobs.

You can have a successful earned media program, but you need to take off the internal marketer hat first.   Write for the end consumer and what interests them.

Does Viral Marketing Really Work?

One of the biggest stories to come out of the recent political conventions had nothing to do with the candidates or the economy.  It was about “Eastwooding”.  Clint Eastwood pointed talking to an empty chair during his speech at the Republican convention immediately launched a viral movement of people taking pictures of themselves pointing at or scolding empty chairs.

“Eastwooding” is a great example of how something can go viral in an instant, and quickly become part of our collective dialogue.  For many it’s proof of the power of social media and it’s reach, and I can’t disagree.  But when it comes to viral marketing, can the case be made for the same power and success?

Many look at viral marketing as a way of reaching a broader audience without expanding their budget.  But the very nature of “viral” means it’s hard to predict what will actually capture the public’s attention and take off.  So as a marketer the challenge is coming up with an idea that not only inspires people to share, but most importantly gets them to act on that interest.  The mistake is assuming that this is easy and always inexpensive.

Case study – The Old Spice Guy 

The social media campaign launched by Old Spice in 2010 is usually used as an example of a viral, social media marketing campaign that did everything right.  During the first three months of the campaign, Old Spice sales rose 55%.  At the height of the campaign, their sales rose 107% in one month alone.  The Old Spice Guy is a great example of a well thought out and executed campaign that used multiple delivery channels, and which introduced an interactive component that kept people coming back.  Best of all it actually translated into sales.  But this campaign was not cheap.  It used professionally produced videos with a talented professional actor and impressive graphic effects.  In addition to its YouTube videos, advertising was purchased on traditional as well as social media sites.  Did it go viral?  Absolutely.  Was it inexpensive?  No, but was it cost effective?  I would say Old Spice certainly thinks so.

Credit unions have definitely seen the positive effects of a viral campaign. Kristen Christian’s Bank Transfer Day movement raised the profile of credit unions nationwide and resulted in thousands of new members for credit unions across the country.  I think this is a perfect example of a true viral event because it was spontaneous and driven by consumers who became independent brand advocates.  But it’s those very features that have made it hard to quantify as a success.  Without a clear plan, many credit unions didn’t know how to capitalize on all the new awareness and press coverage.  The follow through was spotty and many are still trying to find ways to sustain the attention and impact.

I’m of the opinion that viral marketing is no different from any other type of marketing.  If you assume it’s easy and doesn’t need much thought or budget, you will be disappointed with your results.  So what do you think?  Good viral, bad viral – what’s been working for you?

Social Media: in or out?

There is so much focus now on adding social media into your marketing mix that many credit unions are feeling the pressure to get in before they are left behind.  Too often, I’m hearing “we just have to be in social media”, but social media is just like every other marketing channel.  You have still have to ask who, what, where, when, how and most importantly why before you leap in.

I am the oddball in my family.  I am a baby boomer who uses social media more than either of my millennial kids.  How did that happen?

Last week I dropped my oldest child off at college for the first time.  As an incoming freshman, she received constant communications from the university all summer long.  They had all kinds of welcome and how to information, forms for her to fill out and invitations to connect with the university across many channels, including their Facebook page.  But, my 18 year-old daughter is not on Facebook.  Amazing isn’t it.

I asked her if she was going to join, but she said she just isn’t interested.  But then came the contact with roommates and inevitably they asked to link up on Facebook.  I thought for sure this would be the point where she created a profile and jumped in.  But no!  Still not interested.

My daughter is a private kid.  She just doesn’t want to share information about herself that way.  However, she is a YouTube fanatic.  She will spend hours watching funny videos or clips of old movies.  What can I say – it’s her thing.

So what does this say about millennials and social media?  The point is you just can’t generalize.  There isn’t one magic delivery channel that reaches every target audience.

There are reasons to use social media, just like there are reasons to use direct mail or radio to reach a particular audience.  It’s not an all or nothing proposition.   The real key to developing the best media mixes for your credit union is understanding whom you want to reach and why.  Once you understand that, then you can ask yourself where and how do these people consume information.  Once you answer those questions, then you can plan for which media you will use social, traditional or hopefully both.