What Your Marketers Aren’t Doing Is Costing You Money

 

 

I believe most everything in life should carry its own weight.

In this session, I’ll show you how to create massive ROI from every marketing dollar and how to prove it!

If you find yourself rubber-stamping a marketing budget that has a few tweaks from the year before and are wondering what, if anything, actually gets ROI from that budget, you’ll love this session, because I’ll show you the proven research that a leader like you can use right away.

If, on the other hand, you know the ROI from each line item on your budget, good for you—you’re going to like learning a few new ideas you can implement right away to boost that ROI further.

If you are pretty sure your marketing team is doing a great job but you’d like to prove it because, well, you are a banker, and you understand the need for profit, stick around. I have your back.

There are some challenges in knowing how to turn each marketing dollar spent from the “expense” category to the investment category.

First, most marketers haven’t been shown how. In fact, marketing schools still aren’t teaching this right.

Second, they often don’t know how to track and analyze ROI.

Third, they often are repeating what has been done in the past instead of exploring what can be done in the future.

Every bank deals with these issues. I’m now going to give you four steps that will make your results dramatically different in a few weeks.

  • Step 1: Many expensive and low-results marketing programs are focused on just “any old” prospects. But national research shows that your best return on investment is from first investing in your own team, second, focusing on your current customers, and only then focusing on prospects.
  • Step 2: Make sure that every employee is hitting every customer service moment of truth and that they know how turn every inquiry into a full relationship. If they don’t know how to do that, what good is the advertising?
  • Step 3: Instead of wasting money on “branding”—one of the lowest return investments you can make— create a plan to get your people up to speed in transforming the client experience. You want them to establish full relationships with every client through a sales process that never feels like sales and that your employees love to do—because they feel they’re helping people, not selling.
  • Step 4: Now, and only now, once you’ve fixed the holes in the bucket—the non-wow customer service experiences and the inability of your people to be able to uniformly average six cross-sales on new accounts—should you invest in bringing in new customers.

Again, four steps. First, make sure your marketing team knows to allocate their budget first to optimizing the client experience, then to marketing to your best customers, and then to the Top 1000 prospects.

Next, make sure they know that it’s their job to fix the culture and make sure that your mystery shopping scores average over nine—and that the mystery shopping includes making sure that they can convert the conversation from rate to value.

Then, get the cross-sales on new accounts to average over six. That means that your team is starting to get ready to help your current clients buy what they need.

And finally, now you’ve earned the right to start to promote to your Top 100 and Top 1000 prospects—the ones who could actually bring profit to the bank.

By doing this, you can create a safe and prosperous bank—one that will continue to be there in the community for the long haul. One where you’re not having to lay off or freeze salaries when the economy gets tough, because you’ve created a predictable success machine.

Make sure you tune in next time, when I’ll show you why it’s a primary role of marketing to transform the experience of clients—and how to do it.

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