Thank you Demi Lovato for a great premise for my next blog!
For a hundred years businesses (banks, credit unions, ad agencies, law firms, etc.) have taken a mild stance when it comes to talking (down) about their competitors. It’s not “politically correct,” I guess, to come out and say, “Hey, we’re WAY better than those guys” leaving it up to the consumer to hopefully figure that out for themselves, and then miraculously find your business card in a drawer a year or so down the road, and actually pick up the phone to call you? Yeah, good luck with that!
No. It’s time to get your swagger on, be aggressive and say, “Hey, we’re not only better than those guys, we’re 10 MILLION times better than those other financial institutions, and here’s why:”
Do you think Elon Musk kowtowed to Ford, a national institution that’s been in business for over 115 years? No way! The Tesla brand today is becoming one of the most exciting things to “hit the road” in a long time! In fact, Consumer Reports named Tesla as the top American car brand, and ranked it 8th among global carmakers. FYI, Tesla just opened its doors in 2003!
Or how about Jeff Bezos, CEO of Amazon? Do you think he cared about established brands like Sears or JC Penny in his business model? Nope! It’s 2018 people, not 1918.
Or how about Tory Burch? Do you know how many fashion designers there are out there? Do you think that stopped her from doing something different? I don’t think so (said while snapping fingers in a z formation). After starting out modestly in public relations and advertising for Vera Wang and Polo Ralph Lauren, Forbes Magazine now lists Tory Burch as the 73rd most powerful woman in the world!
Your financial institution may or may not be over 100 years old. Who cares? Today is today! You cannot rest on your laurels in this fluid environment. Your depositors may be as old as Sears, Ford and JC Penny, but lets face it, they won’t be around forever—and you know it!
How does your financial institution get its “break out” moment like Tesla, Amazon, Tory Burch and countless other moneymaking machines in 2018? Here’s how:
You cannot do it alone. If you’re not pleased with your marketing, or the results you’re getting, and all the Board sees is sluggish deposit growth, high attrition rates and average (at best) loan growth, etc. it’s time to look within. It’s time to look at your agency relationship. You know, the stale one.
I have clients that have stayed with me for ten to fifteen years (Thank you guys!) I understand relationships. But if it’s not producing Tesla-like results, in this day and age, it’s time for a serious change.
Our economy is on a roll. It’s our time to shine! Right now! This second! Tick tock. We need to (collectively) take advantage of it.
2018 should be your “break out” year!
PS: If your current ad agency is reading this…
…sorry not sorry.