When I started this blog, it was to provide a space for dialog around marketing. Specifically as it pertains to the exciting and sexy world of financial services.
I guess I got tired of thinking that a 1% return rate on a direct mail piece was good. I couldn’t stomach looking at one more statement stuffer on fluorescent paper.. When I see a banner on a bank, exclaiming “FREE CHECKING” I have to laugh. it’s like seeing a sign outside a grocery store that says “We have food.” Makes me wanna cry.
You can’t beg for business anymore. Now you HAVE to earn it. There’s so much noise out there, you need to cut through it. So, here are my thoughts. Down and dirty. Please feel free to add the ones I’ve missed:
Old Marketing = product, price, promotion
Modern Marketing = people and passion
Old Marketing = mailing paper
Modern Marketing = being IN the newspaper
Old Marketing = electronic brochure rack (web page)
Modern Marketing = blog
Old Marketing = shiny happy people
Modern Marketing = real people
Old Marketing = what we received in the mail last week (see photo above*)
Modern Marketing = forgetting everything we know…before it destroys us
*There is no excuse for this! I don’t care how much money you save. This is just shameful.
The 2020 Vision of Marketing 
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November 12, 2007 at 8:03 am
Tony Mannor
Oh my. Both credit unions in the same market using the same junk mail.
I understand why they do it – but it doesn’t make it right. It goes back to the mentality that caused a credit union V.P. of Marketing to tell me once
“Our members wouldn’t know the difference between a well designed postcard and a black and white postcard with the rate on the front.”
I was stunned. See he wasn’t putting down the members (intentionally anyway) he was justifying cutting his marketing budget and using garbage like this.
When I finally caught my breath and explained to him what “Marketing” was, he began to back-peddle. He isn’t bad guy, he just isn’t a marketing guy. He is a sales guy dropped into a marketing position. I think that this is the underlying challenge facing credit union marketing efforts. People are doing their best, but they don’t have the tools to succeed. There is also this strange distrust of anything labeled “Marketing” by anyone who really doesn’t know what marketing is.
Many times it comes down to a CEO who is trying to please “The Board” and stay within the budget and they think a shotgun approach will be their best option.
Now I have gone and depressed myself. I am going to bed. 🙂
November 12, 2007 at 11:21 am
Denise Wymore
Tony,
I had to catch my breath after reading your story. Thanks for sharing that.
Here’s my favorite excuse for sending out this crap. “How will members know what products and rates we have?”
Okay – so let’s say that stuffing their mailbox with crap is still the only way to let them know…and we’re getting a less than 1% return on that crap.
Couldn’t you say that all your members KNOW (shotgun approach) but none of them CARE!
Let’s work on the caring part for awhile. That’s all I’m suggesting.
November 12, 2007 at 2:06 pm
Trey Reeme
Yikes to both stories! Most “real” marketers teach that there’s real science to marketing, so why do so many CU marketers not even bother to look for a better way?
I’m tired of seeing people take the easy way out. All that does is increase the clutter I have to sift through. Shame on the company who let two CUs in the same market send the same promo out on the same day.
November 12, 2007 at 5:09 pm
Denise Wymore
Trey,
These companies don’t care, so long as they get paid. I had a marketing person ask me last week about my opinion on buying “pre-fab marketing pieces”….it used to be okay. When credit unions didn’t compete with each other AND for truly small credit unions with no marketing budget.
But today – you just can’t do it.
Now more than ever we need to differentiate ourselves from the competition. And the competition is US! (not grammatically correct but you get the idea)…
Thanks Trey – love your passion!
November 12, 2007 at 5:34 pm
terrell
Just a note. This particular piece was made by CUDL and the decision to send these out was most likely made by the Director or VP of Lending, not a marketing person, because they were free. CUDL just dropped in the CU logo and sent out a massive mailing.
Not disagreeing with you, but in most cases, CUs will jump on free marketing given the chance. As a marketing person, sometimes it’s a relief to have someone else do all the work when you’re already stretched too thin with limited resources.
November 13, 2007 at 11:47 pm
Tony Mannor
Terrel, you are right, but did CUDL pay the postage too? I’m not being glib, I am just curious. To me, this stuff is like brand hand grenades.
You pull the pin and chuck it out there hoping you hit something. But more likely than not, your brand is what takes the shrapnel.
I do have to sadly admit that we have recently started providing “Canned” marketing to some of our clients. But before you hang me, understand it was in response to the garbage that we saw our regular clients putting out when they had budgetary restrictions that forced them to go canned. They told us that they would use us for their important marketing but use “The other guys” for their regular crap. That killed me inside. Plus I was tired of seeing these smaller credit unions put out ghetto marketing because they didnt have big budgets. So we developed a catalog so they wouldn’t have to butcher their brand to just save some money. So my advice would be that canned isn’t terrible – but if you have to do it, do it with some discretion and adherence to your brand. Oh, and make sure you have some level of exclusivity if you can afford it.
November 14, 2007 at 1:00 pm
Denise Wymore
Good conversation about the “canned” stuff. But let me throw this out there. WHY are credit unions still mailing stuff to members?
On average, direct mail is getting less than a 1% response rate, AND, unless there’s a coupon or something that has to be redeemed we don’t know if that dismal response was a result of the piece or the price of the product. Most likely the latter.
Modern Marketing abandons direct mail altogether. It focuses on building relationships, improving your culture and the member experience so your member will think of you first when they need that product you’re “ghetto” shlepping (I love that Tony).
Of course it’s HARD to change your culture. It’s much easier to send out crap. Especially if it’s free!!
Too many people mistake action with progress.
November 14, 2007 at 5:35 pm
terrell
CUDL paid for everything, postage included. It was for a one-day online auto sale and they did a coordinated campaign. They had radio and online presence, not just direct mail. They did all the work for us.
Verity doesn’t used canned advertising. I either do it myself in-house or we use a couple of excellent designers. I am proud of the work we do. But, sometimes it’s hard to say no to people who outrank you who want to take advantage of a free opportunity. Thus, the CUDL piece.
I read my mail. Maybe it’s because I’m in marketing, but I do. I know a certain demographic still reads their mail because of the response I get from them. I am not ready to abandon direct mail altogether. I see it as part of the overall picture and use it combined with other things like word of mouth, radio, etc.
Oh yeah, we use billboards too. I know how much you love those, Denise. 😉
November 14, 2007 at 8:40 pm
Jeff Hardin
Excellent conversation! A couple of things about direct mail I’ll throw out there for consideration …
1 – Is the direct mail solution running counter to the Green trend that is building across the country? … and linked to that …
2 – What does it say about a CU that asks its members to go “paperless,” when the CU isn’t willing to drop direct mail?
I know when I get direct mail anymore I think, “Please please PLEASE save the trees! I’m not interested.”
November 14, 2007 at 9:55 pm
Denise Wymore
Oh Jeff – ZING!
Those are excellent questions. I don’t just love them because it helps my “stop killing trees for a 1% return” campaign which I am officially launching at this moment…….
But in the Northwest, no less, where we hug them daily!?
I could never feel good about the money spent for a 99% failure rate and now with the tree killing angle- how can anyone?
November 14, 2007 at 11:09 pm
terrell
Good questions, Jeff. I try and balance out my guilt over being a tree murderer by not eating meat and recycling.
Honestly, I don’t have a problem with the small amount of direct mail I produce each year. But, I definitely see your points. Something to think about.
November 14, 2007 at 11:41 pm
Jeff Hardin
@ Denise … I’d ask you to send a residuals check on the new campaign, but that would incur paper usage … how about you just Pay Pal it to me? 😉
@ Terrell – I hear you … marketing is a tough, tough business … that’s why I stick to PR. 🙂
And bless your bones for not eating meat – I definitely need to look into that.
November 15, 2007 at 3:21 am
Desiree
Wow Denise! I love reading your blogs and just haven’t had a chance to post a comment for quite a while… But this topic/thread is too good to let it sit and not respond.
1) I feel very strongly about brand identity and consistency.
2) I cringe when I receive/see canned (junk) pieces like those you received… regardless of a company’s budgetary requirements or restrictions.
3) If a company wants to pride themselves on committing and maintaining a true brand, they will not send out canned junk. Period. Not sometimes, not because it’s free, not because because because because because! There is no justification or excuse to ever use that “crap.”
4) To reiterate what Trey Reeme already said: I’m tired of seeing people take the easy way out.
5) There’s a reason this Green trend started (good point in bringing that up Jeff). I believe this direction/awareness means that it’s our responsibility to do EVERYTHING we can, not just half-a$$.
6) There are numerous, alternate, inexpensive (if budget is the issue) ways to do marketing over giving in to a free, postage-paid offer. That is, if you’re truly wanting to create or sustain your brand.
7) Should I just stop now? 🙂
November 15, 2007 at 11:36 am
Denise Wymore
Desi!!
Welcome to my blog. You have blogging in your bones.
Love your passion. Love your use of the $ sign to keep it PG-13!
It never even occurred to me until this morning how the crap we got in the mail has been the source of debate on this post. Meaning…..the pitch this company took “Shopping for your next vehicle…..JUST GOT EASIER.”
As my good friend Professor Dumbledore says, “Sometimes you have to choose between what is right, and what is easy.”
November 15, 2007 at 4:21 pm
terrell
I know I left a comment because I saw the pieces of “crap” and one of them could just have easily had the Verity logo on it, which would have sucked.
Also, there are very few people commenting on these “industry” blogs who actually work in a marketing department at a credit union. Just trying to bring another perspective, not necessarily defend everything I do. Jeff’s response was very helpful. I really liked his point about asking people to go paperless while continuing to send them mail.
November 15, 2007 at 8:50 pm
Joyce B
I just saw you at a conference today and I couldn’t wait to get back to work and see your website. I took 6 pages worth of notes and thought you were the best thing since sliced bread… But anyways how does a credit union go about starting a blog??? We are currently doing a refer a friend giveaway and i think we got 12 responses. we’re giving away an IPHONE for god sakes and we can’t get more than 12 people?? i love my credit union and i wish that we were more service oriented so we wouldn’t have to give away stuff, they would be giving us stuff for all our exceptional service.(not bragging but the bank i left over a year ago, all my favorite clients still ask about me and some even send me cards) I really appreciate all the insight from your session today.. thanks
November 16, 2007 at 3:54 pm
Denise Wymore
100th post. I just realized today that this was my 100th blog post since starting a little over a year ago and it holds my record for most comments!!
@Tony (CU Hype blogger and cool dude) thanks for kicking it off.
@Trey (coolest social media dude on the planet) you’re like the blogosphere rock star. Always an honor.
@Jeff (I love to see you comments on Twitter, any blog and especially here) you kicked this into high gear with your “green” observation. I shared that with an audience of Marketers in Virginia yesterday (see comment above)
@Desi (CU marketer, co-creator of the infamous Purple Peeps and now rockin blogger) Love your list.
@Terrell (CU marketer and blogger – one of the first in the CU industry I might add) Thank for your honesty, as always.
@joyceb (VA marketer) we will hook you up. I set up this blog in a bar drinking a martini. It’s free, fast and as you can see F.U.N. FUN!!
November 16, 2007 at 11:41 pm
Jeff Hardin
Denise – congrats on the 100th post … and for creating such a great forum for rockin’ conversations!
I am a little bitter about the fact that you created your blog whilst drinking a martini … and that the most fervent reaction I ever got on a blog post was a picture of my head on Justin Timberlake’s body.
Either I gotta work harder … or drink more martinis. 🙂
Congrats on the milestone!
@Joyce – good luck with the soon-to-be blog!
November 18, 2007 at 7:27 pm
Terry Starbucker
Hi Denise – great blog, (and I love the flying pig!). As an “operations guy”, I have always been perplexed by viewing 1% as a “success” on direct mail. I’m glad I’m not the only one. So, I’ll take your “modern marketing” dictum of people and passion any day of the week. It’s word of mouth that will make you or break you, not that mail piece. All the best!
June 20, 2013 at 10:24 am
mcarter1976
Thanks for sharing this! I have been looking at some OKC credit unions because I am going to be moving there this summer. I was wondering if there was anything that I should know before taking a first step?