The older couple stood waving frantically. “Do you think it will work?” she whispered through her smile, still waving with all her might.
“It would take a miracle,” answered Miracle Max. Even with the coating of chocolate to help it go down, the pill would be hard to swallow and harder to activate, but work it did. Prince Humperdinck finally met his match with the man in black.
Before you can say “Inconceivable!” remember there are some things even Miracle Max cannot do. If your new account openings and new loans are mostly dead, don’t blame your marketing.
A recent study by National Foundation for Credit Counseling found that, of 849 people surveyed, 44% of respondents are most likely to reach out to a parent or other family member when experiencing financial distress. Only 8% of those surveyed said they would turn to a friend to borrow money and an astonishing 31% said they would ask no one for help with their financial issues.
Why wouldn’t they call you first? If you’re like most financial institutions, you have millions of dollars you’re begging people to borrow. Survey after survey from the past several years have shown 9 out of 10 paid ads are viewed with skepticism. Who are people turning to for recommendations?
It turns out true love is still the answer. Well, true love—in the form of friends and family—is the answer. The interactions with your frontline staff are the most effective ways to ignite the loyalty that produces word of mouth referrals to you. If you’re filling orders instead of problem solving, you are not building trust. If you are only providing mediocre service, nobody is talking about you. Worse, if your service is less than stellar, that story goes out quickly to the ends of the earth.
When you find yourself saying “Marketing doesn’t work,” hold the mirror up to your service as well as your brand. Take a hard look at what’s staring back at you. Perhaps our team could help with a marketing audit. Our team can look at your website, marketing collateral, strategic plan, value proposition, and experience with your staff and recommend tactics to help push you to the next level and give growth a kick start! As you wish.