Grow Market Share with First Responder Marketing

10 November, 2008 (20:12) | Blog | By: admin

By: Tama Williamson

With so many products and services to sell, and an extremely competitive market environment due to the many competitors on every street corner, community financial institutions understand the value of each account and the need to acquire new accounts.  There are only so many dollars to go around and you must bring in as many of those dollars as possible and you have to employ proven, creative ways to keep those dollars at your institution.  While there are many ways to approach this challenge, there is one way that will always get results. 

Competitive times do not call for good communication.  Instead they call for great communication about your institution and the products and services you offer.  A well-positioned company is well-marketed.  Being well-marketed is crucial when working to capture revenue presently, as well as being positioned as the stable leader in the future.   

An important aspect to successfully capture your market is to communicate a strong and resonating message each and every time you connect with your clients.   Community financial institutions must position themselves as the expert in helping the client fulfill their financial goals.  Clients must relate your institution as the best solution available to get them where they envision themselves in their financial future.  Creating this kind of identity will allow you to not only capture additional market share, but to keep your existing client base and expand your wallet share.  With regard to opportunity cost, impact, and return on investment, audio marketing is the #1 means to do just this. 

There are three key characteristics to consider when implementing a successful audio marketing strategy:

  • First Responder – When a situation occurs in the industry, market or among your client base, how quickly can you connect with a powerful marketing message? Do you have a way to reach each and every caller or customer right at the point of decision, point of frustration or point of confusion? Having the ability to be the first to respond with a strong solution based message not only allows your team to generate more revenue at the immediate point of contact, but also positions your company as the expert in the industry. This is an opportunity not to be missed.
  • Planned yet Adaptable – How quickly is your company able to change directions with new marketing strategies? Having thought out objectives proves to be much more successful than shooting from the hip.  This is also a crucial factor in effective marketing plans. The greatest of marketing plans often have to change with industry, product or market conditions. In order to keep marketing costs low and yet still be effective, make sure that your marketing is well-planned and adaptable.
  • Clear, Concise and Action Oriented – Often you will hear marketing messages that are more “fluff” and dances around the real deal. Do your marketing messages fall into this category? Effective marketing messages are clear, concise and always ask for what you want. This is more difficult to accomplish than it appears and is often a result of not being clear as to what you want initially.  Provide a clear message then ask for action. You may be surprised as to what is actually being heard. 

It is imperative that community financial institutions never stop marketing or advertising even in the worst of times, but you do want to make sure that the marketing delivery channels make the most economical sense. Every dollar spent on marketing needs to create a strong, affirming message, and should be affordable, measureable and generate recognizable revenue today and in the future. 

Tama Williamson is President of Broadcast Marketing & Entertainment, LLC.  BME is proud to offer the most valuable marketing tool available. Regardless of the age or size of the business, BME provides a must have audio marketing solution for every company that wants a competitive edge – OnHold Marketing. OnHold Marketing gives you the ability to plan your Audio Marketing Messages along with other marketing, and unlike print or other marketing or advertising options, you are able to immediately adjust your marketing message to fit the current situation with a clear and concise message generating specific results.   Tama can be reached at 866.312.4653 or tama@bmeaudio.com.  Please visit www.bmeaudio.com for more information about Broadcast Marketing & Entertainment, LLC.

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