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Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
Bringing Your Marketing Plan To Life
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Bringing Your Marketing Plan To Life

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Creating a marketing plan that won\'t sit idly in a drawer.

Creating a marketing plan that won\'t sit idly in a drawer.

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  • 1. Bringing Your Strategic Plan to Life
  • 2. Do you know where your 2010 plan is right now?
  • 3. Today’s Conversation <ul><li>Reason to Live </li></ul><ul><ul><li>New ways to look at information </li></ul></ul><ul><ul><li>Flexibility is the key to life </li></ul></ul><ul><li>Living Every Moment </li></ul><ul><ul><li>Getting the plan off the shelf and into action </li></ul></ul><ul><ul><li>Make the most of what you have </li></ul></ul><ul><ul><li>Delivery is everything </li></ul></ul><ul><li>Checking the Pulse </li></ul><ul><ul><li>Numbers are important but trends tell all </li></ul></ul>
  • 4. What is Strategic Marketing Planning? <ul><li>How is it different from strategic organizational planning? </li></ul><ul><li>Why is it “mission critical?” </li></ul><ul><li>What is involved? </li></ul><ul><li>Who is involved? </li></ul><ul><li>When is it done? </li></ul>Background
  • 5. Where to start <ul><li>Keep it Simple… </li></ul><ul><li>but focused </li></ul>
  • 6. Evolution of Strategic Marketing Efforts Emerging Optimizing Strategic time Value Returned
  • 7. Organizational Involvement Over time, the plan becomes everyone’s plan. The plan guides activities, forms structure and helps decision making. The key is using and updating the plan consistently and continuously! Input from key areas, staff involvement-- include operations!
  • 8. Reason to Live Making sure your plan starts out healthy
  • 9.  
  • 10. Don’t Trust Yourself <ul><li>Need good foundation of knowledge in order to effectively: </li></ul><ul><ul><li>Set strategic direction </li></ul></ul><ul><ul><li>Know what to focus on </li></ul></ul><ul><ul><li>Leverage limited resources to achieve best results </li></ul></ul><ul><li>To avoid making bad decisions </li></ul><ul><li>Get assistance from a trusted outside resource that can be an objective third party </li></ul>
  • 11. What Information Do I Need? <ul><li>Stakeholders </li></ul><ul><ul><li>Staff: Day-to-day Perceptions, Operational Pitfalls, Opportunities </li></ul></ul><ul><ul><li>Members: Brand Perception, Product Usage, Product Need </li></ul></ul><ul><ul><li>Potential Members: Brand Awareness, Market Usage, Product Need </li></ul></ul>
  • 12. <ul><li>Environment </li></ul><ul><ul><li>Market: Size, Number & Types of Competitors, Dynamics </li></ul></ul><ul><ul><li>Competition: Market Share, Competitive Locations, Positioning, Service Quality, Products & Services </li></ul></ul><ul><ul><li>Economy: Direction (local & national) , Looming Changes, Federal Reserve Actions </li></ul></ul><ul><ul><li>Organization: Balance Sheet, SWOT, Agility </li></ul></ul>What Information Do I Need?
  • 13. Positioning Yourself: Know Key Business Drivers <ul><li>Organization’s Business Plans: </li></ul><ul><ul><li>Key strategic initiatives </li></ul></ul><ul><ul><li>Mission statement and key objectives </li></ul></ul><ul><ul><li>Balance sheet position </li></ul></ul><ul><ul><li>Growth objectives and strategies </li></ul></ul><ul><li>Products & Services: Features, Pricing, Profitability </li></ul><ul><li>Competition: Market Share, Products/Services, Differentiating Factors </li></ul><ul><li>Image & Branding: Initiatives, Brand Awareness </li></ul><ul><li>SWOT: Strengths, Weaknesses, Opportunities, and Threats </li></ul>
  • 14. Align with Your Organization’s Goals <ul><li>By creating a direct link between Marketing and the credit union’s needs: </li></ul><ul><ul><li>Meaningful impact on the bottom line </li></ul></ul><ul><ul><li>Gain credibility </li></ul></ul><ul><li>Think like the CEO… </li></ul><ul><ul><li>Balance sheet </li></ul></ul><ul><ul><li>Competitive dynamics & member movement </li></ul></ul><ul><ul><li>Members (return on investment) </li></ul></ul>
  • 15. Planning Schematic
  • 16. Questions to Ask <ul><li>Internal </li></ul><ul><li>External </li></ul>
  • 17. Internal <ul><li>What is our mission? </li></ul><ul><li>What are our strengths? </li></ul><ul><li>What are our weaknesses? </li></ul><ul><li>Where do we see opportunity? </li></ul><ul><li>What threats are present? Coming? </li></ul><ul><li>Is our staff ready? </li></ul><ul><li>Is our organization ready? </li></ul>
  • 18. External <ul><li>What is our competition doing? </li></ul>
  • 19. External Continued <ul><li>Where are we focusing? </li></ul><ul><ul><li>Geography, Product, Service </li></ul></ul><ul><li>What market changes do we foresee? </li></ul><ul><li>What do our members want? </li></ul><ul><li>What do they need? </li></ul><ul><li>Where specifically, are there opportunities (geography, product, segment) ? </li></ul>
  • 20. Member & Competition Mapping
  • 21.  
  • 22. Think Strategies… …Not Tactics What TO do What NOT to do <ul><ul><li>Think global, then local, then more local. </li></ul></ul><ul><ul><li>Think strategic direction 1st </li></ul></ul><ul><ul><li>Understand your market dynamics </li></ul></ul><ul><ul><li>Implement strategies that fit your credit union. </li></ul></ul><ul><ul><li>Think flexibility. </li></ul></ul><ul><ul><li>Think only local. </li></ul></ul><ul><ul><li>Think promotion first. </li></ul></ul><ul><ul><li>Do the same thing as last year. </li></ul></ul><ul><ul><li>Do the “next hottest” thing that comes along. </li></ul></ul><ul><ul><li>Stay task driven. </li></ul></ul>
  • 23. Your Plan Outline Credit Union Objectives Marketing Objectives Marketing Strategies & Accountabilities Marketing Tactics Measurement Criteria
  • 24. Strategy Examples POOR: We will promote and mail offers of our checking products to our members three times in 2010. GOOD: To gain more non-interest deposits and improve our net margin , we will focus efforts on checking products with our defined target groups. BEST: To gain more non-interest deposits and improve our net margin, we will focus efforts on checking products with our defined target groups. By June 30 we will have a net increase of $1 million in core checking. By December 31, a net increase of $2.5 million and a 85% new member ratio of opening a checking account.
  • 25. Strategy Examples POOR: We will hold a grand opening celebration for 150 people at our new office in the new market of Dayton. GOOD: To generate market awareness, initial brand understanding, and foot traffic we will create a multi-channel PR and advertising approach to our new Dayton market. BEST: To generate market awareness, initial brand understanding, and foot traffic we will create a multi-channel PR and advertising approach to our new Dayton market. By June 30, we will have a awareness factor of 85.
  • 26. <ul><li>Simple…but…focused </li></ul><ul><ul><li>Maximum of 5 strategic initiatives </li></ul></ul><ul><ul><li>Tactics should be 3-5 for each strategy </li></ul></ul><ul><li>Thorough…but…part of a process </li></ul><ul><ul><li>You don’t have to (can’t ) solve all the issues in one year </li></ul></ul><ul><ul><li>Build a foundation and add each year (3 yr plan) </li></ul></ul><ul><li>Inclusive… but …strategically managed </li></ul><ul><ul><li>Involve the staff and members </li></ul></ul>Keeping it simple
  • 27. Living Every Moment Achieving your plan everyday
  • 28. Strategic Marketing Planning ANNUAL WEEKLY MONTHLY QUARTERLY SEMI-ANNUAL ANNUAL
  • 29. Keys to Maximizing People Performance <ul><li>Communicate </li></ul><ul><li>Involve </li></ul><ul><li>Foster </li></ul><ul><li>Measure </li></ul><ul><li>Report </li></ul>ACCOUNTABILITY
  • 30. It’s always possible to find time to do what matters most.
  • 31. Reporting <ul><li>Tips: </li></ul><ul><ul><li>Include effectiveness metrics </li></ul></ul><ul><ul><li>Produce different reports to meet specific needs of audience </li></ul></ul><ul><ul><li>Translate data into meaningful business context </li></ul></ul><ul><ul><li>Always have “elevator pitch” ready </li></ul></ul>
  • 32. Reporting <ul><li>What to Include: </li></ul><ul><ul><li>Key Performance Indicators (KPIs) </li></ul></ul><ul><ul><li>Qualitative metrics (balance growth, account increases, dollars per loan, retention) </li></ul></ul><ul><ul><li>Problem areas (where is help needed) </li></ul></ul><ul><ul><li>Individual Resolution (how can I help) </li></ul></ul>
  • 33. Secrets to success <ul><li>Monthly Review Meetings </li></ul><ul><li>Take personal responsibility </li></ul><ul><li>Be dedicated to team success </li></ul><ul><li>Use “Traffic Light” process </li></ul><ul><li>Publicize success </li></ul><ul><li>Be honest – tell the truth and move on </li></ul><ul><li>Allow yourself to be supported </li></ul>
  • 34. Traffic Light Process <ul><li>Review your monthly goals and sort them into 3 categories </li></ul>Danger – Goals in trouble Caution – Goals need attention Go – Goals in good shape Ask for help, encourage team to focus here NEXT STEPS Awareness brings its own rewards
  • 35. Common Pitfalls <ul><li>Monthly Review Meetings </li></ul><ul><li>Delay or cancel meetings </li></ul><ul><li>Not delivering YOUR monthly goals </li></ul><ul><li>Lose focus in meetings </li></ul><ul><li>Failure to call for help </li></ul><ul><li>Settling for excuses rather than results </li></ul>
  • 36. Questions ??
  • 37. Checking the Pulse Measurement
  • 38.  
  • 39. Measure What Counts <ul><li>Activity is a good starting point </li></ul><ul><li>… But results matter most </li></ul><ul><li>Look at results from multiple angles and objective viewpoints </li></ul><ul><ul><li>Example: Loans </li></ul></ul><ul><ul><ul><li>Portfolio balances </li></ul></ul></ul><ul><ul><ul><li>Average loan balance </li></ul></ul></ul><ul><ul><ul><li># of approvals/declines </li></ul></ul></ul><ul><ul><ul><li>% of new vs. existing members </li></ul></ul></ul><ul><ul><ul><li># of members new to a loan vs. existing </li></ul></ul></ul>
  • 40. Calculating an ROI <ul><li>Gain agreement from CEO/CFO </li></ul><ul><li>Don’t get lost in the numbers </li></ul><ul><li>Trends are the most telling </li></ul><ul><li>The true impact occurs over time </li></ul><ul><li>The impact is broad across the organization </li></ul><ul><li>Share the story…be upfront </li></ul>
  • 41. <ul><li>“ We spent $25,000 to sponsor the Hispanic Festival. Did we get our money’s worth from that event?” </li></ul>Event Analysis Example
  • 42. Breakeven of Community Event (BCE) <ul><li>BCE = Event Cost /(Number of Sales x Product Profitability) </li></ul><ul><li>It answers: </li></ul><ul><li>How much in product sales will I need to pay for my event? </li></ul>
  • 43. How many checking accounts will I need to generate to pay for the Event Sponsorship ? Hispanic Event Analysis
  • 44. Hispanic Event Analysis
  • 45. ROMI (Return on Marketing Investment) <ul><li>ROMI = Product Profitability- Marketing Cost Marketing Cost </li></ul><ul><li>It answers: </li></ul><ul><li>Did my profits pay for the marketing program? </li></ul>
  • 46. Hispanic Event Analysis
  • 47. <ul><li>Generated 374 new checking accounts at a cost per acquisition of $67 per account </li></ul><ul><li>Estimated profit of $55,410 based upon a one year account profit model, or over a 220% return on investment </li></ul><ul><li>Household profitability of the accounts after a 6 month basis averaged $278 </li></ul><ul><li>Gained brand exposure to critical market segment of over 180,000 in a 5 day period </li></ul>Hispanic Event ROI Summary
  • 48. Inspect Everything <ul><li>Do as much work after you launch the program as you did to prepare for it </li></ul><ul><li>Talk to clients, operations, front line sales personnel and managers </li></ul><ul><li>Speak to the 5 best performing branches and the 5 worst performing branches </li></ul><ul><li>The numbers alone do not always tell the story </li></ul>
  • 49. Communicating: As Important As Measuring <ul><li>Communicate with… </li></ul><ul><ul><li>Senior Management/Board </li></ul></ul><ul><ul><li>Staff </li></ul></ul><ul><li>What do I communicate? </li></ul><ul><ul><li>Progress on objectives </li></ul></ul><ul><ul><li>Results </li></ul></ul><ul><ul><li>Environmental changes </li></ul></ul><ul><ul><li>Modification of objectives </li></ul></ul><ul><ul><li>Competitive landscape changes </li></ul></ul>
  • 50. Wrap-Up: Key Take-Home Points <ul><li>Keep it simple </li></ul><ul><li>Knowledge is Power </li></ul><ul><li>Focus on what matters Most </li></ul><ul><li>Be Strategic and Planned </li></ul><ul><li>Have a process, but be Flexible </li></ul><ul><li>Always look Forward </li></ul>
  • 51. For the opportunity to talk with you today! Thank You!
  • 52. How to Reach MarketMatch Eric Gagliano Senior Vice President (866) 501-2233, ext. 106 [email_address] www.MarketMatch.com

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