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The Ten Things Your Bank Can Do Now (For Free) to Make More Money

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http://www.williammills.com/blog/10-things-your-bank-can-do-now-for-free-to-make-more-money/

Presentation by William Mills III, CEO for LCB’s 18th ANNUAL LEADERSHIP CONFERENCE

Top 3 topics:
What is Public Relations?
Why PR is the most important part of your work.
The Ten Things Your Bank Can Do Now (For Free) to Make More Money

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The Ten Things Your Bank Can Do Now (For Free) to Make More Money

  1. 1. “Ancient Proverbs”• “Look before you leap” and• “He who hesitates is lost” or• “You can’t get something for nothing” but• “The best things in life are free” All of these things are true
  2. 2. What others in PR won’t tell youYou don’t need a public relations agency or an in-house PR person.The most successful people are good at what they do but they also reap greater rewards by investing in personal and professional public relations.
  3. 3. Getting StartedI. What is Public Relations?II. Why PR is the most important part of your workIII. The Ten Things Your Bank Can Do Now (For Free) to Make More Money
  4. 4. I. What is Public Relations?In 1977 my parents started the William Mills Agency as an advertising agency• We were not experts in public relations• We learned what to do and why PR is so important
  5. 5. 13 years later: 1990• Advertising and marketing for a savings & loan data processing company• Asked us to write press releases and articles.• “We like your advertising but this press coverage you are doing is making the phone ring, prospects are calling us, sales are growing.• Can you do more of this PR?”
  6. 6. So, what really is public relations?It means a LOT of different things to different people.
  7. 7. Meeting a New Client InIreland• My first international client• Planning meeting with their CEO in Dublin• Coordinated meeting with their Director of Public Relations
  8. 8. TV makes it seem glamorous • What PR means is building your bank’s brand through Reputation Management • The inspiration for the TV show “Mad Men” said..
  9. 9. What is a Brand? “The intangible sum of a product or company’s attributes: itsname, packaging and price, its history, its reputation,” – David Ogilvy
  10. 10. The rise of PR • “What others say about your brand is so much more important than what you can say about it yourself,” say the co-authors • “That’s why publicity in general is more powerful than advertising. And why over the past two decades, public relations has eclipsed advertising as the most powerful force in branding.”
  11. 11. II. Why PR is the mostimportant part of your work
  12. 12. Author Geoffrey Moore says: "The most important element of the success for a company is its ability to articulate, differentiate and execute on their corporate and product vision”
  13. 13. Some people that think PR isimportant
  14. 14. Bill Gates, Chairman of Microsoft • Net worth $59 billion • When CEO of Microsoft, Mr. Gates estimated that he devoted 30% of his time doing media and public relations activitiesDo you spend thirty percent of your time each daydoing media and public relations activities?
  15. 15. Larry Ellison, CEO of Oracle • Smaller company • Net worth of only $33 billion • Larry does – press interviews – media meetings – press conference calls each and every week
  16. 16. III. The Ten Things Your BankCan Do Now (For Free) toMake More Money
  17. 17. 7 Habits of Highly Effective People • Why did some of our clients make boatloads of money while others struggle to make their mortgage payment?” • The most important element of success, and the first thing you should do is…
  18. 18. #1. Find and Articulate Your Vision • Successful people… • Know their company, or bank, people and products and how they should be positioned in the minds of prospective customers • Provide clear, concise reasons to buy • Use all facets of marketing communications to enhance the company value position The ability to articulate your bank’s vision and value proposition is the most important element of success
  19. 19. #2 Know your customers(and prospects)• Not about bank regulations or SAR reports• Ask all types of business questions with a wide range of people• Speak with your customers and ask them, “Why are you their banker? “
  20. 20. Ask questions from• Your doctor, dentist, lawyer where he or she has their commercial and/or personal financial relationship• Ask people on the street; friends, neighbors and business peers; “Where do you bank and why?”
  21. 21. • Most of the really important things I’ve learned in business have been speaking with people on the street, like my wife’s Aunt Janie• Once you really, really know the WHY of the real value of you and your bank’s reputation you are ready to tackle the third thing you can do now for free to make your bank more money…
  22. 22. #3 Take Your Light FromUnder That Barrel AndShow It To The World
  23. 23. “A city set on a hill cannot be hidden. Nordo people light a lamp and put it under abasket, but on a stand, and it gives lightto all in the house.”You and I both know you and your bankare doing great things each and everyday.
  24. 24. Whether• it’s opening a high school student’s first checking account so she can save for college, or• helping a college student with online bill pay so she won’t be late on her cell phone bill which will be part of the foundation of a good credit history, which• will help her qualify for the mortgage she’ll need when she buys her first home
  25. 25. Perhaps some day,• She will start her own business like a farm-to-table, organic restaurant that your community craves, which• creates badly needed jobs, especially• helping that returning soldier back from overseas getting their financial house in order
  26. 26. Besides a person’s family and their faith, there is nothing more important than their relationship with the person and company that takes care of their financial needs
  27. 27. You don’t need to do PR for your own ego;you need to commit to investing your timeand energy in public relations for your•Employees•Customers•Shareholders•Those folks in your community that need arelationship with your bank.
  28. 28. #4 Know your media:“Actively” read, watch andlisten” to the various mediaoutlets in your market
  29. 29. Active interestis really knowing what media that yourbank’s customers read, watch or listen to.Some of Friend Bank’s media include
  30. 30. Active interest in your localmedia means knowing…• Who owns your local newspaper?• Is it part of a national chain?• How long has the editor worked at the local paper?• Where did he or she go to college?• What’s the circulation of the newspaper?• What other financial institutions are advertising in your bank’s market?• Bank of America? Wells Fargo? ING? USAA?
  31. 31. Learn about people in themedia on their web sites• The Dothan Eagle newspaper serving Dothan, Ozark & Enterprise www.dothaneagle.com• WTVY in Dothan www.wtvy.com
  32. 32. #5 Build relationshipsWith editors, writer andproducers of the mediaoutlets in the markets yourbank serves
  33. 33. Why do you havemore contact with themedia’s salesrepresentatives thanwith the people thatwrite and produce thenews?
  34. 34. Journalists are overwhelmed withinformation• They write the news that will be of most interest to their readers.• Their counterparts in the advertising departments are very persistent.
  35. 35. Like teachers and those in publicservice• Journalists often don’t make a whole of money, and they do what they do because of their passion• As a result, they often don’t get the praise and recognition they deserve
  36. 36. Often when they hear from a businessexecutive it’s some kind of a complaint• “I was misquoted” “You got the story wrong” “My name was misspelled”• Like any relationship, you have to have mutual trust and respect for each other if you want it to work• Journalists like relevant, sincere compliments of their work
  37. 37. Be a source for journalists• Whether you work in Red Bay or other community, take an editor out to lunch or get together for coffee
  38. 38. • Keep in mind, journalists are naturally suspicious of government and businesses; especially financial institutions. You’ll have to work, to build a trust by helping them any way you can• Journalists also need someone they trust for their financial needs, and there is no one better than their local community bank
  39. 39. #6 Distribute news releases regularly At least twice a month as a part of a balanced PR program
  40. 40. You don’t have to have a degree in PR • … to write a good press release • Less than half of the folks at WMA majored in public relations • If you don’t have an in-house marketing person at your bank I’m sure there are plenty of people at your bank that can – Write – Edit – Proof and distribute a good news release in an Associated Press style
  41. 41. #7 Spend 1 ¢ (almost free) … on a used copy of “The Associated Press Stylebook” from Amazon One cent + $3.99 in shipping & handling
  42. 42. “The Associated Press Stylebook” • Everyone at our company has this book • You will learn how news copy is written. • You want to distribute news and information that is interesting, relevant and local to your markets in the style that newspapers, radio stations, TV producers expect. • Journalists recognize when you write in an AP style and they appreciate when you are speaking in their language. Number eight…
  43. 43. #8 Embrace Social Media
  44. 44. I hate Facebook.And most types of social mediaBut my company uses themeffectively to make more money
  45. 45. • Our company actively engages in a wide variety of social networking platforms where I don’t have to participate but I benefit.• Any size community bank can have a social media presence
  46. 46. Here are some of the thingswe did….
  47. 47. First,• We formed a voluntary social media committee at our company. The younger folks at our firm jumped at this endeavor, as they were already active on Face book, Twitter and more.• Keep in mind, that for many of your bank’s future customers your bank’s web site is both the sign and the front door to your bank. If prospective bank customers can’t find you in Google we search, they might not find you at all.
  48. 48. Second,• Identified the types of social media where we felt would drive traffic to our web site.• Our company has a LinkedIn profile, a Facebook profile, a YouTube channel, a corporate blog and we disseminate “Tweets” each day.• All of these help to drive prospective customers to our web site.
  49. 49. Social media is so important• HALF of all new clients we signed last year we didnt even know but they were looking for a company like ours.
  50. 50. #9 Find & use the best key wordsfor SEO using free online tools
  51. 51. Search Engine Optimization• The difference between Search Engine Marketing (SEM) and Search Engine Optimization (SEO), is that with SEM you have to pay for clicks through your paid Internet ads• Search Engine Optimization is where your future customers find your bank’s web site quickly and easily for free
  52. 52. Go to Google and type in“Bank PR”
  53. 53. Public relations is the foundation of all your other3. Sales sales and Internet marketing efforts Website2. Marketing Advertising Direct MarketingCommunications Events Social Media1. PR
  54. 54. • No matter much time and energy you spend on social networking, public relations is the foundation of all relevant search engine results• Third-party press coverage is more important and relevant than content from social networks so...
  55. 55. The most important part of your bank’sInternet presence is public relations because Google, Yahoo, Bing and other search engines will rank your bank higher in their free listings IF your bank receives positive press coverage in unbiased, third party news and other media outlets
  56. 56. #10 Take advantage of freemarketing measurement tools
  57. 57. Dr. Edwards Deming said“What is not measured is notmanaged”You have to quantify all the results yourhard work in public relations is doingfor you and your bank’s reputation.
  58. 58. If you remember only thing …• Now, more than ever, PR is the most important part of your work at your bank because• You will enhance shareholder value• Grow your business• Have the reputation you, and your bank deserve

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