Nancy Porter Senior Vice President Marketing and Sales
Monarch Bank
• A group decision
• Detective • Storyteller • Cheerleader • Therapist • Anthropologist • Jester
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Marketing is comprised of:
1. Money
2. Medium
3. Message
4. Measurement
5. Ministration
5 main ingredients
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1. Own the decisions: target, research, improve
2. Budget/money should never be your excuse
3. Create a unique message from strategy
4. No silver bullet, think in terms of 3-‐month and 3-‐year medium plan
5. Spend $$ that you can measure
6. Ensure sales buy-‐in and accountable ministration
Recipe to Mmmmm Success
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MONEY Define your target audience Where are we now?
Research Where should we be?
Improve what you’re all ready doing How are we going to get there?
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Money scenario: � Redefined target: Hampton Roads Families
� Research into classical music trends Result, the “Mozart Effect”
� Reconstruct existing budget: Divide seasonal catalog into three pieces: BRC direct mail, season poster, and subscription brochure
� Reconstruct existing budget: BRC mailing received a 10% return in the first 3-‐months, thus fulfilling a key marketing parameter … interest on single ticket, season subscription and family events
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Choose the methods that will:
� Improve what you’re all ready doing
� Stimulate enquiries from your target audience
� Is affordable enough to be used for 3-‐months
MEDIUM
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Medium scenario: � Budget reduced by 80%
� Would people travel after horrors of Sept. 11?
� Maximize database of previous guests with postcard
mailing and use of “free” public calendar listings
� Success of New Years gala would determine plans
to celebrate upcoming 75th Anniversary
� A sold-‐out success!
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Creating the Message:
� Does it fit the strategy to perfection?
� Is it unique?
� Do I wish I had thought of it myself?
� Could it be used for 3-‐years?
MESSAGE
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Write one sentence
� Your sentence should describe one fact or argument
� Your sentence should develop a personal relationship with the reader
� Your sentence’s primary function is to draw the reader into the rest of the marketing
Message scenario:
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Write one sentence:
Introducing the first locally-‐owned bank on the Outer Banks.
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Set up basic tools to evaluate response.
� Helps not to waste time trying to make a specific medium work
� Determines which message makes the biggest contribution
� Accounts for buy-‐in from sales team
� Assists in Return-‐On-‐Investment concerns
MEASUREMENT
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Measurement scenario: � Target audience: Affluent families with small children
� Focused message and medium to promote “two-‐hour drive” strategy
� Strategic “insert” ad placement into national network of magazines (Elle Décor, Food & Wine, Bon Appetit, Real Simple, Town & Country, Travel + Leisure) distributed only in the NYC, Northern NJ and Philadelphia markets
� Reservation call volume was tracked and increased within 3 market areas
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What functions should be fulfilled by internal and outsourced help?
� Overlapping of roles or lack of experience hurts the efficiency of marketing efforts
� Ensure sales team buy-‐in and accountability to aid in success of campaign
� Get flexibility � Save money
MINISTRATION
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Ministra2on scenario: � Unique campaign
� Position bank as strong, growing business leader
� Own local philanthropic cause
� Partner with community experts
� Give employees and community a reason to talk verses conversation on products or earnings release
� Doubled business checking balances over 18-‐months
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1. Own the decisions: target, research, improve
2. Budget/money should never be your excuse
3. Create a unique message from strategy
4. No silver bullet, think in terms of 3-‐month and 3-‐year medium plan
5. Spend $$ that you can measure
6. Ensure sales buy-‐in and accountable ministration
Recipe to Mmmmm Success