RJM's
Insights

I don't like to turn lights on. Nothing against the power company, I like them just fine. But on the scale of needs and wants, light often falls closer to a want than a need. It's also, as I've been told, an unnatural habit.

When operating without light, you develop a sixth sense of where things are. Two steps, and a half step to the left prevents you from stubbing your toe on the end table. When you reach out and feel the tree on the way to the barn, be sure to stay close as there is a hole to your left. Walk through the doorway and four steps in is the light pull above your head.

Seems a little like being in business, doesn't it?

There’s a wonderful ambiguity to marketing. It’s creative, ever changing, and no matter how many books are written on the subject, there really is no formula. Best practices exist, but there’s always something that comes and changes the game.

Figuring ROI; now that isn’t exactly creative. It’s a simple formula: ROI = (R – C)/C : where R is your income return from the marketing effort and C is your marketing cost. Hasn’t changed since the first person tried to figure out which 50% of their marketing wasn’t working. But while the cost is easily figured, trying to accurately track the income is a little difficult sometimes.

RjM, a marketing agency based in Jackson, Michigan, was recently presented with 18 prestigious advertising awards at the 2017 Marketing Communications Agency Network (MCAN) annual ceremony held on January 20, 2018 in Daytona Beach, Florida. The awards were granted for marketing & advertising projects encompassing a variety of categories including radio, publication, print advertising, websites, business-to-business and business-to-consumer campaigns.

It’s doubtful that William Rankine spent much time thinking about marketing. Thermodynamics tends to take a lot of your time.

And while we may not in turn spend much of our day with calculus and control groups, that doesn’t mean that his scientific principles don’t apply to us. The laws of nature apply to all things after all, including marketing.

The world of banking is tried and true. It’s been around since the 18th century, and quite frankly hasn’t changed a lot – money is deposited and loaned out. As a result, one bank starts to look identical to the next. As competition from national banks and credit unions heat up, the only way to stay afloat is keeping your bank from getting lost in the battle of the banks.

How Effective is your 2018 Marketing Plan?

As fall inevitably draws closer there are a few things that can be counted on. The leaves will turn, the days get shorter, and budget planning season will be here. While many departments may be able to refine a previous year’s budget for the coming year, marketing is an area where a fresh look is due consistently. A clean slate and a new perspective of your customers will give you advantages and insights that you may not have seen in previous years.

The internet has dramatically changed the transactions between businesses and consumers. Today more information, activities, and services are available to consumers online. This has resulted in many websites being deemed a place of public accommodation, requiring ADA compliance for those with disabilities.

Motivating Millennials

Millennials are now the largest population segment ever in U.S. history. (FICO, 2014) Even though half of millennials claim a national bank as their primary bank, they are also willing to open an account somewhere else—giving your community bank a great opportunity. (Accenture, 2015) Investing in customer loyalty with millennials creates multiple wins; 56% of surveyed millennials have recommended their bank in the past. (FICO, 2014) Not only can millennials develop into loyal customers, they are more likely to promote their bank and services compared to other groups.

Are you Maximizing Your Current Customer Accounts?

Increased competition and new banking methods make customer acquisition harder than ever. Instead of struggling to acquire a new customer, try switching your focus from acquisition to expansion through cross-selling. Expanding the number of products and services that your current customers utilize allows you to increase deposits or revenue without incurring the costs needed to convince a new customer to switch banks. Cross-selling and customer retention is critical in getting ahead of the competition.

If the promise of technology has always been to make life easier, it has surely fulfilled its mission for the consumer, and left the small business owner and marketer behind to enjoy the aftermath. As the speed of both the progression and adaptation of technology continues to climb, consumers become more mobile, less attentive, and ultimately, less brand loyal.

And the business owner and marketing executive is left to try to adapt. Staying informed on all the options, and which ones make a difference, can sometimes feel like a new position in itself.