RJM's
Insights

Even today, when dealing with the senior market, digital marketing solutions can often be seen as "too new". Public perception of seniors is that they haven’t needed to, or aren’t interested in adapting to new technologies such as social media, smartphones, tablets, or online shopping. But inside senior living, we know that’s not the case.

Continuing care retirement communities and independent living campuses have seen their active seniors participate in learning sessions for iPads, join social media to keep up with grandchildren, and insist on fast and reliable Wi-Fi and broadband access.

It’s easy to knock direct mail. Associated with incredibly low response rates, rising postage costs, and customer frustrations, direct mail fell to the bottom of the marketing mix in favor of more digital executions. For the senior living market, however, direct mail remains a crucial part of the marketing plan – with the right creative spin.

Last week we hung a new poster on our office wall. No matter how much I like it, this is relevant now only because of what it says: “We have a strategic plan. It’s called doing things.”

If marketing is nothing more than a gigantic chicken and egg problem, this quote from Herb Kelleher (former CEO of Southwest Airlines) solves the chicken side. Don’t stop. Just live. Go forward and adjust on the way.

With a world that changes as quickly as ours does, it’s appropriate to reevaluate your marketing plan each year. And while many activities slowly decrease over time, or drop off completely, there is one that we have seen stick around since 1851.

Okay, we haven’t personally seen it stick around since 1851 – we’re not that old after all. But we’ve seen it in marketing plans since we started in 1980 and companies continue to use it to grow their customers. And that’s tradeshows.

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.

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.

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.