Time, strategy and networking key for bank marketers

Northwestern Financial Review, Mar 15-Mar 31, 2005

Q: Is the ABA Marketing Network really a reincarnation of the Bank Marketing Association"?

People are lamenting the fact that BMA is no longer around. BMA had responsibility for a marketing school, marketing conferences and networking. That was part of the brand presence that BMA brought to bank marketers. It was an experience. We are affiliated with ABA and when we went through a re-branding two or three years ago, because ABA has schools and ABA has conferences, they took the responsibility for those so we can focus more on the issues of bank marketers. They want us to be involved in the content side of the schools and conferences but not necessarily in the execution or logistics of making the conference happen. It works really well, but the brand experience that was associated with BMA has changed.

What methods does the marketing network employ to support bank marketers?

The network is an individual professional membership, here to serve and support the bank marketer. The bank marketing profession is very misunderstood in the banking environment. We provide contacts for them, information and knowledge that fits, and help them be better informed and do a better job in their bank. We also help them to network with other marketers. We have a two-way list serve which is brand new and is becoming quite active. Members can put out a query on how do you do this or that and other members are responding.

How has bank marketing changed through the years?

Marketers have been technicians in the past, doing traditional marketing such as placing an ad in the local paper, or supporting the local football team, or just running a radio spot. There's not a lot of strategy involved. Or they've done reactionary marketing tailored to their CEO's needs. My job is to help the bank CEO understand what a true marketer is. A marketer needs to be more of a strategist, and he or she needs to be part of the team of senior management. What we're doing is elevating the level of the marketer and helping the marketer also understand what their role is. We educate the CEOs and marketers on the importance of marketing and how they can help their banks achieve its goals.

Who makes for a better marketer, someone schooled in banking issues or someone with a strong retail background?

We've seen a trend in the last few years and we were able to validate it with a job analysis survey we did a few years ago. We saw there were quite a few marketers coming in who were not bankers. CEOs were looking beyond the traditional bank marketing professional and looking to retail folks to come in and bring a fresh retail mindset. I wouldn't necessarily say that's the best marketer. The best marketer is someone who understands marketing and banking. They are marketers at heart but they understand the business of banking as well. A person new to banking who doesn't understand that there are nuances in banking regarding compliance issues and balance sheet issues and so forth, they need to understand those things and it may take them awhile to ramp up on those issues.

Does the network help the marketer with management speak?

A key issue we're working on is documenting return on marketing investment. Can we show that marketing efforts actually help the bank grow? We're working on templates our members can take to their CEOs and say, "Okay, this is what we've done, this is what we've spent, and this is what we're getting in return for that expenditure." We're going to be rolling out that template, plus marketing plan templates this year.

What should CEOs know about marketing?

Bank presidents call me frequently for ideas on how to implement a marketing plan. Because of the competitive environment, or if they're a de novo and have limited funds, they may not have a dedicated marketing person. I recommend they contract out a portion, let them come up with a plan and help the bank execute it. If you just put an ad out there and it's not part of a comprehensive plan, then you could be wasting a lot of money. CEOs were not trained in marketing issues; they're trained to be a CEO. And while they may have covered some marketing issues, there are so many different aspects of marketing that should be considered in order to have a successful presence and plan, that it takes a specialized person to do that.

Brenda Marlin is associate director of the ABA Marketing Network. She is a former bank marketer and was a longtime member of BMA. Jackie Hilgert interviewed Ms. Marlin in February.