All You Have to do is Ask!

Having spent most of my career in sales or new business development roles, one of the earliest lessons I learned was from my dad, a 30 year veteran of insurance sales.  As a young sales person, he always reminded me that the one thing you can't be afraid to do in sales is to "ask for the order."  He said that too often, this basic but critical step was overlooked and sales were lost because the sales person just assumed the prospect would ask to buy when they were ready.  This always seemed so simple and obvious to me, but I have learned through the years that not only is this harder to do than it sounds, but lots of us forget this most basic step in all parts of our business and personal lives.

Where else in life are you too busy, pre occupied or too afraid to just ask?  What about in high school, that attractive girl that you watched from across the room, to nervous to just ask her out.  Or when you check in to a hotel or pick up a rental car - deep down wanting an upgrade to a bigger room or nicer car.  Heck, even when you are negotiating on a purchase of an appliance, furniture, car or major home improvement project.  Did you ever want them to throw in a few extras, but didn't ask?

Twice this week I encountered this "Just Ask." principle.  The first was an E-mail Insider column by Neil Berman called "The More You Know Your Customers, The More They Love You."  Neil's first point is that so often with our marketing message we just assume we know what customers want from us.  But do you really know for sure if you don't ask?  Use surveys, interviews, whatever it takes to become familiar with your customer preferences.  Then use this information to augment the way you deliver messages related to frequency, content, and channel of your message.  I can think of probably 8-12 e-mails that I get regularly from retail stores that I like, but rarely do I open their messages anymore because the information is so far from what I want from them, or their frequency is way too high.  Not only will your customers love you more, but they're likely to spend more money with you too if you take the time to ask.

Dayna Steele

The second time I encountered this topic was a few days ago at an  AMA Houston event that featured Dayna Steele (@daynasteele), author of "Rock to the Top," Fast Company Blogger, and motivational speaker.  Reflecting on her extensive radio career, Dayna shared tips on "Finding Your Inner Rockstar."  She told numerous stories of real encounters she has shared with big music stars like Billy Idol & Van Halen.  One of her major themes was the importance of networking and making sure you know how to utilize your own personal network. She did a very basic (and hysterical) demonstration by walking up to a table of folks listening to the talk and asked each one for $5.  Everyone at the table handed over the money without thought.  She gathered it up, and headed back up to the front of the room.  Point made - sometimes all you have to do is ask.

So as we head into a great holiday weekend, and officially cross the halfway point for 2011, take some time to reflect on missed opportunities in your life and career when you could have asked, but didn't.  The main reason why we don't ask is usually out of fear of rejection.  Fear that the person won't say yes, or that they will have an adverse response to your request.  I would like to challenge you to get over it and speak up!  The worst they can do is say no.

Happy July 4th to all.

Are You an Effective Communicator?

I recently had a positive experience with my bank that I feel went a long way in securing my relationship with them. It was in the form of a personal, handwritten note from a bank officer thanking me for opening another account with them. 

How often do you proactively communicate with your customers, other than sending account statements? More importantly, do you even know if you are communicating with your members or account holders at the right frequency, and through the correct channels?

Our latest video clip includes feedback from real bank and credit union customers regarding their feelings about the communication they receive from their bank or credit union. 



PLAY VIDEO

It seems that many wish they received more communication. What do you think your customers would say?

I would like to hear how often you communicate with your customers. Drop me an email to Rodney.Bass@DMN3.com. 

So far, I've shared with you a couple of videos that asked a group of consumers how they chose their PFI (primary financial institution) and if they'd switch. Today, DMN3 presents the third installment of the video series and seeks consumer perception of online services. Click to hear what these folks had to say about online and mobile banking.

http://www.dmn3.com/Institute/online-vs-mobile.html

I would also like to hear what you have to say about your own company's experience with online and mobile banking. Or, any feedback on the consumer research that DMN3 is conducting for PFIs.

Stay tuned for the fourth "DMN3 Asks" e-mail and video due in a few weeks. You will uncover more consumer insight to benefit your bank or credit union's marketing efforts. 

Sincerely,
Rodney Bass
Account Director 

DMN3 asks "How did you choose your bank or credit union?"

As part of our investigation of the consumer attitude toward their primary financial institution (PFI), DMN3 gives you its second installment of video interviews. Click the link below to uncover the consumer motivations for choosing a PFI.

Among the variety of responses, what I found most interesting was "life changes" to be a major factor in the consumer's ultimate decision when choosing a PFI. I did some research and found that our results are much like those discovered in the J.D. Power & Associates "2011 U.S. Retail Bank New Account Study."

According to the study, the No. 1 reason is a life event, or "life change," such as a marriage, a move, a divorce, etc.

The top five factors are:

1. Life circumstances - 28%
2. Rates or fees - 17%
3. Unmet expectations or needs - 13%
4. Desire for better customer service - 8%
5. Advertising message - 7%

Read the full article here.

The study also found that 8.7% of customers in 2011 indicate they switched their PFI during the past year to a new provider, compared to 7.7% in 2010.

Bottom line, understanding who your customers and members are and anticipating their needs can go a long way to protecting and growing your relationship. Do you know the reasons for your members or customers choosing you as their PFI? In addition, how likely are they to choose you again if a life change or circumstance occurs?

Five Top Takeaways from the 4th Annual Medicare Marketing Summit 2011

I attended the 4th annual Medicare Marketing Summit in Orlando Florida recently. This event, hosted by Financial Associates, LLC, was very informative with speakers who provided valuable insights related to Medicare marketing.

I wanted to share some of the common themes I heard during the sessions. Here is a quick list of the ones I found most valuable.

Five Top Takeaways from the 4th Annual Medicare Marketing Summit 2011:

STAR Ratings Matter. They are no longer just a consumer rating. Educate everyone involved at each touch-point of service delivery about why Star ratings are important to your bottom line. Treat "user experience" as a core competency for your organization -- not just a function. If your plan carries a 4-STAR or better rating, give the consumer a frame of reference when you tout it. Tell them you received 4 out of 5 STARS. Otherwise, they may assume that it is 4 out of 10 Stars!

Focus on Retention. Marketers know that it costs far less to keep a member compared to getting a new one. Since member retention affects STAR ratings, you are hit with a "double-whammy" when you lose too many members. Rather than waste money on newsletters, focus member communication around each individual's preventive care and well-being. Create campaigns that improve screening compliance and the HEDIS, CAHPS and STAR Ratings.

Use Co-Marketing to Extend Your Marketing Dollars. We all know the importance of direct mail, TV and radio in acquisition programs. However, with all of the "noise" during AEP, these channels cannot do all the heavy lifting. Take a page from the great consumer marketers and partner with other respected services and brands that reach the same market.

Utility is the New Creativity. Provide tools that solve problems, answer questions and create a trusting dialogue that shows you deliver on your promises. UCare, a Medicare Advantage plan serving Minnesota, takes services on the road with a colorful branded van designed for health screenings.

Online is Under Utilized. Presentations focusing on the growing importance of the online channel were missing from this Summit. Yet, eMarketer predicts that by 2015, 56% of people in the U.S. age 65+ will use the internet. The Pew Internet Report states that 26% of seniors use social networks like Facebook and MySpace. Seniors and their caregivers often use this channel to compare before picking up the phone. They poll friends, relatives and peers to find out what plans to consider.

Is your online presence answering questions and getting you in to the consideration set of Medicare beneficiaries? At DMN3, we believe you must include online marketing as a weapon in your marketing arsenal. We continue to experience success using online to market other health related services to 65+ year olds. And we encourage Medicare Advantage plans to set aside a bigger budget for this channel.

If you have specific unmet marketing challenges, or you have a marketing related question, please give me a call. I look forward to getting to know you.

The Times, They Are Always A-Changin'

The other day, we had our monthly Lunch & Learn to discuss our new book "Profiles in Marketing Excellence." It is authored by DMN3 CEO and Founder, Pam Lockard, and published by DMN3's research and education arm - DMN3 Institute. The purpose of the meeting was to turn in our assignment (yes, we sometimes enjoy to tack on more work just for kicks). Each employee was assigned one Profile to read and then share three key takeaways from that person's life and/or career. The book features 25 Profiles, which are the interviews and bios of some of the best marketers around the globe. It is a must-read and nothing like it exists on the shelf. Anyway....[end plug]....what surfaced in our round table discussion is this: The Times, They Are Always A-Changin'

It is a central theme throughout the book and (hopefully) common knowledge that the marketing industry is changing rapidly. Almost every Profile advises companies to keep reinventing themselves to stay relevant. They also imply that whether we are in an Information Age or not, adaptation is key and should be regarded as timeless. This brought up some interesting points among those of us who knew marketing before the Internet, some even recalled the advertising biz before Dylan's musical observation and revolution-inspired tune hit the charts.

One such veteran and co-worker is Kent. He shared with the team a story that really brought it home for me. Kent has been in the advertising industry longer than I've been alive, so to say he has seen a lot would be an understatement. Kent shared a story about a lunch meeting he had with a co-worker in 1975. They too were discussing change within the industry. Yet then, the "change" and next big thing was "VIDEO TEXT" - which later became what we call the Internet. I can't help but think this was a pretty mind boggling concept for the two advertisers. Just think, this was long before the PC went domestic and almost light years before the conception of e-mail. Yet Kent and his co-worker weren't threatened by video text's complexity. They were excited for the next phase and ready to face the change and adapt.

Fast forward 35 years and our lives - not just the lives of marketers, but everyone -  have been turned upside down due to technology, and yes, change. I can't help but think of all the destroyed and to be made irrelevant industries because of these technological advancements. I wonder if Kent and his lunch buddy ever knew that video text was just the beginning. That in 2011, the quantity and speed of change has only risen - weeding out the irrelevant and leaving only the survival of the fittest. Not sure about the other guy, but Kent is still rockin' and rollin' in this futile and fickle industry. He faced change, adapted to it and then kept at it because that is what it takes to be a top marketer.

On a side note, we should have really put Kent in our book. His story is just the type of marketing insight and inspiration found from the 25 Profiles in the book....learn more about "Profiles in Marketing Excellence" here.

People or Process?

Process, Process, Process.  It seems that everything that we do, in all parts of our lives, are based upon a process.  There's a certain "way" that we go about completing a task.  There is a certain series of steps that we adhere too, and usually its because we're told to.

Think about your last trip to the DMV.  Here in Texas, that usually means a 3,4,5 or 6 hour wait in a series of lines, a variety of forms to fill out, payment, pictures...  I understand the value of having a process - but what's the experience like if you are forced to deal with it as a customer?   I think I will leave my comments to myself.

We have no shortage of processes that we follow at our agency - to be sure that we don't make errors along the way, and so our clients receive the best possible service.  The process seems pretty rigid, and there are times I didn't want to follow it, but I did.

Did you ever want to throw that "process" out the window and just do what seems like the right thing to do, no matter what the consequences?  This Southwest Airlines Pilot did just that.  http://bit.ly/fu84Yx

This story really makes you think about what's important.  The pilot could have followed procedure and gotten all 100+ passengers to their destination on time and not really worried too much about Mark.  Instead, the pilot took the time to consider the impact on one man's life - the difference that 12 extra minutes would mean to him compared to everyone else.

Are there times when people matter more than process?  Absolutely.  Just don't forget to act on this thought the next time you find yourself in this Pilot's shoes.