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[Music] how to market a bank marketing for banks bank marketing plan strategies this video is designed to help you better market your bank in addition in the description below this video you'll find a link to a page where you'll get a free collection of 17 books covering each and every aspect of small business marketing a gift to you with our compliments now how do you judge the effectiveness of your marketing efforts easy does it produce results great looking ads fancy logos and flashy websites are worthless if they don't bring in sales this video presents 10 common marketing mistakes that can help you produce better results 1. not having a clearly defined unique selling proposition usp do you want to fit in or stand out in order to thrive in today's cluttered marketplace every business owner must be able to clearly articulate an answer to the question why should someone do business with you rather than your competitor what makes you unique your answer to these questions constitutes your unique selling proposition do you offer 24-hour 7-day a week service do you offer the lowest price do you offer a no risk guarantee a strong usp helps you to stand out in a crowded field 2. selling features rather than benefits someone once said no one ever bought a drill bit millions of people have bought a hole people don't buy features they buy benefits they are tuned into radio station wiifm what's in it for me tell them clearly how the features of your product or service will help them make their life easier etc 3. not using headlines in advertisements you have at most a couple of seconds to grab someone's attention when they read a newspaper google ad etc using an attention-grabbing headline ensures that the reader will continue to read the rest of the advertisement the headline is an ad for the ad take a look at some newspaper ads which ones attract your attention you will probably find they have utilized an effective headline 4. not testing headlines price points packages pitches everything how do you know what ad what price what offer most appeals to customers by putting them to a vote test everything rather than running one newspaper or online ad for three weeks why not run three different ads for three weeks and measure which draws better rather than putting all your advertising into newspaper why not split between newspaper and internet and measure the results why not price your products services at different points and see which sells more is cheaper always better not necessarily each situation is unique one price may outperform another for a myriad of reasons your job is not to know why but to find what works test test test 5. making it difficult to do business with you are your sales staff knowledgeable about your products does someone answer your phone promptly and in a friendly manner can people find your phone number location put yourself in your customers shoes don't make them work they won't i've seen a website that undoubtedly cost the company thousands of dollars and nowhere could i find a phone number or email address your customer has better things to do than struggle to do business with you 6. not finding out what your customers needs are what is the first step in filling your customers needs discovering what they are what's most important to them don't even try to guess you may think price is most important when what they really want is fast service you may believe fast service is what they want when what they desperately want is a friendly personal touch how do you find out people won't tell you unless you ask so ask 7. not maintaining an up-to-date customer database your customer list is pure gold rather than always working to bring new customers in the door why not take advantage of the goodwill you have already built with your existing clientele experiment with extending special offers to your customer base ask for referrals send them a card on their birthday call and ask what they most enjoyed about doing business with you or what they disliked doing business with you you worked hard to develop these relationships recognize their value and work hard to re-delight them 8. not eliminating the risk what stops a customer from buying from you are they unsure that your offer is worth their hard earned money make it easy to decide to buy from you how can you reduce their risk if you are in a service business let them try your service at no cost if you are a lawyer or consultant offer them a free consultation offer them a money back no questions asked guarantee on any product they buy why not are you afraid people will take advantage of you give it a try for a month you may be very pleasantly surprised not confident in your product or service then go to work on improving your service 9. not educating your customers don't just claim that your service is better explain why are your staff better trained do you utilize a technology that increases service turnaround or quality don't expect people to just take your word for things quality service and value mean nothing everyone claims to offer these make these claims real for the customer by offering credible explanations why they should do business with you 10. not knowing what works and sticking with it do you know which ads are effective what media pulls best what offer gets the best reaction by testing you will when you find something that works don't change it until you find something that works better just because you're sick of an ad or an offer isn't a good enough reason to change it you can supplement with other ads and offers if it works keep it thank you for watching please like this video