Pub. 6 2015 Issue 2

A dvertising for businesses - has changed more in the past five years - than it had in the previous 50 years - COMBINED. From the advent of television advertising in the 50s and 60s, businesses could assure their success, by choosing the right com- bination of Radio, TV, Newspaper, and Billboards. A marketing department could work hard to create a campaign, contact their representatives from the above-mentioned media, and that was it, the plan worked. Today? You have dozens of options. Which options are best? It all depends on a wide variety of factors. Is your business in a major metro market or a rural area? Is your newspaper, still a popular part of the media, or a forgotten entity? Does your radio station just play music, or does it offer "engaging" guests and other good parts of programming? Let’s explore the different forms of marketing for your bank: Social Media: It's not just Facebook anymore. There are several important social media products that can be a helpful marketing product for your bank. Keys to Success with Social Media: First, you must have an almost daily presence. Second, you should create for your bank a "Social Media Committee". That committee should consist of several bank personnel of all demographics. Make sure that your "Social Media Committee" includes at least a few of your bank employees, who are in the “Millennial Demographic". These individuals, young adults from their early 20's through mid-30's, can provide remarkable insight into what social media content to place on your social media page. Of course, make sure that a senior bank official reviews all content before it is posted, and do NOT leave access to outside users on your page for con- sumer comments. Use your Social Media Pages, simply as a way to communicate everything the bank is doing, and use it to create a never-ending awareness for your bank's brand. Newspaper: In many regions, simply running a "display ad", a simple black and white ad on a random page, can be a hit and miss situation, unless readers in your market read the paper from cover to cover. Find a newspaper, even if it's a specialty publica- tion, where the reader is engaged in every page. If the paper is an afterthought, your ad will be as well. Radio: In this era, if a radio station simply plays music, they are, by default, a competitor of every music/phone app, and satellite radio, everywhere. It is simply too easy to switch from one "favorite" to another with the push of a button. Of course, the push of the button, typically takes place, when a COMMER- CIAL begins. Conversely, if your station features guests and other exciting reasons to stay "locked in" to that specific station, then there is a much better chance that your commercial will be heard, as the listener awaits the next guest or information that is coming their way directly after the commercial break. Keys to success in radio: It does not matter how many overall listeners a station may have, what TRULY matters, is who is listening to your commercials or advertising. Also, find a station that will sell you "naming rights" on their station. For example, "You're listening to WXYZ, broadcasting live from the ABC123 Bank Studios". Why does this work? The "naming rights" concept actually airs often between songs, and NOT necessarily during a commercial break. Thus, more chance at consumers hearing your bank's name. TV: Ahh yes, the DVR. The bane of television advertising exis- tence. It's true: the DVR has significantly changed the commercial viewing habits of consumers, forever. How on Earth do you buy TV advertising today? Buy the morn- ing TV news. Here is why: 1. Few people "DVR" the morning news. They see and hear the news, and YOUR commercials. 2. Morning News typically reaches active consumers. Wheth- er it is families getting ready for work, or school, or both, the morning TV news on your local station, is on EVERY- WHERE in the house....and it reaches key demographics. 3. Morning newscasts have a good amount of "avails" (mean- ing that there is more room for commercial space during a given hour, compared to the small allotment provided during prime-time evening programming), and therefore a better chance at a lower price. A Special Note About Buying Morning TV News: When creating a commercial for a morning newscast, make sure that the word- ing of the audio portion of the commercial is highly detailed. Why? Because, many consumers actually LISTEN to morning TV news, as they are getting ready for work or school, rather than WATCH it. So, make a great TV commercial, but treat the audio portion, as though it is a radio commercial, with many specific details. Billboards: One of the few "old-school" advertising resources that is still highly effective in many cases. Great Change: Advertising Your Bank In A New Marketplace www.wvbankers.org 28 West Virginia Banker By Tim Maxwell, Great Advertising Factory