hrama event: put the "mmmmm" back in marketing
DESCRIPTION
Speaker: Nancy Porter, SR VP of Marketing & Sales, Monarch Bank In this Hampton Roads American Marketing Association (HRAMA) session on September 13th, attendees learned about some of the key approaches that Nancy Porter has used to build successful campaigns from scratch based on the measurement of opportunity. Attendees observed the life cycle of a campaign, including organizing your marketing efforts with the following functions:message, money, medium and measurement. Whether attendees were a creative, suit, client or in sales, by the end, they had a fresh perspective into the journey of creating a campaign, and how to improve marketing to deliver better efficiencies and bottom-line results. Nancy Porter’s 20 years of marketing experience is unique….having held positions as Art Director, Creative Director, Agency President and Vice President of Marketing. Building her career in national and local advertising agencies in creative and strategic positions, she honed her business acumen as Vice-President of Marketing at Chartway FCU and Monarch Bank. Nancy has received over 100 awards by some of the most prestigious marketing associations, including AAF, HSMA and Credit Union National Association Marketing & Business Development Council. She holds a bachelor’s degree in advertising from Virginia Commonwealth University and is a former Adjunct Professor to undergraduates in VCU’s School of Art’s, Department of Communication Arts & Design advertising curriculum.TRANSCRIPT
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Nancy Porter Senior Vice President Marketing and Sales
Monarch Bank
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• A group decision
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• Detective • Storyteller • Cheerleader • Therapist • Anthropologist • Jester
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Marketing is comprised of:
1. Money
2. Medium
3. Message
4. Measurement
5. Ministration
5 main ingredients
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1. Own the decisions: target, research, improve
2. Budget/money should never be your excuse
3. Create a unique message from strategy
4. No silver bullet, think in terms of 3-‐month and 3-‐year medium plan
5. Spend $$ that you can measure
6. Ensure sales buy-‐in and accountable ministration
Recipe to Mmmmm Success
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MONEY Define your target audience Where are we now?
Research Where should we be?
Improve what you’re all ready doing How are we going to get there?
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Money scenario: � Redefined target: Hampton Roads Families
� Research into classical music trends Result, the “Mozart Effect”
� Reconstruct existing budget: Divide seasonal catalog into three pieces: BRC direct mail, season poster, and subscription brochure
� Reconstruct existing budget: BRC mailing received a 10% return in the first 3-‐months, thus fulfilling a key marketing parameter … interest on single ticket, season subscription and family events
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Choose the methods that will:
� Improve what you’re all ready doing
� Stimulate enquiries from your target audience
� Is affordable enough to be used for 3-‐months
MEDIUM
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Medium scenario: � Budget reduced by 80%
� Would people travel after horrors of Sept. 11?
� Maximize database of previous guests with postcard
mailing and use of “free” public calendar listings
� Success of New Years gala would determine plans
to celebrate upcoming 75th Anniversary
� A sold-‐out success!
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Creating the Message:
� Does it fit the strategy to perfection?
� Is it unique?
� Do I wish I had thought of it myself?
� Could it be used for 3-‐years?
MESSAGE
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Write one sentence
� Your sentence should describe one fact or argument
� Your sentence should develop a personal relationship with the reader
� Your sentence’s primary function is to draw the reader into the rest of the marketing
Message scenario:
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Write one sentence:
Introducing the first locally-‐owned bank on the Outer Banks.
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Set up basic tools to evaluate response.
� Helps not to waste time trying to make a specific medium work
� Determines which message makes the biggest contribution
� Accounts for buy-‐in from sales team
� Assists in Return-‐On-‐Investment concerns
MEASUREMENT
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Measurement scenario: � Target audience: Affluent families with small children
� Focused message and medium to promote “two-‐hour drive” strategy
� Strategic “insert” ad placement into national network of magazines (Elle Décor, Food & Wine, Bon Appetit, Real Simple, Town & Country, Travel + Leisure) distributed only in the NYC, Northern NJ and Philadelphia markets
� Reservation call volume was tracked and increased within 3 market areas
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What functions should be fulfilled by internal and outsourced help?
� Overlapping of roles or lack of experience hurts the efficiency of marketing efforts
� Ensure sales team buy-‐in and accountability to aid in success of campaign
� Get flexibility � Save money
MINISTRATION
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Ministra2on scenario: � Unique campaign
� Position bank as strong, growing business leader
� Own local philanthropic cause
� Partner with community experts
� Give employees and community a reason to talk verses conversation on products or earnings release
� Doubled business checking balances over 18-‐months
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1. Own the decisions: target, research, improve
2. Budget/money should never be your excuse
3. Create a unique message from strategy
4. No silver bullet, think in terms of 3-‐month and 3-‐year medium plan
5. Spend $$ that you can measure
6. Ensure sales buy-‐in and accountable ministration
Recipe to Mmmmm Success