Flickers of growth focus in a landscape of darkness for Bank of America, with news release that they are hiring 180 Merrill Edge Financial Solutions Advisors (FSAs) throughout New Jersey in 2010, presaging doubling of FSA’s by next year to more than 1000 nationwide. Like many banks, focus is on mass affluent, and BofA claims to serve more than 8 million of these. Big investments in data mining to dig the gold in that big mountain range. New product and service investments too, with Platinum Privileges, which rewards customers with $50k+ in deposits with xxx, new mobile app, and even specialty stores for aristocratic Main Street presence integrating investment, small biz and mortgage specialist.
Author Archives: cedlund
Let’s rename social media
Social media is misnamed. Media are channels advertisers use to communicate one-way messages to target audiences. The real power of social networks is in the creation of the virtual community and the sharing and messaging it enables. Brands that use social networks simply as a media outlet are missing the point, and will alienate prospects and customers rather than engaging them.
Relationship Marketing Is…
A client asked me today when does old-style direct mail turn into relationship marketing? I said…
- When it’s about the whole relationship—web, emarketing, mail and human channels—and all of these know the customer equally well.
- When all of these channels are enabled to deliver offers and services that demonstrate that customer knowledge.
- When the focus is on the customer’s lifetime value, with measurement to match, rather than making a single product sale in a silo.
- When the lines between service, marketing and sales are seamless and invisible to the customer.