First of all this blog maybe long. I've had a long career and this will allow you to see the evolution of my experience. Second, I don't consider myself a writer and after reading this some of you may agree, even though I have written and produced hundreds of print, radio, and television commercials, started writing a book on Marketing Analytics, have four YouTube channels, this past May registered my first screen play with the Screen Writers Guild in L. A. and had a documentary that I wrote and produce air on PBS July 2010. Thanks to spell check half of my battles have been solved, however interesting content and delivery will always be a struggle.
Being a part of the marketing and financial community now for over 25 years I've seen a lot of changes in the industry, however I have also seen an interesting cycle. The FSLIC issues of the of the late 80's are reflected in today's problems in the industry. Although a lot of institutions went through it once, lessons are sometimes hard to learn.
I started my career in advertising sales in the early 80's and during this time I was introduced to the financial world when I was elected to the board of the company I worked for Employee Federal Credit Union. Although at this point I still felt marketing was all creative I began to understand how to manage people, be a part of a board, and eventually direct, reprimand, and coach individuals much older than myself, which at the time I was in my early 20's.
Although not focused on marketing analytics I was forming opinions as to what individuals wanted and it was my job to meet those needs. Within 5 years I had risen to the president of the board of the credit union and handled the largest book of clients producing close to 25% of the company's revenue.
My marketing ability found additional outlets being chosen at the age of 26 to a committee that would develop and market a brand for the community in which I lived. I look back and sometimes smile for I was the youngest of this group which included Senior Vice Presidents of fortune 100 companies, a University, Banks, and other organizations. After a few weeks I was elected to chair and guide this group of nine on this two year research project. Some 25 years later city vehicles still carry the brand of "America's Hometown."
At a press conference attended by local and state media I was the presenter and after that day my life changed forever.
During this time I was in a three month interview process with a local bank to take over the position of Director of Marketing. It seemed as though talks had stalled, however as soon as I arrived back to my office after that presentation I received a call from the president of the bank saying we needed to talk. Soon after in my late 20's I was offered the position.
This position was all about being creative and exposure. New brochures, 100th anniversary, billboards, radio, television I was able to learn it all. I did get my hands in a new database process from NCR that would allow one to write a few parameters and produce mailings. This was really new technology for the time. Hey we were lucky to have computers and a personal one at that time was out of the question.
It must have been a number of years later the company was approached by a local commercial bank to merge. After the agreement I became one of three individuals to oversee the process.
Fast forwarding a few years I was promoted to marketing director after the banks director suddenly passed away. This was a great shock for this gentleman had been mentoring myself and another individual who eventually took over human resources. Here is the irony, my boss left on vacation on Friday, however before going he had spoken to the president telling him that we were ready and that when he returned he would like to start discussing retirement.
My phone rang early Monday morning at work and it was his wife telling me of his passing. She had asked me to call his best friend to give him the news. That was and still today was the hardest phone call I have ever made.
As the years passed it was a great time in my career, more campaign production of radio and television commercials, some winning advertising awards, and some getting national attention from trade magazines.
The organization went through it's difficult times with poor earnings just like everyone else, however the strong leadership pulled the organization through. It was a great time to own stock for they gave you a 25% discount for purchases and then the organization was providing greater than 35% annual returns.
In the late 90's I started to realize bank marketing was never going to change in the minds of Senior Management. It was the place where the pretty color paper and pens were located. No one ever took you seriously.
It was after being introduced to database marketing my mind was transformed. The company was growing and with it a new corporate entity was formed to actively seek mergers to expand the organization. In doing so a corporate marketing function was established where my position was to oversee two marketing positions and help with production. Additional duties were development of presentations for the CEO and CFO. A lot of the times I was asked to go along for the secret meetings because the presentation technology was new in those days.
Marketing Customer Information Files were the hot topic of the time and I was directed to look for one. I had researched and brought in a number of companies and after 6 months we chose one. It was not a great experience for the company we chose was in the development of a new windows product and after they missed their delivery date we were not happy campers.
However you talk about a company with integrity...they flew my boss and myself to their home office and spent the entire day with us explaining what had happened. They did everything to win back our business. At the end of the day we stayed still knowing it would be another 6 months until we would be up and running.
My job at this point was to oversee and be the go to individual at the corporate level on the system. I didn't want to run it because of what the salesman told us. "A trained monkey could run this." I didn't want to be that monkey....
However quickly I determined that this tool was far more than what the salesman was providing. It was the actual turning point in my career where I understood that financial marketing individuals were a dime a dozen and that by adding the skill set of being an Analytical Marketing Director I could have an impact on the industry.
That day in 1997 changed it all. I had determined that our marketing directors for two banks either didn't have the skill set nor the time to use the system. I took it on myself to read the manual, twice prior to attending training. My boss came with me, however after a few hours he was toast...I was in heaven.
I never looked back and I was determined to become an expert, within a few years was being asked to present at national conferences as a subject matter expert.
In 2000 our bank was merged with an organization nine times our size. Boy talk about not seeing it coming. I was as close to the merger process as anyone and the board didn't allow anyone to know. Here was another interesting time. I thought I didn't have a chance being a part of a $9 billion organization. However after meeting them I knew I could contribute to their limited programs.
I was the first employee hired prior to the merger and was what I called having my salary laundered for six months. So I was still being paid by my current company, however the new company was reimbursing the amount.
Talk about running into a company that was pretty out of touch. Very quickly I was able to turn their MCIF system into a revenue producing tool.
The organization was in need of an automated referral performance management system that could track over 1,100 employees on various metrics, report and, reduce tracking time. This mission was given to me to sort out. I started out trying to find a company...however soon found nothing would do what was needed and if I did find something close the price tag ranged from $250,000 to $1.5 million. Guess what...it was not going to happen.
So in an interesting twist of faith the IT group and myself set out on a new venture... to build one. Now I had only one computer programing class in college and that was so long ago it meant nothing. However what I did know was the process and how to work with those that coded.
Within three months myself a small group of those from IT and one outside coder we were able to develop, implement, and train 1,500 individuals on an AS/400 based operating system that once we flipped the switch took a process that was taking over 30 days after the end of the month to report and referrals taking over two weeks to get to the proper individual to a real-time living breathing system. All for under $40,000. When I presented this to the board I was given a standing ovation and what seemed like a blank check to do what ever I wanted.
I went on to enhance the system building a digital profile tool and over 35 incentive compensation programs. By 2003 we had stopped the development of the system looking then for its replacement. Some 7 years later in 2010 the tool is still being used because the organization just can't find a system that can produce the same results for a reasonable amount of money.
I could continue to provide the other tools I had built for the organization, daily measurement and reporting tools, however this blog will provide you with what you will need to begin evaluating your organization, your products, your ability to provide returns on your marketing dollars, trends, retention, and propensity.
I still do not consider myself an expert, however I have logged a ton of hours in the thought process. I have built tools seven years ago that have out thought the industries needs where in 2010 banks are just starting to ask for.
I want to use this blog as a means to lift the financial marketing industry so that individuals can grow and contribute to your companies bottom line.
If ever you have a question please feel free to make a comment or even to e-mail me direct and I will be glad to help you.
Thank you for taking your time to enhance your skills in Financial Marketing Analytics
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