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Blog: Bank Marketing Insights

Choosy brands choose Groucho—right?

Groucho Marx is famously quoted as resigning from the Delaney Club quipping "I wouldn't belong to any club that would have me as a member."

Whether or not the story is actually true, it leads us to wonder why some brands are so eager to accept just anyone.

 

Groucho Marx is famously quoted as resigning from the Delaney Club quipping "I wouldn't belong to any club that would have me as a member."

Whether or not the story is actually true, it leads us to wonder why some brands are so eager to accept just anyone.

 

the quick fix that's addiction in disguise

Taking just anyone is like the sugar buzz that gives you a quick high—but then lets you down hard. It can happen just about anywhere:

  • Taking the first job applicants for the position because they seem eager, bright and shiny. But upon closer inspection—when it's too late—you realize they were just a put-on. They don't embrace your internal brand and what you thought was love for your purpose was love for the idea of a paycheck and little else.
  • The new influx of members attracted by the discounted offer who turn out to be overdemanding and a bad fit with the tried-and-true members. The discounted newbies ne478px-Groucho Marxver really join in, or worse, gobble up your resources then drift away when the next big thing is offered somewhere else. (By then, you're glad they're gone, but they've hurt your reputation.)
  • The CD special that gives your bank a temporary flush of fat new deposits. But this "hot money" only lasts as long as the term and the promotional rate. There's no loyalty, just the desire for a quick buck. When the offer expires, the money is gone—and so are those customers.
  • The lure of a big retail promotion that offers a deep discount or gift with purchase. It can bring in a rush of revenue at key times. But do it too often and the luster of the brand becomes tarnished. The original customers may move on to find something else that's really special.

478px Groucho Marxpick your poison

Reward great customers and attract quality prospects by selectively using specials and sales promotions.

Would Groucho be a good fit for your brand? His personality might attract more of what you really want, or it might cause a deadly overdose.

Never favor quantity over quality because that devalues both aspects of your brand: internal and external. If you're willing to sacrifice the fleeting in favor of the long term, you'll build loyalty and profit.


For more ways to build loyalty for your brand from the inside out, call Martha at 785.969.6203.

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