Financial
Universities Champion Economic Revival
Leveraging every dollar of appropriations to generate ROI has always been a core goal for most state universities. But in light of today’s economic downturn, many colleges and universities are stepping up their efforts to do even more. That is, they are relentlessly focused on turning around struggling state economies.
One extraordinary example is taking place in Michigan. The University of Michigan, Michigan State University and Wayne State University have joined forces to make available their tremendous resources including faculty consulting, laboratory equipment, research facilities and more to assist business development. What’s more, they are relentlessly exploring innovative opportunities to develop new technologies, research emerging industries such as alternative energy and transform the internet to be speedier, more secure and spam-free.
Matching your advertising expenditures to your target’s media consumption habits
It’s that time of year… everyone’s planning their budgets for 2010. We all hope and pray that the recession will be over by then, but in the meantime most organizations are lean and mean. Just today eMarketer reported that in order to improve overall marketing effectiveness, 70% of marketers are moving budget from traditional to digital media.
So is it time for you to create a high impact online marketing program? You know that your targets are online, but where do I start?
Two primary ways come to mind – targeted media buys and search marketing.
Connecting financial literacy and brand loyalty
I’m working on a hypothesis and need your help.
The recent economic events prompted thoughts about the need for financial literacy programs. Large government agencies, education institutions and several well-meaning non-profit organizations all believe in the critical importance of financial education.
That’s to be expected. In fact, financial literacy is a topic that’s always been considered the responsibility of educators and government.
But fall 2008 changed everything. Right along with the disappearance of 401K balances and low credit card APRs went brand loyalty and trust. Our thought is that one way to regain it is to reach out and help someone with their finances. Or at least understand their finances and payment options.
Simply put, the hypothesis is that the new path to brand loyalty (which translates into purchase frequency) starts with a more financially astute customer. And that from retail to real estate, financial services to utilities, brands who engage customers on this issue will benefit greatly.
Thoughts? Please let us know.
What do banking customers want now?
If you can, get a copy of “The Banks Mount A Charm Offensive” from November 17th’s Businessweek. According to author Burt Helm banks are working “behind the scenes” to “persuade people not to yank their cash and stuff it under the mattress.”
Banking institutions are coaching employees about how to directly answer uncomfortable questions posed by increasingly concerned customers. These customers are more educated now about issues like an institution’s capitalization and lending practices. They need to feel safe, and they are not shy about seeking answers to questions they would never have asked before.
As consumers demand ever greater transparency, it will be interesting to see how companies of all sizes will react. It may be that smaller, private companies will thrive in this environment. Instead of crafting carefully worded scripts, they will be able to spontaneously, directly, openly – even proactively – provide the kind of information that (re)builds trust.
Argument for a shorter work week?
As Director of Customer Engagement, I get to go to some enlightening events. This morning I went to see David W. Nelms, CEO of Discover Financial Services and Executives’ Club of Chicago Breakfast Series speaker.
According to Mr. Nelms, about 30% of what we do every day doesn’t make a difference. He tells us to focus on three things: The customer, revenue, and expenses—and quit doing anything that doesn’t create results in these areas. So by my calculations, we’ve got 12 hours of extra time a week, and we can all take Friday off. All kidding aside, Mr. Nelms had great wisdom to share with us all.
