You Want Free Checking With That?

One of the more highly respected financial institutions in our community is investing hundreds of thousands of dollars in an ad campaign that I love, because it dovetails with our competitive advantage mantra at Quadrant Five.

Full-page ads in major publications explain that our friends excel at figuring out what’s special among their clients—and they help their clients capitalize on that special strength. Call it the ABC quotient.

The ads sounded very Q5 to me, so I called the number at the bottom of the page to learn more, and here is where the entire process fell apart. The number rang at a general switchboard, where essentially this conversation followed:

Unknown Voice: Well-respected financial institution.

Me: Hi. I was reading your ad about helping me figure out my ABC quotient and I wanted to learn more.

UV: About what?

Me: Well, the ad says you can help me figure out my strengths and capitalize on them, so I wanted to learn more about how you do it.

UV: I’ll transfer you to customer service.

Second Unknown Voice: Customer service.

Me: Hi. I was reading your ad about helping me figure out my ABC quotient and I wanted to learn more.

UV2: What ad?

Me: The one in x publication. It said you help your customers figure out what’s special about their business and build on that.

UV2: So this is about a business?

Me: Yes.

UV2: Did you want to open a checking account?

Me: You know, I think I’ll call back later.

In our Focus Workshop, we discuss the futility of spending marketing dollars to undermine our relationships with customers, or to attract customers we really don’t want. This ad campaign struck me as a good example of the pathology, with hundreds of ads inviting potential clients to call a general number and encounter people unfamiliar with the pitch.

With all the planning, creative, bookings and meetings that led to this campaign, one has to wonder if anyone asked this question: What happens if somebody responds?

If that question had been addressed appropriately, the company might have assigned a special phone number to the ads and trained one or two people to answer the phone, after two rings or less, and lure the caller into a relationship.

Now, pretty much everyone reading this post will agree that there is missed opportunity here. That gap is not likely to be as obvious to people at our well-respected institution, however. Most likely, senior executives at the company are receiving anecdotal attaboys from friends and customers who’ve seen the ads. “Great idea,” one says. “That really describes how you do business,” says another. Of course, nobody is going to hear from the people who never got past the switchboard.

Today’s post is a cautionary tale about focus on the details, execution and weakest links. How are you spending your marketing dollars today, and how are you undermining your potential? None of us is immune.