It’s no surprise. There’s a ton of competition for the consumer’s attention and it has increased steadily through time. Each day, a typical consumer will face multiple sales messages on the radio, on the Internet, in print, television, direct mail, and outdoor billboards, even on Twitter, Facebook, and other social media.
Countless studies have been conducted to better estimate the number of messages that bombard consumers daily. Numbers have ranged from 1,900 to 5,000 each day. For those of you who find this number unlikely, try counting the ads you see on TV, the commercials you hear on the radio, the ads in your daily newspaper, the billboards as you drive to work, ads on Facebook, the posters in your local supermarket, and on and on. These are the messages against which yours compete.
If you own or run your business you already know that advertising messages don’t come cheaply. Costs can range from $1.50 per thousand viewers for an outdoor billboard to $11.00-plus per thousand viewers for a 30-second ad on network television (Jeffries & Company Media Dynamics… 2009). In all, you can spend hundreds of thousands of dollars for one campaign alone. It’s a marketer’s nightmare, but most of these messages are forgotten in about the time it takes to flip a newspaper page, click to the next Internet page, or flick to the next channel, leaving you… nowhere…
But here’s some good news: Community bankers have a powerful method at their disposal to reach consumers and close deals – advertising “space” that has already been paid for: their branches.
An effective Point of Sale campaign, in support of either newspaper, television, or radio advertising can increase sales and there are some studies that show it can increase by as much as 70 percent* (although I’m sure there are many who would be happy with even a 10 perecent lift!) Your branches offer the best possible sales environment: your customer, the product, and your trained representative.
Branch merchandizing provides a visual cue for the customer. It gives your representative a reason to speak with prospects. It offers common ground for both. It presents a visual storyboard to which customers and representatives can relate. Branch merchandizing can promote a product, the product benefits, the superiority of your offering, and can help build your bank’s image, all at the same time. It can be aspirational. It can enhance the look of your offices. It can provide your representatives with something they can be proud of and something will help focus their efforts.
The beauty of an effective Point of Sale campaign is that it doesn’t have to be expensive. There is an endless array of Point of Sale campaign alternatives that can bring activity and excitement to your business and help you meet sales goals.
* Multiple studies including Prime Conulting Group study, Point of Purchase Advertising International study, J.C. Williams Group study for Bell Canada.
(c) Alder & Associates