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It's Raining Opportunity

Article by Sharon Lovejoy of MarketMatch. Original posting February 8, 2009 on the MarketMatch blog. Used with permission.

Chicken Little... is alive!

You know the old story... "the sky is falling, the sky is falling!" Chicken Little said. Warning everyone, everywhere he went. In reality, the sky wasn't falling but it didn't really matter. He was certainly creating havoc wherever he went and making everyone question the truth.

Our current financial industry crisis is playing out in similar ways, don't you think? The reality for most banks is that there is no crisis. In fact, most community banks and credit unions didn't get involved in subprime lending practices. They are experiencing challenges only as the fallout from the major banks is wreaking havoc upon them from the recessionary economy and housing crisis. Community banking has never had a greater opportunity!

Right now, people on the street are questioning their financial partners and their financial decisions now like never before. The "Chicken Little effect" is taking its toll on us all in this noble industry. There is "money in motion". Many people are wanting to know where they should take their money and their relationships. The "money in motion" could be in motion toward your bank...but you need to be known, be heard, and be proactive!

And I think the many financial institutions who are solid performers and are well-positioned to take advantage of the "fallout" of the "money in motion" in markets everywhere, need to be carefully crafting messages and positioning themselves as leaders -- IE be proactive and lead the market! Local leaders who make sound lending decisions, who care enough about their customers and clients and their financial success, to not "lead them into temptation" - by offering loans they shouldn't take, credit card limits they can't afford, or car deals that can leave their valued customers "upside down" and penniless.

This is a very tricky message however. As an industry, we are all guilty of not giving the kind of financial counseling to our customers that we could. So we must be very careful in how we try to put ourselves on any pedestals. Placing an ad that says "we're the good guys" may appear shallow and empty to the now cynical financial customer. How can they believe "us" anymore?

I believe that a well-crafted public relations program, designed to build each piece of the pedestal we want to stand on, can be a good way to highlight the strengths of your institution... to gain a position in your existing and prospective customers' minds about who you are, what you stand for, and why you are different than the "problem" children in our industry.

A word of caution. The local president, who writes an article for the newspaper, may think he is an "expert" in this field. But in today's ever-changing society, can quickly find out he had no credibility in what he said, simply because he said it. PR experts are built of years of experience of what works and what can bite you in the butt and cause greater issues than you had before. Collaborate with an experienced PR communicator on this one and you can find avenues to build your pedestal that will have true credibility and meaningful impact on customers looking for a new financial partner. Need help? Call us...

Get your fair share of the "money in motion" in 2009. In fact, get more.