The Story

It used to be that back in the day of traditional marketing for banks, prudent marketers had to make sure most of their budget dollars were allocated for media, rather that creative development and production. In other words, although it would have been more fun to spend all your time copywriting and art directing great ads, it was important to make sure the majority of your money went to media placement. After all, a great ad isn’t that great if you don’t have any money left to run it…right?

Well, it made sense back then. But not anymore, as far as I’m concerned.
To me, one of the biggest differences between then (just a few years ago, actually) and now, (the experience economy), is that you should spend more money developing the great ideas than running them.

Why?

Simply because the truly great experiential ideas–the ones that get into all the senses–don’t cost that much to run anyway. I’d rather see companies spend 90% of their resources figuring out the right way for their brand to shake hands, to make a branch smell, or music to play. Turns out that executing those things doesn’t cost much money anyway. Shaking hands is still free whether it’s a one-handed shake, a two-hander, or a high five. But the strategic, experiential thought process behind that decision not arbitrary whatsoever, and is worth every penny.

This entry was posted on Tuesday, May 22nd, 2007 at 3:30 pm and is filed under Bank Marketing, Experiential Marketing, Branding, Credit Union Marketing, Bank marketing plan, Multisensory Marketing and 5 Senses Branding. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.