It’s no secret that the financial equilibrium is in flux right now. The Fed continues to ratchet up rates and the stock market is in disarray. Up one day and down the next. Nationally, interest rates on savings vehicles are up as high as 4% for 12-month CDs distributed by the aggressive internet banks. On the street, 2% is the absolute minimum to offer and maintain credibility.
Our clients are coming to us increasingly asking for help with deposit product promotional strategies. With the upward movement of rates, the public interest in the entire line of deposit products is going to grow. Time to dust off your new and improved checking accounts (maybe with newer and higher reward debit features?), your short to medium term CDs, and your retirement focused accounts (IRAs, Roth Savings, etc.)
Many experts are forecasting a recession and a corresponding rise in unemployment. This will likely result in downward pressure on the stock market, some dampening of lending and a move to safety.
With so much in flux, your marketing messaging should be about delivering security, clarity, and confidence to your consumers. Historically, when the market falls and recession is on the horizon, preservation of capital will be the primary goal for many.
What can you do now to help your consumers prepare?
Promote High Yield Checking and Savings in January and February. Historically, checking products have a higher consideration during the early months. With higher rates you can build a more competitive product offering. If you move quickly, you’ll be able to gain market share quickly. Imagine the results you’d see if you offered a 2 – 3% interest bearing checking or money market account? Promoting these items across the normal channels should build traction:
• In branch merchandising
• Outside banners, posters and window signs
• Digital and traditional advertising; Web features
Marketing during downturns is never easy. You’ll face a lot of pressure to decrease your marketing budgets and reduce your outreach.
It’s been proven that those companies that advertise during the recession are the ones that benefit the most once the recession ends.
Keep your wits about you. Now is your chance to shine!
Our employee health and safety is our number one priority. We’ve taken extensive steps to keep our employees safely out of harm’s way, including the following key processes:
What is Large-Format Printer Technology?
Many clients are already thinking about 2020. Budgets are being prepared and programs are being decided. One of the tried and true promotional programs that offer high customization at a very low cost is the wall calendar. What else can you have hanging up in your client’s home/office for 365 days?
Nickelodeon’s agency, Cogswell Design, chose Westamerica to create their booth for the popular Comic-Con Convention in San Diego this summer. The convention generates an estimated 130,000 plus visitors, so the companies in attendance must deliver their very best impressions to reinforce their fan relationships. Combining animation with live-action elements, the booth posed a unique production challenge. 
Westamerica’s production planner, Scott Jehlik, said, “The client wanted a particular look requiring us to provide unique finishing solutions. We ‘skinned’ the entire structure, resulting in a visual masterpiece.”
Westamerica client 2K Games wanted to showcase the characters from their newest release, Borderlands 3, in a larger than life display presentation at the recent Electronic Entertainment Expo (E3) Sports Convention. The display featured extensive use of sublimated fabric stretched over SEG frames with back-lit highlights.
The booth garnered special attention from the industry publication, Digital Trends giving it the designation of “Best Booth” among the 101 participating exhibitors at the show.
The team at Affinity Federal Credit Union longed for a better way to communicate their mission to both members and potential members. While their annual report served up key financial information and the traditional forward-looking perspective, they wanted to incorporate the emotion and feelings that only a video can generate. They turned to Westamerica’s Video Production Services.
Working with Account Manager Bree Booth, their team decided that a dedicated “Mission Video” would deliver on AFCU’s key objectives in all forms of media to:
The messaging strategy was deliberately very broad and designed to relate to a large group of viewers, including current members, potential members, the general public, staff, and other stakeholders. The AFCU team’s goal was to communicate that it is a member-centric organization that equally balances what’s best for the member with what’s best for the institution.
Active for Good does a great job at keeping the emotional level high. Each participant can download the Active for Good app that tracks their activity and notifies them as they reach new levels. Individuals earn points for steps (walking around) and for minutes of activity. The app displays one leaderboard for individuals and another for teams. This creates a little competition, both between and within teams. People can also connect the app to their Apple Health or Google Fit systems that come with their mobile phone or connect the app to their Garmin or Fitbit. The app’s real-time display was a motivator for those who were close to an activity milestone.
We wrapped up our Active for Good challenge on November 16th. I’m proud to say that our teams earned 1,706 ready-to-use therapeutic food packets thus saving 11 young children suffering from the effects of severe acute malnutrition. These packets will be distributed in Somalia, South Sudan, and other countries by aid organizations like UNICEF, Feed the Children, and World Vision.
“We will be perfect in every aspect of the game. You drop a pass, you run a mile. You miss a blocking assignment, you run a mile. You fumble the football, and I will break my foot off in your John Brown hind parts and then you will run a mile. Perfection! Let’s go to work.”
Good marketing is crucial to help you achieve your company objectives. A good marketing plan will help you connect to your target audience, boost your customer base, blunt your competitive threats and ultimately, increase your bottom line.
Even a relatively small marketing project can have lots of moving parts. The key to tying them all together is consistent communication. Internal coordination can help minimize redundancies, revisions and false starts, which often add extra time and cost to a project. Working with Westamerica gives you a real advantage with external coordination, eliminating the need for multiple vendors and keeping you firmly in control.