SEVEN TRUST ADVERTISING CAMPAIGNS FOR SALE

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<p>SEVEN TRUST ADVERTISING CAMPAIGNS FOR SALE  <br/>Section: NEW PRODUCTS/SERVICES <br/>Few bank trust departments have ever been known as either savvy or aggressive advertisers; and, typically, these departments do not benefit from the popular cross-selling activities that banks' commercial and retail departments engage in. The lack of trust banking advertising leaves a void that allows room for the well-documented advertising successes of nonbank trust advisors, according to research by SourceOne Consulting Group of Atlanta. </p><p>SourceOne and Marketing Strategies Inc. (MSI), Richmond, Va., have collaborated to offer bank trust departments nationwide the Wealth Management Network. The Network is a portfolio containing print advertising campaigns created by MSI, an advertising and marketing firm in Richmond, Va. These are original campaigns designed to combat negative ideas about trust banking, and give banks an affordable, eye-catching advertising presence. "Our research indicates that the customer base for the banking industry's trust [and] asset management sectors is under pressure from the aggressive marketing and advertising by brokers, investment firms and mutual funds," says Harold G. Bell, SourceOne's executive director. </p><p>SourceOne and MSI conducted an industry-wide survey of bank trust and asset management executives from across the country before creating the Wealth Management Network. Seventy-two percent of bank respondents to the SourceOne/MSI survey have trust departments that advertise. Of those trust departments, a little over one-half reported annual advertising budgets of $100,000 or less. The report also cites a 1990 statistic from the Advertising Redbook that shows the top five investment firms' combined advertising budgets exceeded $100 million. The preponderance of nonbank trust advertising has been painting banks right out of the trust picture. </p><p>MSI and SourceOne found that prospects perceive trust banking to be only "for the elite and for the dead," says SourceOne's Jeffrey Padgett. These images are not appealing to the baby boomer market, which is the prime target for both banking and nonbanking trust advisors. </p><p>Each Campaign Has Unique Focus </p><p>The Wealth Management Network advertising is designed to help participating banks hold their ground against the glossy, expensive efforts of nonbank competitors. There are seven campaigns made for print media, and each campaign includes two or three ads. Each campaign is also tailored to a specific strategy and focus: </p><p>Introduction--Informs prospects who currently use your bank for other services that you are also in the trust business. <br/>Education--Lets prospects know that trust bankers can do a lot for them, and do it more efficiently than the competition. <br/>Clarification--Advises prospects that trust bankers can help them build, not just maintain, wealth. <br/>Classification--Targets a prospect group your bank may have overlooked, such as widows, divorcees and retirees. <br/>Validation--Reaches prospects who are currently with nonbank firms. <br/>Competition--Highlights the documented superior trust and investment performance of banks over nonbanks. <br/>Identification--Positions the bank as a problem-solver for prospects who are well aware of trust services, but need empathetic advice. <br/>Banks can customize these campaigns by adding their logos and each campaign has collateral pieces. Participating banks will have exclusive use of campaigns in their own markets on a first come, first served basis. New ads will be created in the future as demand dictates. </p><p>SourceOne and MSI are targeting this product to all banks except those that rank in the top 50 in trust assets. A small bank can benefit by purchasing an ad campaign with one or more other banks. The banks can then run the ads featuring a logo created exclusively for the ad campaign purchased or with the logos of each bank. "There is no clear indication that [banks] will do this, but it is an option we're putting out there," says an MSI spokesman. </p><p>Though intense bank-on-bank competition does make this option seem unlikely, SourceOne and MSI state that this type of competition affects retail and commercial banking departments more than it does trust departments, and the more intense competition for bank trust departments is from nonbanks. </p><p>The cost for the Wealth Management Network ad campaigns is based on market area, determined by a bank's Metropolitan Statistical Area (MSA) as defined by the Office of Management and Budget. The prices range from $4,750 for a bank with an MSA of less than 50,000 households to $8,500 for a bank with an MSA of 1 million households or more. Banks can also purchase campaign follow-up activity for an additional charge. </p><p>For more information, or to receive a catalog depicting each Wealth Management Network campaign, contact Lyne Doyle at MSI; (800) 847-2674. </p><p>SUBSCRIPTION QUESTION? </p><p>If you have a question about or change to your subscription to Bank Marketing magazine, or wish to subscribe, contact our customer service department at its new phone number: </p><p>(800) 338-0626 </p><p>PHOTO (COLOR): This is a sample of the Clarification ad campaign designed to help trust bankers advertise their services and compete with the expensive ad campaigns of nonbank competitors. The campaigns are sold by SourceOne Consulting and Marketing Strategies Inc. </p><p>~~~~~~~~</p><p>By Jennifer Porter </p><p><br/>--------------------------------------------------------------------------------<br/>Copyright of Bank Marketing is the property of Bank Marketing Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. <br/> <br/> <br/></p>

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