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Best Practices in MarketingThe CDFI Fund’s Capacity Building Initiative: BuildingNative CDFI’s Sustainability and Impact IIAugust 7, 2019ICF and First Nations Oweesta Corporation, Inc.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing

IntroductionMarketing can be fun but also challenging. This webinar will discussmeaningful strategies and best practices for strengthening yourNative CDFI’s marketing efforts.This Webinar Will Help Participants: Develop and design a simple mission-based marketingstrategy/plan Outline marketing strategies that inspire strategic thinking forgrowth Understand the importance of branding across distributionchannels Identify some best practices in digital/email marketingBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing2

Florence Ludka, First Nations OweestaCorporationPresenters Heather Rademacher Taylor, FirstNations Oweesta CorporationBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing3

Where areyou located?MentimeterBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing4

GroupQuestionHow many of you already have a marketing plan?Please either comment or raise your virtual hand.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing5

What isMarketing?According to the American Marketing Association,marketing is defined as: “the activity, andprocesses for creating, communicating, delivering,and exchanging offerings that have value forexisting clients, potential clients, new clients,partners, and society at large.”Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing6

Marketing Strategy The “why” behind yourorganization. The “what” that defines what youdeliver, how you deliver it, and themessage/position you will use todefine your loan products orservices with your intendedaudience. The marketing strategy is the“way” you will achieve the goals setforth by the company.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing7

Marketing Strategy Elements Differentiating and Positioning the Market Offering –communicate value to the needs of the target audience Managing Life-Cycle Strategies – attract various clients Designing Competitive Strategies – carve out your place in themarket Product related programs – create a product(s)/service(s) to fittarget market needs Pricing decisions – determine value exchange within the targetaudience Marketing channel decisions – reach your target audience Promotion decisions – generate awareness and interest in theofferBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing8

Marketing Strategy Simplified Start with a compelling story. Develop technical expertise. Coordinate your messaging. Lead the charge with contentmarketing. Incorporate employee voices. Focus on branding, not selling.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing9

Marketing Plan How you are going to achieve your marketinggoals. The large campaigns, the individual events,or the marketing tactics live here. The marketing plan is the matrix of ideas,systems, and events. It is the application of your strategy to createa roadmap that will get you from point A topoint B.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing10

Marketing Plan Elements Campaigns specifically tied to your marketing strategy goals Target audience (typically personas that the campaigns arespecifically targeting) Message that resonates with your target audience Offer that resonates with your target audience Marketing channels selected based on reaching your targetaudienceBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing11

Marketing Plan Elements, cont Marketing channel metrics to know whether the channel iseffective and efficient Budget required to execute the campaign including technologies,tools, media buy, etc. Creative requirements including landing pages, ads, micro-site,etc. Expected results, which are the marketing goals tied to yourmarketing strategyBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing12

RecapBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing13

Business Goals: Grow loanportfolio by 25% this year.Case Study:WhiteBuffalo CDC Marketing Strategy: Tap intopeer audience networks ofcurrent clients. Plan: Create a client rewardsprogram for referrals and marketthrough direct mail, socialmedia, and email.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing14

Case Study:PacificFinancialServices Business Goals: Close on at least 50,000 in small business loans. Marketing Strategy: Buildrelationships with top 20influencers in communitybusiness circles. Plan: Join a networking group,send targeted emails toinfluencers once a quarter withthe latest updates, and host aVIP night with special incentives.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing15

Business Goals: Growattendance at trainings by 30%.Case Study:DancingCrane CDFI Marketing Strategy: Focus ongrowing market segments withinspecific verticals such as highschool seniors, elders, or recentcollege grads. Plan: Sponsor a new graduatepackage at the local high school.Partner with local credit unionto set up bank accounts. FBadvertising based on life events.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing16

Outline for your marketing strategy and plan: GoalsFocusBrand personality/brand voiceSituation Analysis – Strengths, weaknesses, opportunities, and threatsYour market position (as it stands today)What you’d like your future market position to beCompetitor analysisUnique selling proposition/core differentiatorsAnalysis of your current clients (target market, personas)Analysis of the Marketing P’s – product, place, promotion, price, people, process(do any of these need to be changed, improved, adjusted, etc.?) Identify distribution channels Best practicesBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing17

Goals This is one of the most importantparts of the entire marketing strategyand plan, so be sure to take your timeand to be as clear as possible. As a rule of thumb, be as specific aspossible. Try to set goals that willimpact your website traffic,conversions, and customer success–and use real numbers. Identify key performance metrics youwant to impact and the percentage oramount you want to increase themby.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing18

Avoid outlining vague goals such as: Get more Facebook followers. Write more news releases. Create more videos. Increase retention rate. Decrease delinquency rate.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing19

Example Goalsfor your CDFI Get 100 new Facebookfollowers this year. Write 12 newslettersthis year. Create 1 YouTube videothis year. Increase loan clients by15% by 2020. Get 300 attendees atfinancial educationclasses.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing20

FocusBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing21

SituationAnalysisBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing22

Research your CompetitorsThe point of running a competitoranalysis is to help you figure out whatyou can be doing better or differentthan the rest of the crowd.It’s not so you can replicate theirevery move, but rather, so you can: Find out what’s working for themand do it better; Or, find untapped opportunities.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing23

Competitor Research Should Include: Who their marketing team is Who their leadership team is What their marketing strategyis (this will probably involvesome reverse-engineering) Their Social Media strategy Their market cap/financials The number of clients theyhave & their user personas The distribution channels theyuseBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing24

GroupQuestionHow many of you already know your targetaudience?Not just THINK you know, but actually KNOW.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing25

In building your marketing strategyand subsequent plan, you need toknow who it is you’re marketing to.Doing so ensures your marketingefforts are focused, and as a result,you’ll be getting the return oninvestmentthatyou’reafter.Building NativeCDFIs' Sustainabilityand ImpactII // BestPractices in MarketingKnow your TargetAudience26

Creating a Client PersonaThink about what you’d like your idealclient to look like. Start gettinggranular and create a list ofdemographics that your ideal clientfalls into. Location Income Level ExcludingLocation RelationshipStatus Age Language Gender FavoriteWebsites Interests Education Level Motivation Concerns Job TitleBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing27

Choose your ChannelsIn order to get the return oninvestment you want fromyour marketing strategy, it’simportant to makedeliberate, informeddecisions about whatchannels provide the bestways to reach your targetcustomers.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing28

Owned MediaOwned media are the channels youhave full control over, meaning youremail list, your website, or your blog.In basic terms, any branded contentthat you produce yourself can beconsidered owned media.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing29

Earned MediaBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing30

Earned Media, cont Earned media refers to the exposure yourcontent receives organically through outsidesources. Think of things like guest posts onother sites, your search engine optimization(SEO) efforts, or any coverage you receive fromthe press.It is said “earned media”is one of the most costeffective ways to raisebrand awareness.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing31

Paid MediaBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing32

Paid Media, cont Unsurprisingly, paid media can be defined as any mediathat you pay for. Paid media is how you generate more exposure for yourowned media and win more earned media. The best way to find the paid media channel that worksfor you is to set yourself a budget and try differentplatforms at once. After a couple weeks of testing, seewhat’s working best and double down on that particularchannel.Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing33

Break Down Your FunnelBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing34

Client Journey MappingBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing35

GroupQuestionHow many of you feel you already have astrong logo for your organization?Building Native CDFIs' Sustainability and Impact II // Best Practices in Marketing36

What is Branding?Branding is a system of identifying a product,service, or organization as unique anddifferentiating it from the competition.A good brand will: Deliver a clear message and resonate with yourtarget audience Confirm the brand's credibility in the eyes of thetarget audience Emotionally connect target prospects with aloan product or service Motivate the client to apply for a loan or attenda training Create loyaltyBuilding Native CDFIs' Sustainability and Impact II // Best Practices in Marketing37