Once you've gotten your feet under you from all of the meaningful takeaways from the on-site week, it's time to start your project. The purpose of the Year 1 project is to assimilate all of the information you've learned over the week into one actionable plan - with measurable goals, Return on Investment (ROI) and an executive presentation - that can actually be implemented at your bank.
It sounds a little intimidating, especially if you've been out of school for a while. However, with all of the takeaways you get at the school, it is easy to find a project that fits with your bank's strategic goals.
Plus, while the project requires footnotes and a bibliography (not typical of marketing plans at my bank), the majority of the project is a marketing plan. For me, it's very similar to what I'm already doing when trying to plan out a major initiative - determine a target market, justify the need for the marketing initiative and figure out the steps necessary to successfully bring the plan to life.
The project is due in October, but there are different parts due between June and October to keep you on track. You also are matched with an advisor in a non-competing market to help guide you through the process. Additionally, part of the project is a requirement that your supervisor sign off on your proposal. The idea behind the sign-off is to make sure that you get buy-in from your bank so this project could actually be implemented.
I've already determined a project proposal that my boss is very excited about: an initiative to increase adoption of our online services. Now, I'm working through the background research to figure out some of my measurable project goals: What adoption rate am I going to aim for? What does that mean for my bank's bottom line?
One thing we learned in our Marketing ROI class was that, in determining the TRUE success of a project, we need to look at our organic growth and account for that with our marketing goals. Since that growth will happen whether or not a specific campaign is done, it needs to be removed from your end results to show your true Marketing ROI, including improvements to corporate profitability and efficiency.
(And to think I graduated from college with a degree in Communications so I would "never have to do math again.")
This brings me to another benefit of the ABA School of Bank Marketing & Management. As a marketer, you know that there are many roads to a career in marketing. Not all of those roads include full training to provide the mathematical justifications appreciated by senior management and the Finance department. The classes at SBMM help you speak the language of these other departments so you can translate your gut feelings and interesting ideas into tangible goals and measurements. Or, as I call it, "getting beyond 'you're the one who puts the logos on the pens.'"
Note: The views presented here are the personal views of our ABA School of Bank Marketing & Management participants and do not reflect the views of their respective banks.
Friday, July 1, 2011
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