We love seeing word of mouth marketing catching on with banks and credit unions. Any form of buzz that a financial institution can generate is a step in the right direction not only for that bank or credit union, but for the financial services industry as a whole.
One of the manifestations of WOM in banking so far has centered around the idea of “random acts of kindness.” Financial marketing stars Umpqua Bank have been known for using random acts of kindness successfully (such as with their ice cream truck, which we can vouch from personal experience does successfully bring smiles to faces!), and the idea has caught on with other banks and credit unions as well.
But I have one fear: I’m afraid banks and credit unions are starting to oversimplify things, thinking that WOM = random acts of kindness. The truth is, random acts of kindness are just one of the many forms of word of mouth marketing.
Remember, word of mouth marketing is a huge, broad topic, with dozens of subcategories of types of WOM. (You can learn about some of the other forms in our word of mouth marketing glossary.) According to the Word of Mouth Marketing Association, word of mouth is about giving people something worth talking about, and making it easier for them to have conversations. Random acts of kindness are a great way to accomplish this, but only one of many ways.
Much like we’ve said about bank and credit union social media, random acts of kindness does not a WOM program make…but it’s a good start.
Credit unions and banks: If you are doing random acts of kindness today, kudos to you! Keep up the good work! But also keep learning about the other types of word of mouth, and build out a thorough, multi-faceted word of mouth marketing strategy!
I would take it a step further. We have to be careful not to mistake “random acts of kindness” with buzz. A random act of kindness will generate some buzz, but it’s short-lived and fleeting. The kind of WOMM you’re talking about is part of an overall strategy that makes it easier for conversation about your bank to take place.
Random acts of kindness are wonderful things. Like you, I’m encouraged that banks (and by extension, any business) that does them. But let’s not mistake the trees for the forest. WOMM is a strategy, and a random act of kindness is a tactic.
Disclosures: I am a Fifth Third employee, and this is my personal opinion. I used to work for WOMMA and helped write that definition way back when.
At your service,
Michael
Michael, it’s really great to hear from you! I’m so excited to see that WOM is taking hold in big banks like Fifth Third Bank, and that someone with such great WOMMA experience has been hired by a bank–that is very encouraging!
Your point is a great one–that a random act may spark a little buzz, but it’s not the long-term meaningful engagement that ultimately converts people into fans and customers. You’ve reminded me of a post I have long been wanting to write, talking about our perspectives on the different types of WOM and the unique role each one plays.
Thanks again for adding to our conversation!
[...] the bank’s Facebook page documents the branch team’s visits to local businesses, its random acts of kindness for businesses and people in the neighborhood, and volunteering at the local elementary school. [...]
[...] long-term brand engagement, and buzz is just the first step in that. This is why things like random acts of kindness in banking and guerrilla marketing are great tools, but cannot constitute a bank or credit union’s [...]
[...] the bank’s Facebook page documents the branch team’s visits to local businesses, its random acts of kindness for businesses and people in the neighborhood, and volunteering at the local elementary school. [...]