Top Underwriting Category Takeaways: Financial

In an interesting panel focused the financial category at the 2018 PMDMC, Matt Doubleday from Wintrust Financial Corp was interviewed by his sales rep from WBEZ in Chicago, Adrienne Smith.   

Before we get to the meat of the session, it is worth noting that the account was not easily secured due to budget priorities and limitations of the past. As the bank grew, so did budgets. So when Smith called with a great idea involving a podcast called “Curious City,” which was all about Chicago, Doubleday saw it as a perfect fit, and he was able to commit to sponsoring it, along with traditional on-air underwriting to become a significant sponsor of WBEZ.

Here are the main takeaways from  this category conversation:

1. Sponsoring WBEZ is a great way for Wintrust to play up the local angle, which is a huge part of how they differentiate themselves from larger national banks. In all their marketing they speak to the importance of being based in Chicago, where decisions are made locally; investing in neighborhoods is a key focus of their corporate social responsibility. WBEZ, as a nonprofit, is a strong addition to those efforts.
   
2. Consolidation in the banking industry is far from over. Banks are flush with cash thanks to changes in the tax law. Look for more buyouts, mergers, etc. And watch which banks seek to connect to the community as part of their mission. 

3. Wintrust loves radio and WBEZ for the following reasons:
   
   • Chicagoans spend a lot of time in their cars and with the radio.
   • Radio is highly targetable. Doubleday uses Spot Owl to track web traffic up to eight minutes after radio spots air to see the impact on web visits.  
   • Doubleday gets more feedback internally about being on WBEZ than he does about any other station they buy.
   • Doubleday sees WBEZ as a branding opportunity and rotates several pieces of copy regularly.  

   
   

4. His thoughts on digital in general are that it’s easy to waste a lot of money in the digital space. While it is targetable, there is too much “garbage and noise” on platforms, and digital is not as trackable as is often claimed.  Doubleday views podcasts as radio, by the way.

5. When asked what resonates when reps call or email, Doubleday cited two key things:
   • He listens for potential partners who have done their homework.
   • He pays attention when the rep suggests ideas that help the bank push their narrative.  

So, don’t give up. Sometimes people don’t respond to your calls because they simply don’t have budget… yet. Do your homework, which also means watching the local business journals to see what is happening in your local banking sector. Learn as much as you possibly can about your target prospect. And, finally, sell with ideas!