Pick up something new.

• Author: Stewart, Deb
• Position: Home banking services

Brochures ... you probably think of them as one of the most important pieces in your marketing communications mix. But in this age of the Internet and online banking, are they still relevant? Do customers still pick them up? Do customers value the information that brochures provide? Do sales associates see them as a real part of their sales choreography?

Let's look at how two banks known for their innovation--Wachovia and Bank of America, both of Charlotte, N.C.--are answering these questions. Both have recently shifted their branch collateral strategy in an effort to address today's customers and the challenges of today's sales associates.

We will look at three types of collateral:

* Promotional: These are pieces with a relatively short shelf life. They are used in support of integrated marketing campaigns, to "feature" seasonal or new product promotions or simply to support a short-term sales objective.

* Product: These pieces are a permanent part of the branch landscape. They may take the form of life-needs communications, presenting a bank's products in the context of their customers' lives. Or they may simply present products individually (home equity loans) or in product families (home loans or loans).

* Operational/regulatory: These pieces are just a part of doing business. They may include pricing sheets, disclosures and other materials for day-to-day business needs.

Some general trends in these areas: Promotional collateral is becoming more customized to target specific demographics. Product collateral is growing more educational and is operating as a traffic manager, referring customers who want more detailed information to other channels. Operational collateral is shifting to print-on-demand distribution.

How Wachovia redefined the rack brochure

With the 2001 merger of Wachovia and First Union, marketers were given the opportunity to start anew on collateral. Wachovia and First Union representatives from the line and from product groups came together to determine their objectives (and their customers' objectives) for providing and gathering product information in branches. The two banks came at this project from different points of view--Wachovia had provided a wide range of racked product brochures, while First Union limited its brochure selection, encouraging customers to speak with branch associates.

The team looked to the merged bank's value proposition for the appropriate solution. Their marketing foundation states that Wachovia's value comes from the ability to listen and understand the client's needs, to profile those needs against financial solutions and to make recommendations that will enhance their client's financial lives.

"We believe that customers shouldn't have to figure everything out for themselves," says Mitch...