Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

13) #InsideDigitalGrowth: High-Pressure Marketing & Sales Strategies Simply Don’t Pay


This week, I’m fielding a question from Jesse in Ohio…

But I’m sure many of you have the same question:

“What’s the best way to market in uncertain times when it doesn’t feel right to do a hard push for our products?”

Well, if you are wondering the same thing, let me ask you something.

Has it ever been the right time for the hard push? 

In this episode, I go over:

-Why the hard sell doesn’t work in a post-COVID (or any) world

-A 5-step digital communication strategy that works

-3 things to remember when it comes to marketing in uncertain times

You can find this interview, and many more, by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Jessie asked what's the best way forour financial brand to market dering in certain times when it doesn't feelquite right to do a hard push for our products. Well, Jest See, that's agreat question and one that'll answer for you onto day's episode of bankingon Digital Growth, you're listening to banking, on digitalgrowth, with James Robert Lay a podcast that empowers financial brand marketingsales and leadership teams to maximize their digital growth potential bygenerating ten times more loans and deposits. Today's episode is part ofthe inside digital growth series, where James Robert Chers answers to some ofthe biggest digital marketing and sales questions he gets from the digitalgrowth community have a question you want to get answers to on a futureepisode visit, www dot, go ask jr docom to submit your question today. Now,let's go inside digital growth greetings in hello. I am James RobertLay and welcome to the thirteenth episode of the banking on digitalgrowth podcast. Today's episode is part of the inside digital growth series andI'll be answering a question from Jesse who's. A marketing director for afinancial brand in Ohio Jessie asked what's the best way for our financialbrand to market dering in certain times when it doesn't feel quite right to doa hard push for our products. Once again, thanks for the Great QuestionJesse and I like to talk through three different points to answer it for youtoday, so first off. Let's start by talking about why this is an importantquestion to ask. In the first place and from there we can discuss how you cando more than just push products in this post pandimic market. I really appreciate the awareness thatyou bring Jessie, because I agree: it's not the right time to get back topushing and promoting products and services, commoditized products,commodity services, even though things are starting to open back up, at leastfor now, F R, for that matter. In fact, right now, there's no bettertime than ever before to begin to transform the way that we as financialbrands as banks, as credit unions, think about marketing itselves in thefirst place, because weare going to do more harm than good. If we continue to go back to the waythings were precoved by promoting and pushing those commoditized products andservices, as we continue to navigate and traverse into this new normal,whatever this new normal might look like in really probably the next twelveto twenty four months, I'll, never ever forget what one financial brand. He wasa c e O whos marketing team that we were advising and guiding about four orfive years ago, and the CEO said something that I really had to justbite my tongue to keep my jaw from hitting the floor. When I ask aboutthis particular institution's goals for Growth and he coldly with a straight face,replied, we need to push more products down people's throats and literally took a step back and and pushed my chairback quietly. But I I couldn't believe what I just heard'cause, that was the was the way that this particular financial brand wasgoing to maximize their growth potential and from his perspective, they weregoing to do it by pushing more products...

...down people's throats. No and this postcoveet nigheteen world. It's not the time to push product downpeople's throats. In fact, it is never really been the time to push productdown people's throats. This legacy, thinking is is is what I believe isheld over from the days of high pressure branch sells when front lineswere driven by quotas. They were driven by the numbers, these insane goals andin this type of high pressure cells, culture does not create value forpeople, I does it create value for accountholders or for leads orprospects. This type of high pressure cellsenvironmen in fact, leads to a very negative internal culture, a verynegative internal environment. The problem is this: Legacy. Thinkingis still very active in today's digital first post coved world. Now we're goingto go a little bit preecovet with this next Stot, but just think about all the trouble that wellsFargo got into when former CE o John stumpw, who, whopresided over the whole bank's crossselling scandal, was barred fromever working ot a bank again and since the first scandal came to Lightintwenty. Sixteen wels Fargo had more than fifty three hundred staff memberswho were fired, while the once thriving brand has now paid about o hundred andeighty five million dollars in fines for unethical cells practices. Taking that further, they also settle aclass action lawsuit for a hundred and ten million, and have more than threebillion with a B in pending lawsuits according to an article from CNBC. Furthermore, there are eight executivesthat were fined for the role in the cells fraud, including stuff, who paida personal fine of seventeen point five million dollars. I only mention this because there's nobetter case to learn from than a hard driving high pressure, marketing andsells strategy into day's digital world simply does not pay well, it pays, but you would be the onepaying for the fines that were seeing coming out of Wellsfargo. Like I said,high pressure cells leads to negative culture and a negative overallexperience in a digital first world. In fact, this idea of the high pressure cellsenvironment is more of a liability than anything because the two thousand andseventeen investigation by the well SFARGO board blamed to management forcreating a quote: Unquote aggressive cells, culture that led to the cellscandl in the first place. So what can your financial brand do about this tobreak free from that legacy? Thinking coming back to the original quote, froma financial brand that we have guided and advise, and since then fortunately,they've changed their their perspective, but at the time when they begin theirjourney with us, the CEO was driving the culture. Withthe perspective that we need to push products down people's throats simply and been really simplified, youmust commit to develop a culture framed around two key points: anbeliefs, a mantra if you will of helping first and selling. Second, Iwant you to say that with me, help first sell second help first sel second, granted more likely than that. It'sgoing to take some time for these four simple words: to transform an entireculture that might be historically used... promoting comoditized productsthrough marketing and then pushing those same products with cells teams inthe branches. The good news. It's it's not impossible to build this type ofculture, your financial brand rooted in the Montra or the principles of helpingfirst and selling. Second, it just takes time. This requires training.This requires education to first, provide clarity into the growthopportunities available in this new type of post coved world, for marketing,for cells, for leadership teams, and when you commit to helping first andselling second throughout your entire organizationfrom top to bottom from bottom. To Top, you begin to center all of yourthinking, all of your doing. Around people around the consumer, youraccountholders, the people in the communities that you serve and not onyour own financial brands, needs no longer. Are you reactive waiting forpeople and really hoping that people raise their hands saying I need a loan,or I want to open an account at your financial brand. No. Instead, you aretaking a positive and a proactive stance in their lives by offering twothings that I've talked about multiple times on this pod cast by offeringnumber one help and number to hope when hope, more often than not has to comelong before someone is open to receive the help that you're even offering tothem in the first place when you commit to helping first andselling second, you are going to guide people beyond their biggest questions,their greatest concerns, you're, going to empower them to break free from thefinancial stress and the shame, something that I I really want to talkmore and more about, as as we continued these conversations together, thefinancial shame that holds them captive and, as result you're going to leadthem to a bigger, better and brighter future. You see that's the magic ofapplying the Majra of helping first and selling second. So let's get practicalnow about how you can break free from a past where historically y you mighthave promoted, and you still might be- promoting the pushing of commoditizedproducts and transform that thinking to help first and sell second, as you takea prouctive stance and the lives of the people in the communities that youserve, and to do this to make this very practical and that's o theoretical. Iwouldn'te briefly share with you a five step: digital communication strategythat we've been been providing with and guiding the financial brands in ourprograms over the past few months since cobed entered into this new world orsince Covett entered the scene. So five steps step number one and want you tolook at how you can quickly identify accountholders who are going to be most vulnerable toan economic downturn. If we go back to some of the previouspodcasts all the way back to March, when I first started writing andthinking through what was coming down the pipe, I predicted really the thecollision of four key elements: creating the perfect storm. FirstAndformus we have the health crisis that would then lead to the economiccrisis from there we would get societal crisiswhich, if we go back to March, that wasn't the case, but now we're seeingthat across the board throughout the world and then that societal crisisleads to a mental crisis at the...

...individual level. So step number one quickly identifyaccountholders who are most vulnerable to an economic downturn. This is anopportunity for you to begin to use data to find those that have beenimpacted by all of the shutdowns and, yes, things are starting to open backup, but it'll be interesting to see what happens in the months to come, askids go back to school or not and Um. We're not out of this we're not out ofthe woods yet and we're probably going to be living living in this environmentfor at least another twelve to twenty four months as I've been predicting.All along technology has transformed our world,and digital has changed the way consumers shot for and buy financialservices forever. Now consumers make purchase decisions long before theywalk into a branch if they walk into a branch at all, but your financial brandstill wants to grow loans and deposits. We get it. Digital growth can feelconfusing, frustrating and overwhelming for any financial brand marketing ansales leader, but it doesn't have to because James Robert wrote the bookthat guides you every step of the way along your digital growth journey visit,www, dot, digital growth docom to get a preview of his best selling bookbanking on digital growth, or order a copy right now for you, and your teamfrom Amazon inside you'll find a strategic marketing manifesto that waswritten to transform financial brands and it is packed full of practicalandprovent insights. You can start using today to confidently generate tentimes more loans and deposits. Now back to the show, when you look at this data, some thingsto hold in on look for people that own or work at restaurants bars retailfitness in her slan spas, the service business. If you will, in addition tothose working in the travel in the hotel industry, further impact, it could also be thoseworking in non essential healthcare, for example, dental and Iy carepractices. Now, once again, dental is opening back up. I care is opening backup. I just saw my my dentist and she said it was a pretty rough four to sixweeks whenever they were close and trying to figure out what they weregoing to do next. So, when you're looking at this data,one way you can do this is by searching for small business owners who you mightalready have account with or who they might have accounts with you that fitinto the segments I just noted and as a bonus, have your business developmentteam reach out to business owners personally to check in with them te aphone email text iliterally literally just this past week I got an email frommy financial brand, where I keep my business accounts. Inviting me to aWeabon are basically saying that yeah we just got through the you know thetough three months: here's what you can do next to move forward with confidence,and I was encouraged with that, not only from from just the messaging ofthe communication, but I was also encouraged because I actually got acall from my banker asking did I get the invite, and so they were connectingthe digital experience with the human experience. Even if you've already donethis, even if you're Your Business Development Team, you, your lownofficers, have already done this. Have Them? Do it again make this a habit todo a monthly or a by monthly, or at least a quarterly check in for the nexteighteen to twenty four months, until we're hopefully free from the economicimpact that this this pandemic has caused, which in some cases we'rewe'rewe're thinking the economic impact might last for another three to fiveyears postpandimic, but just simply giving someone an ear to talk to canprovide them with clarity and calm. In a time of chaos, confusion in crisis,... can also search accountholder andimplurer data. If you have that on file to identify potential problems based onthe potentially impacted business segments that I had previously noted,specifically like the service business- and this also could be found by lookingat paycheck data through either physical or remote or direct depositsto identify trends in patterns, inthe frequency and the amount of thosedeposits. While looking for changes over the last thirty to ninety days,even better, you know consider tightening up that datasearch lookingat changes in deposit history within just a fourteen to thirty day periodover the last well, we'll just call it four weeks. So, let's step into pointnumber two, where you'll begin to drill down to trends for each person orbusiness within the different segments for some additional insights. It's here,you can determine how have t e the businesses or or or accountholders thatyou have change those deposit frequencies over a specific period oftime and when you're doing this, some other questions to think about andconsider s. You come through these. These data trends for patterns orthings like what have those deposit changes, look like what is therelationship with each person or business with your financial brand orto the total savings that they have? What's the total debt they have? What'sthe debt to savings ratio for each person or business, and when you'relooking to identify these trins in patterns, you can then move to stepnumber three and begin to prioritize and rank each key segment tren andthat's what we're looking for we're looking for segment trends at a highmacro level. As you determine the total number of people or businesses withineach one of these segments, you might also look for each segment's average ortotal savings, as well as the average or total outstanding loans. To give yousome perspective of of who you can target and how, because digging deeper,it's important to consider the potential level of risk for default foreach one of the segments that you've identified, based upon a projectedenvironmental trends to come within the coming months and really even thecoming years. I can think of one financial brand that we have beenadvising who has set up a weekly intake form who is working with their businesses,that they have loans with, so that the businesses can provide a weekly or abyweekly or monthly report of activity, so that the business isn't waiting toolong before they get into trouble and the bank can take a proactive step toprovide recommendations or solutions to help the business navigate. This postcovet world. So whenever you're ranking these different market segments throughthe data that you're pulling rank these on a scale of one to five, with onebeing the lowest level of risk, while five representing the highest level ofdefault, and once you have these rankings forthese segments at a mackro level, I want you to move to step number four,because this is where you can begin to develop prescriptions and cures to thebiggest painpoints for the top segments most at risk for an economic downturn.Instead of jumping in and developing a product offering which I do see thatthere's an opportunity to develop new products. Now I really recommend youhit the pawse button and go all in all being an acronum asking listening andlearning from the frontline staff, the lone officers, the BI development eams,who are reaching out to these key contacts in the top segments andlearning what their biggest questions and concerns are right now. What'sagain, a great example is: is that...

...weekly intake form of that by weekleyra monthly intake form that one financial brand has has deployed tocreate this open communication? But that's only the digital side of things,and this is where there's an opportunity to supplement the humanexperience or the AEX with the DX, the digital experience through thosesurveys, to ask what are your biggest questions and concerns right now whenit comes to your money on the consumer side and or Your Business, if you have not run some type of surveywith your accountholders since coved has hit, there is no better time to dothat than now, and even considering doing this on a corterly basis issomething that you could build into your own strategic planning workflow,because here's where you can look for key patterns and trends to then developcustomize cure solution. Products that create value through new productofferings don't be afraid either to reframe old products around a newproblem. Sometimes it's just a matter of rereframing repositioningrepackaging and that's all it takes to move the needle, because now you havecures and solutions to people's biggest painpoints. Finally, let's move on testep number five, because it's here once you've created these newrepackaged, products will call them or solutions. Now you can comfoallycommunicate courage and your commitment to educate and empower the key marketsegments that you identified in step number one step member two to guidethem during this time of chaos and Chrisis to help first and sell second,and it's here, y'l you'll, share personalized messages that offeredthose two things we talked about before the help and the hope by epathizing,with those specific painpoints you've identified for the keymarket segmentsfurther that are framed around the different stages of the digitalconsumer journey. So as we wrap up, I want to leave you with three keypoints to remember, as we come back to Jesse's original question when she askdwhat's the best way for our financial brand to market deering on certaintimes when it doesn't feel quite right to do a hard push for our products. So,in brief summaries we wrap up number one. There is no better timethan now to begin to transform the way we think about marketing and sells atour financial brands and, as things start to open back up and continue toopen back up, but we could also go back to some shutdowns enclosures. Are we doing more harm than good bygoing back to the old way of promoting and pushing commoditied products inthis new post covet world that we're all traveling through together once Oge? What happens if things getshut down in your city or your state? How do you respond to that? Have a planbe proactive step number two. Remember and repeat: This simple mantrahelp first sell second and more practically applied commit to buildinga culture around helping first and selling. Second, I cannot stress thisenough. It is important to give your financial brand space in time to dothis, because transforming beliefs and actions that are rooted in the pastrooted around Co. Promoting those comoditized products and services,pushing hard cales takes time to unwind and to transform give yourself somespace. Give yourself some grace. Give yourself some time in some cases, I'veseen it take three years to transform...

...this cultural thinking. Andthe mostimportant thing to remember here is that with any big culturaltransformation, it's all about progress, it's not about perfection and then finally, the last thing toremember and take away it save this pot. Gass episode share it internally, sothat you can quickly reference those five steps to develop a digitalcommunication strategy to proactively identify and reach out to those whomight be most at risk for an economic downturn. As we wrappd things up. Do you have aquestion that you'd like to get answers to like Jesse? If you do, I invite youto hop on over to www dot, go, ask Jr and submit yourquestion there for a chance to get it answered on a future pod cast episode,I'm really enjoying the questions that are are starting to come in andremember. There are no bad questions. The only bad question is the questionthat goes unasked until next time be well, do good and wash your hands. Thank you for listening to anotherepisode of banking on digital growth with James Robert Lay like what youhear tell a friend about the podcast and leave us a review on apple podcast,Google, podcast or spotify, and subscribe, while you're there to geteven more practical, amproven insights visit, www don digital growth, dcom tograb a preview of James Robert's, best selling book banking on digital growth,or order a copy right now for you, and your team from Amazon inside you'llfind a strategic marketing. An sales blueprint framed around twelve keyareas of focus that empower you to confidently generate ten times moreloans and deposits. Until next time be well and do good.

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