Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years ago

19) #InsideDigitalGrowth: The 4 Fears Stopping Your Team’s Digital Growth

ABOUT THIS EPISODE

You’ve seen the value of digital growth… 

But maybe your team hasn’t.

How can you convince them?

That’s the question I’m answering for Cynthia, a digital marketing manager from Wisconsin, in this episode of Inside Digital Growth.

In the episode, I explain:

-The four fears standing between your team and its digital transformation goals

-Why we keep doing things “the way they’ve always been done”

-Why digital growth requires personal digital boundaries

Check out these resources I mentioned during the podcast:

-www.goaskjr.com


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

Cynthia ask how could I help others, all my team, see and understand the value of digital growth, because there's quite a few people that I work with who are holding on to the past or the, quote unquote, the way we've always done it when it comes to marketing and cells, and they're struggling to let go. Well, Cynthia, that's a great question and one that will answer for you on today's episode of banking on digital growth. You're listening to banking on digital growth with James Robert Lay a podcast that empowers financial brand marketing, sales and leadership teams to maximize their digital growth potential by generating ten times more loans and deposits. Today's episode is part of the inside digital growth series, where James Robert shares answers to some of the biggest digital marketing and sales questions he gets from the digital growth community. Have a question you want to get answers to on a future episode? visit www dot go ask jrcom to submit your question today. Now let's go inside digital growth. Greetings in Hello, I am James Robert Laigh and welcome to the nineteen episode of the banking on digital growth podcast. Today's episode is part of the inside digital growth series and I'll be answering a question from Cynthia, who is a digital marketing man are for a financial brand in Wisconsin. Cynthia ask how can I help others, all my team, see and understand the value of digital growth, because they're quite a few people I work with who are holding on to the past or the, quote unquote, the way we've always done it when it comes to marketing and cells, and they're struggling to let go. Well, thank you for the great question, Cynthia, but before I answer your question, I want to invite you, dear listener, to open up your...

...browser, type in www dot go ask jr and let me know what's on your mind right now. What question do you have? What question do you want answers to on a future podcast episode? Just like Cynthia, and the questions that I'm getting from listeners, now that we're almost twenty episodes into the podcast, are getting really, really good, and I appreciate the good questions for three reasons. Number One, I don't believe there is ever a bad question, except the question that goes unasked. Number two, the questions I get are keeping me on my toes and forcing me to clarify my thinking even further around some of the biggest digital marketing and sells strategies that you guys want to know. And then number three, everything that I do here at the Digital Growth Institute, that my team does at the Digital Growth Institute, is because we want to educate, empower and elevate you and your financial brand to move forward and make progress along your digital growth journey. So go to www dotgo ask jrcom and ask me a question. So let's get back to Cynthia's question and how she can help others on her team see and understand the value of digital growth, help them let go of the past, help them move beyond the quote unquote, way we've always done it when it comes to marketing and cells and move towards a bigger, better, brighter future. So, without knowing more about your situation, Cynthia, I'm going to speak in a broad context here. Two really three trends and patterns that I've identified through Digital Growth Diagnostics studies that we've conducted for financial brands, more specifically, of why people get stuck and hold on to the past. In fact, many are...

...not even aware that they're struggling with this challenge, that they're struggling letting go of the past. These are good people. Some of them are on marketing teams summer on cells and lending teams. Some it some leadership, and I guess that they're good people. They all want the best for their financial brand. They want to see it grow. But there are three things, three trends, three patterns that hold most of them back, that prevent them from moving forward, keeping them stuck in the past. So for today's conversation I'M gonna call these three challenges future growth pitfalls, as they are really pitfalls to progress, because progress is is, in the end, all about continued growth. The first future growth pitfall I see is deeply rooted in just human nature. It's fear. In fact, there are four fears to be aware of, to be mindful of. Summer, spoken to me openly by the teams that were working with through diagnostic studies. Others are more whispered in secret behind closed doors. Are Now in secret on zoom calls and while some might even deny that they're struggling with one of these fears and the four fears of this it's the fear of the unknown, the fear of change, the fear of failure and, yes, the fear of success. Now I should probably do an entire podcast around these four fears and and really go deeper into each one.

But the interesting thing that I want you to note about each one of these fears is two points. Point number one fear is a chain reaction in the brain that starts with some type of stressful stimulus. And and think about all the change that we have been experiencing in financial services and will continue to work through as this industry travels through this postcovid world. It's because of this stressful stimulus, because of this change, our body releases chemicals that increase our heart rate, are breathing picks up, and what kicks in is that fight or flight response we all know so well. Now, granted, we might not have panic attacks when we think about all we need to do when it comes to maximizing our digital transformation and initiatives, but at one level or another, maybe even at a micro level, any type of change that we're thinking about making or taking at our financial brand requires some type of risk, and it is that risk that activates our fight our flight response, even if ever so slightly. Now, we all know this industry is especially prone to risk aversion, and that's a really good thing. We are dealing with people's money. We should be responsible stewards of their money. But at what point does our risk aversion becomes a liability, becomes a cost? And the second point that I'd like for you to know when it comes to fear. Now, knowing fears a chain reaction that begins in the brain, starting with some type...

...of stressful stimulus, in this case the context of just change. Think about how many times your fears have never materialized. If fear begins in the mind, then fear can be controlled, managed and eliminated by the mind. As fear can be thought of as an acronym feare fear, false evidence appearing real. It's for this reason I keep coming back to the point that digital transformation is not about the transformation of technology. Technology is just a tool, and oftentimes in digital transformation projects we put too much focus on technology and not enough consideration on the most volatile variable in the whole experience of transformation, of digital transformation, and that's people. This is why digital transformation, for it to be a success, must start in the mind. This is why I challenge you to also be mindful of that word, that word change, and how you use that word change internally when you're speaking with your colleagues, your team, your peers, because when you ask someone to change, you do have the potential to activate that fight or flight response in their brain, even at a micro level, because it is human nature to resist change, it is human nature to fear change. We would all much rather stay in our comfortable...

...caves of complacency, where it is safe, it is warm and we don't have to venture outside of the cave into the dark unknown, where the wild, hungry beast roam, just waiting to devour you. But take heart, have courage. That is why, today I call you, and for you to call those is around you, to come out of the Cave of complacency and let's traverse the digital transformation journey together, the digital growth journey together, as you must first transform yourself, next your team, and then only then can you begin to transform your entire organization, as your organization is made up of individual minds. Let's move beyond the fur fears and explore future growth. pitfall number two, which is the fact that many financial brand marketing cells and leadership teams are stuck doing. They're operating on autopilot and because they are operating on autopilot, they're overwhelmed, barely keeping their head above water in a sea of post covid chaos and confusion. In other words, they're just drowning and they're looking for a lifeline. This idea of remote work that we've all experienced now over the last six seven months, that's not helping either, and it's I don't see it really going away. I don't see as necessarily like going back to what life was workwise pre covid. Our personal and work lives have...

...become even more blended than ever before. You see, Pteo postcovid should no longer be known as personal time off, but instead it should should be transformed to please take time off, please take off. And I'm really being serious about this, because if we find ourselves operating on autopilot, heads down, stuck in a continuous mode of doing, we're a liability once again, we are a cost and we, as leaders, must put our oxygen mask on first, which, by the way, there's a great book written by that title from Kevin Lawrence, and this idea of putting your oxygen mask on first. Is Why, post covid I have been much more intentional about taking time off. I called these days me days, and it's something that I learned from Dan Sullivan, who calls them free days, and these me days are when we, as marketing and sells leaders, get to step away from work. I means no email, no business books, no journals, from midnight to midnight, a whole healthy twenty four hours. And when I'ever, I learned this from Dan Soulivan it, I'm not going to it transformed my personal life. It transformed my professional life because when we step away from work, with no email, the business books, the business journals, we get to truly rest our minds. Because, once again, we must remember if digital transformation it's not about technology, if digital transformation begins in the mind, and...

...if our minds are tired and burned out, our transformation initiatives will feel like a struggle, if not an impossible feat, to achieve and ultimately realize. And that brings us to future growth pitfall number three. Distraction. Distraction is deadly because transformation requires clarity, transformation requires focus, and it is the distraction of technology, the tools that are actually supposed to help us transform digitally. That might be the reason we end up slowing down, getting stuck, no longer making any progress or growth, to paradox. And so my question for you to think about is this. Are you the master of technology, or his technology become the master of you? Technology has transformed our world and digital has changed the way consumer shop for and buy financial services forever. Now, consumers make purchase decisions long before they walk into a branch, if they walk into a branch at all. But your financial brand still wants to grow loans and deposits. We get it. Digital growth can feel confusing, frustrating and overwhelming for any financial brand marketing and sales leader. But it doesn't have to, because James Robert wrote the book that guides you every step of the way along your digital growth journey. Visit www dot digital growthcom to get a preview of his best selling book banking on digital growth, or order a copy right now for you and your team from Amazon. Inside you'll find a strategic marketing manifesto that was written to transform financial brands, and it is packed full of practical and proven insights you can start using today to confidently generate ten times more...

...loans and deposits. Now back to the show. Just for a moment, I want you to think about yourself. In your daily habits. Are you a slave to your endbox? How quickly do you replied your email? And, on the flip side of that, how quicklee are you expected to reply back to an email by your team members, by your executive team, by your leadership team? How many times a day are you being distracted by what I call a digital ding and SMS message, Social Media Notification, even a phone call? This is why I've done two simple things to eliminate as much distraction as possible, and you can do these two things, because distraction destroys transformation. Number One, I removed all distractions from my phone. I took off my Internet Browser, I removed all my social media APPS and during the day when I need to do deep work, which is another great book by the way, and really focus, I turn on my do not disturb. Number two, I installed an APP in my email called inbox pause that lets me work in my inbox without having to worry about getting new emails while I'm in there, which leads to digital distraction, a loss of focus and really a loss of time. So for us to succeed and achieve digital transformation, our digital transformation goals, we must get really good at creating strong digital boundaries with ourselves, with our teams, are friends and, yes, even our families. You can also take this thinking even further up to level up your me days, which I've transformed now into not only just me days, but what I'm calling digital detox days, to step away from all the technology.

No text, no social media, nothing, from midnight to midnight. Now, I understand that this sounds a bit extreme, but once again, when we're drowning, to come back to point number two, we're drowning in overwhelm and we're distracted our minds, the root source of the digital transformation that we are all working towards. We will struggle, and if the idea of a digital detox day sounds a struggle, it will be. At first, I'm not going to lie, you're going to be anxious. But what does that mean? If you feel that anxiety, it means that we've grown addicted to our devices, your phone, your tablet. So there's one thing that you can commit to take action on right now, it would be to schedule a me day a digital detox day and step away from work and technology for twenty four hours. Your brain will thank you, your team will thank you, and it is something that you can commit to do, to work together, not only by yourself, but as a team. That is really the only way you're going to be successful, by applying this thinking, because this is not just transforming yourself, it's transforming your team, it's transforming your organizations, that you can support each other, because your me days, your digital detox days, can become a competitive advantage in today's world of ever growing digital distraction. So, in summary, there are three future growth pitfalls that threatened to hold us all back and even keep us stuck in the past, which are the for fears drowning in overwhelmed and digital distraction. What I want to do...

...now is look ahead, look towards the future, to create a path, a path that can light the way for you to leave the Cave of complacency, to move onward, to move upward, and to do so with courage and confidence, to transform yourself, transform your team, transform your organization, and to do this, I want to give you a four step plan that you can apply to either a help yourself get unstuck, if you feel trapped and are struggling to transform your own thinking or be help someone you know at your financial brand break free from the past to move forward towards the future with courage and confidence. Any type of transformation, whether that be personal, whether that be professional, whether that be your team, whether that be organizational or cultural. I've already touched on this already, any type of transformation must begin with thinking. It must begin with the transformation of thinking, of strategy, not of doing, because the doing, the implementation, if you will, must always be informed by the thinking, by the strategy. But how many of us, when faced with the new challenge or new opportunity, we just dive in, we just start doing, we start working, we start implementing, but without any clarity, without a wellthought plan, without a strategy. Now, I know that I've been here in the past and and I even have to keep some awareness about this to this day. But but too many times account in both my personal and my professional life, when I've just jumped...

...in and I started doing, the results were never pretty. I lost time, I lost money, relationships were damaged. And so the question to ask is why? Why do we do this? Why do we get stuck doing well. There are a lot of reasons, but the three that I want to focus on right now is that we're already busy, we're already overwhelmed. It's what I addressed before. It's hard to hit the pause button to create that space and time to think, and that leads us to the second point. Because we're overwhelmed, because we're distracted, we're not thinking clearly, because we think of the cost, we think, wrongly, of the cost associated with taking the time to think through a plan, because there's a lot that has to happen. When we're thinking about digital when we're thinking about technology, it's a completely different way of operating and because it's a completely different way of operating, it's completely different way of thinking and therefore we must assess, we must diagnose, we must observe, we must distill, and that leads me to point number three. There is a cost to not stopping. There's a cost when you continue to do something without clarity, without focus. That cost of not stopping and continuing to do is far greater in the long run than it is to take the time now to pause, to stop, to reflect, to learn and think about what we should be doing next, so that whatever it is, whatever we might be working on, we can do it even better. So what does it take to truly transform our thinking, which...

...will ultimately result in the transformation of our doing, of establishing new neural connections, new cognitive patterns, new behaviors, new habits, all of which will create a far greater value for us, for our teams, for our financial brand, for the people in the communities that were serving in this post covid world? To transform our thinking first and form US requires us to gather new insights and perspectives, which comes through continuous learning that is rooted in ongoing perpetual training. Now, this training, in turn, will empower our teams to peer into the future, to see new opportunities and to overcome the fears of the unknown that are, once again, more often than not, rooted and false evidence appearing real to simplified, there are four steps that you can commit to take on this path to transform your financial brands, marketing and sells teams, your leadership teams, your organization, and these four steps ups are number one, stop getting trapped and stuck doing the work, doing the marketing, doing the cells, so that you can create space and time to review, to learn and to think. Review where you've been, gain insights and learn from what you have done. Think about those insights and how can you can apply them going forward so that you can do whatever it is you're doing even better. Otherwise, you will stay stuck doing digital you will remain trapped into what I write in my book banking on digital growth. You will remain trapped...

...in the circle of chaos, feeling confused, frustrated and overwhelmed. The second step you can take, once you stop doing and you create the space and time to review, to learn to think, is to gain clarity into the futures, greatest growth opportunities ahead, and by doing so you will overcome the unknown. And the way you will do this is through a commitment to ongoing training. Is it an ironic how training is one of the very first things to get cut when budgets get tight, but training in this digital world, ongoing training, perpetual training, is what illuminates and lights the path forward for us to continue down our own journeys. The third step that you can take once you gain clarity, is to build your courage and commitment with strategy, and this strategy will be informed by the insights that you gain through training, and it's the strategy that provides the path forward for you to overcome the fear of change, in the fear of failure. Think of strategy like a blueprint or a road map that helps you avoid the pitfalls that will slow you down or the dangers that threaten to derail you. And finally, the fourth step is that you will increase your confidence as you apply the strategy, following the Road Map, as you gain new capabilities and collaborate with others, by eliminating a competitive mindset. And when you eliminate this competitive mindset, you focus on collaboration, you focus on building capabilities, your confidence will increase and that empowers you to destroy the fear of success, as you measure progress, not perfection,...

...because when you measure progress, progress is what propels you forward further, faster along your journey, as opposed to looking ahead towards what I call the demoralizing digital mountain that you have to climb. Measure where you've been, where you've come from, don't look ahead at what you have to do next. These four steps lead me to my thesis that transformation of any kind, be it digital marketing, cells, technology, organization. Personal transformation of any kind will always start with training and education to help the unaware become aware of future growth opportunities. Training will eliminate the fear of the unknown. Training will allow you to gain clarity into a future that has yet to be written, and with that clarity you can commit to create the future with courage and confidence. This is why, is we wrap things up, I challenge you to commit to make training, ongoing training, perpetual training, lifelong training in this age of Ai, the center of your personal, your team's, your organizations growth plans, because, as Warren Buffett once noted, the more you learn the more you earn, and all learning begins by asking good questions. That's why, if you have a question, like Cynthia, I want to hear from you, because I want to know how I can help you answer that question, move you forward, guide you forward on a future podcast episode. So,...

...once again, hop on over to wwwgo ask jrcom. Ask Your question and remember this. There are no bad questions, because the only bad question is the question that goes unasked. Until next time, be well, do good and wash your hands. Thank you for listening to another episode of banking on Digital Growth with James Robert Laigh. Like what you hear, 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 get even more practical, improven insights, visit wwwig growthcom to grab a preview of James Roberts best selling book banking on digital growth, or order a copy right now for you and your team from Amazon. Inside you'll find a strategic marketing and sales blueprint framed around twelve key areas of focus that empower you to confidently generate ten times more loans and deposits. Until next time, be well and do good.

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