Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year 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, becausethere's quite a few people that I work with who are holding on to thepast or the, quote unquote, the way we've always done it when itcomes 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'sepisode of banking on digital growth. You're listening to banking on digital growth withJames Robert Lay a podcast that empowers financial brand marketing, sales and leadership teamsto 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 sharesanswers to some of the biggest digital marketing and sales questions he gets from thedigital growth community. Have a question you want to get answers to on afuture 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 RobertLaigh 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 aquestion from Cynthia, who is a digital marketing man are for a financial brandin 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 Iwork 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 goask jr and let me know what's on your mind right now. What questiondo you have? What question do you want answers to on a future podcastepisode? 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, reallygood, 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 goesunasked. Number two, the questions I get are keeping me on my toesand forcing me to clarify my thinking even further around some of the biggest digitalmarketing 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 teamdoes at the Digital Growth Institute, is because we want to educate, empowerand elevate you and your financial brand to move forward and make progress along yourdigital growth journey. So go to www dotgo ask jrcom and ask me aquestion. So let's get back to Cynthia's question and how she can help otherson her team see and understand the value of digital growth, help them letgo of the past, help them move beyond the quote unquote, way we'vealways 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 threetrends and patterns that I've identified through Digital Growth Diagnostics studies that we've conducted forfinancial brands, more specifically, of why people get stuck and hold on tothe past. In fact, many are...

...not even aware that they're struggling withthis challenge, that they're struggling letting go of the past. These are goodpeople. 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. Theyall want the best for their financial brand. They want to see it grow.But there are three things, three trends, three patterns that hold mostof them back, that prevent them from moving forward, keeping them stuck inthe past. So for today's conversation I'M gonna call these three challenges future growthpitfalls, as they are really pitfalls to progress, because progress is is,in the end, all about continued growth. The first future growth pitfall I seeis deeply rooted in just human nature. It's fear. In fact, thereare 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 secreton zoom calls and while some might even deny that they're struggling with one ofthese 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 fearof success. Now I should probably do an entire podcast around these four fearsand and really go deeper into each one.

But the interesting thing that I wantyou to note about each one of these fears is two points. Pointnumber one fear is a chain reaction in the brain that starts with some typeof stressful stimulus. And and think about all the change that we have beenexperiencing in financial services and will continue to work through as this industry travels throughthis 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 sowell. Now, granted, we might not have panic attacks when we thinkabout all we need to do when it comes to maximizing our digital transformation andinitiatives, 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 financialbrand requires some type of risk, and it is that risk that activates ourfight our flight response, even if ever so slightly. Now, we allknow this industry is especially prone to risk aversion, and that's a really goodthing. We are dealing with people's money. We should be responsible stewards of theirmoney. 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 knowwhen it comes to fear. Now, knowing fears a chain reaction that beginsin the brain, starting with some type...

...of stressful stimulus, in this casethe context of just change. Think about how many times your fears have nevermaterialized. If fear begins in the mind, then fear can be controlled, managedand eliminated by the mind. As fear can be thought of as anacronym feare fear, false evidence appearing real. It's for this reason I keep comingback 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 puttoo much focus on technology and not enough consideration on the most volatile variable inthe whole experience of transformation, of digital transformation, and that's people. Thisis why digital transformation, for it to be a success, must start inthe mind. This is why I challenge you to also be mindful of thatword, that word change, and how you use that word change internally whenyou're speaking with your colleagues, your team, your peers, because when you asksomeone to change, you do have the potential to activate that fight orflight response in their brain, even at a micro level, because it ishuman nature to resist change, it is human nature to fear change. Wewould all much rather stay in our comfortable...

...caves of complacency, where it issafe, it is warm and we don't have to venture outside of the caveinto the dark unknown, where the wild, hungry beast roam, just waiting todevour 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 journeytogether, the digital growth journey together, as you must first transform yourself,next your team, and then only then can you begin to transform your entireorganization, as your organization is made up of individual minds. Let's move beyondthe fur fears and explore future growth. pitfall number two, which is thefact that many financial brand marketing cells and leadership teams are stuck doing. They'reoperating on autopilot and because they are operating on autopilot, they're overwhelmed, barelykeeping 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. Thisidea 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 precovid. 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, pleasetake off. And I'm really being serious about this, because if we findourselves operating on autopilot, heads down, stuck in a continuous mode of doing, we're a liability once again, we are a cost and we, asleaders, must put our oxygen mask on first, which, by the way, there's a great book written by that title from Kevin Lawrence, and thisidea of putting your oxygen mask on first. Is Why, post covid I havebeen much more intentional about taking time off. I called these days medays, and it's something that I learned from Dan Sullivan, who calls themfree days, and these me days are when we, as marketing and sellsleaders, get to step away from work. I means no email, no businessbooks, no journals, from midnight to midnight, a whole healthy twentyfour 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 lifebecause 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, ifdigital transformation begins in the mind, and...

...if our minds are tired and burnedout, our transformation initiatives will feel like a struggle, if not an impossiblefeat, to achieve and ultimately realize. And that brings us to future growthpitfall number three. Distraction. Distraction is deadly because transformation requires clarity, transformationrequires focus, and it is the distraction of technology, the tools that areactually supposed to help us transform digitally. That might be the reason we endup 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 forand buy financial services forever. Now, consumers make purchase decisions long before theywalk into a branch, if they walk into a branch at all. Butyour 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 andsales leader. But it doesn't have to, because James Robert wrote the book thatguides you every step of the way along your digital growth journey. Visitwww dot digital growthcom to get a preview of his best selling book banking ondigital growth, or order a copy right now for you and your team fromAmazon. Inside you'll find a strategic marketing manifesto that was written to transform financialbrands, and it is packed full of practical and proven insights you can startusing today to confidently generate ten times more...

...loans and deposits. Now back tothe show. Just for a moment, I want you to think about yourself. In your daily habits. Are you a slave to your endbox? Howquickly 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 teammembers, by your executive team, by your leadership team? How many timesa day are you being distracted by what I call a digital ding and SMSmessage, Social Media Notification, even a phone call? This is why I'vedone two simple things to eliminate as much distraction as possible, and you cando these two things, because distraction destroys transformation. Number One, I removedall distractions from my phone. I took off my Internet Browser, I removedall my social media APPS and during the day when I need to do deepwork, which is another great book by the way, and really focus,I turn on my do not disturb. Number two, I installed an APPin my email called inbox pause that lets me work in my inbox without havingto worry about getting new emails while I'm in there, which leads to digitaldistraction, a loss of focus and really a loss of time. So forus to succeed and achieve digital transformation, our digital transformation goals, we mustget really good at creating strong digital boundaries with ourselves, with our teams,are friends and, yes, even our families. You can also take thisthinking even further up to level up your me days, which I've transformed nowinto 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 bitextreme, but once again, when we're drowning, to come back topoint number two, we're drowning in overwhelm and we're distracted our minds, theroot source of the digital transformation that we are all working towards. We willstruggle, 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 goingto be anxious. But what does that mean? If you feel that anxiety, it means that we've grown addicted to our devices, your phone, yourtablet. So there's one thing that you can commit to take action on rightnow, it would be to schedule a me day a digital detox day andstep away from work and technology for twenty four hours. Your brain will thankyou, your team will thank you, and it is something that you cancommit to do, to work together, not only by yourself, but asa 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 transformingyour team, it's transforming your organizations, that you can support each other,because your me days, your digital detox days, can become a competitive advantagein today's world of ever growing digital distraction. So, in summary, there arethree future growth pitfalls that threatened to hold us all back and even keepus stuck in the past, which are the for fears drowning in overwhelmed anddigital distraction. What I want to do...

...now is look ahead, look towardsthe future, to create a path, a path that can light the wayfor 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 wantto give you a four step plan that you can apply to either a helpyourself get unstuck, if you feel trapped and are struggling to transform your ownthinking or be help someone you know at your financial brand break free from thepast to move forward towards the future with courage and confidence. Any type oftransformation, whether that be personal, whether that be professional, whether that beyour team, whether that be organizational or cultural. I've already touched on thisalready, any type of transformation must begin with thinking. It must begin withthe 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 thenew challenge or new opportunity, we just dive in, we just start doing, we start working, we start implementing, but without any clarity, without awellthought plan, without a strategy. Now, I know that I've beenhere in the past and and I even have to keep some awareness about thisto this day. But but too many times account in both my personal andmy professional life, when I've just jumped...

...in and I started doing, theresults were never pretty. I lost time, I lost money, relationships were damaged. And so the question to ask is why? Why do we dothis? Why do we get stuck doing well. There are a lot ofreasons, but the three that I want to focus on right now is thatwe're already busy, we're already overwhelmed. It's what I addressed before. It'shard 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, wethink, wrongly, of the cost associated with taking the time to think througha plan, because there's a lot that has to happen. When we're thinkingabout digital when we're thinking about technology, it's a completely different way of operatingand because it's a completely different way of operating, it's completely different way ofthinking and therefore we must assess, we must diagnose, we must observe,we must distill, and that leads me to point number three. There isa cost to not stopping. There's a cost when you continue to do somethingwithout clarity, without focus. That cost of not stopping and continuing to dois far greater in the long run than it is to take the time nowto pause, to stop, to reflect, to learn and think about what weshould be doing next, so that whatever it is, whatever we mightbe working on, we can do it even better. So what does ittake to truly transform our thinking, which...

...will ultimately result in the transformation ofour 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 thecommunities that were serving in this post covid world? To transform our thinking firstand form US requires us to gather new insights and perspectives, which comes throughcontinuous learning that is rooted in ongoing perpetual training. Now, this training,in turn, will empower our teams to peer into the future, to seenew 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 transformyour financial brands, marketing and sells teams, your leadership teams, your organization,and these four steps ups are number one, stop getting trapped and stuckdoing the work, doing the marketing, doing the cells, so that youcan create space and time to review, to learn and to think. Reviewwhere you've been, gain insights and learn from what you have done. Thinkabout those insights and how can you can apply them going forward so that youcan do whatever it is you're doing even better. Otherwise, you will staystuck doing digital you will remain trapped into what I write in my book bankingon digital growth. You will remain trapped...

...in the circle of chaos, feelingconfused, frustrated and overwhelmed. The second step you can take, once youstop doing and you create the space and time to review, to learn tothink, is to gain clarity into the futures, greatest growth opportunities ahead,and by doing so you will overcome the unknown. And the way you willdo this is through a commitment to ongoing training. Is it an ironic howtraining is one of the very first things to get cut when budgets get tight, but training in this digital world, ongoing training, perpetual training, iswhat 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 tobuild your courage and commitment with strategy, and this strategy will be informed bythe insights that you gain through training, and it's the strategy that provides thepath forward for you to overcome the fear of change, in the fear offailure. Think of strategy like a blueprint or a road map that helps youavoid the pitfalls that will slow you down or the dangers that threaten to derailyou. And finally, the fourth step is that you will increase your confidenceas you apply the strategy, following the Road Map, as you gain newcapabilities and collaborate with others, by eliminating a competitive mindset. And when youeliminate 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, progressis what propels you forward further, faster along your journey, as opposedto looking ahead towards what I call the demoralizing digital mountain that you have toclimb. Measure where you've been, where you've come from, don't look aheadat what you have to do next. These four steps lead me to mythesis that transformation of any kind, be it digital marketing, cells, technology, organization. Personal transformation of any kind will always start with training and educationto help the unaware become aware of future growth opportunities. Training will eliminate thefear of the unknown. Training will allow you to gain clarity into a futurethat has yet to be written, and with that clarity you can commit tocreate the future with courage and confidence. This is why, is we wrapthings up, I challenge you to commit to make training, ongoing training,perpetual training, lifelong training in this age of Ai, the center of yourpersonal, your team's, your organizations growth plans, because, as Warren Buffettonce noted, the more you learn the more you earn, and all learningbegins by asking good questions. That's why, if you have a question, likeCynthia, I want to hear from you, because I want to knowhow I can help you answer that question, move you forward, guide you forwardon a future podcast episode. So,...

...once again, hop on over towwwgo ask jrcom. Ask Your question and remember this. There are nobad questions, because the only bad question is the question that goes unasked.Until next time, be well, do good and wash your hands. Thankyou 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 usa 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 graba preview of James Roberts best selling book banking on digital growth, or ordera copy right now for you and your team from Amazon. Inside you'll finda strategic marketing and sales blueprint framed around twelve key areas of focus that empoweryou to confidently generate ten times more loans and deposits. Until next time,be well and do good.

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