Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

22) #InsideDigitalGrowth: Every Digital Growth Marathon Starts with These 3 Steps


As someone who has tried to run a marathon without training…

Believe me when I say, it’s not going to work. 

Your digital growth journey is like a marathon and you need to prepare.

And it starts with 3 steps. 

In the latest episode, I field a question from Melissa, a CMO in Kentucky overwhelmed by digital transformation. 

With so many areas of concern, she doesn’t know where to even begin and wonders if she should just dive in. 

In this episode, I go over the right way to prepare for a digital growth marathon.

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

Melissa ask, Where should we start? Orwhat should we focus on to make our digital marketing even better? That's agreat question, Melissa, and one that I'll answer for you on today's episodeof Banking on Digital Growth. E. You're listening to Banking on DigitalGrowth with James Robert Lay, a podcast that empowers financial brand marketing,sales and leadership teams to maximize their digital growth potential bygenerating 10 times more loans and deposits. Today's episode is part ofthe inside digital growth Siri's, where James Robert shares 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 dot com to submit your question today. Nowlet's go inside. Digital Growth Greetings in Hello, I am James RobertLey and welcome to the 22nd episode of the Banking on Digital Growth podcast.Today's episode is part of the inside digital growth Siri's and I'll beanswering a question from Melissa, who is a CMO for a financial brand inKentucky. Melissa ask, where should we start or what should we focus on tomake our digital marketing even better, she continues. There's so many thingsthat we could do, and I guess that this is why digital can quickly feel sooverwhelming. Do we just pick something and get going? Well, thank you so muchfor the great question, Melissa, because this is one of the most commonquestions I get typically when I'm speaking at a conference or an event.Which is funny, because I've been doing twice as many of those now in this postco vid world, even though the conferences aren't necessarily inperson like they used to be. And so that means I've been able to help evenMawr financial brand marketing cells and leadership teams. And the best partof it all is that I've been able to do it without ever having to step on aplane. And at the end of the day, I get to go home and sleep in my own bed andget to be with my family. But I do miss being on the road, and as as much asI've enjoyed, let's call it the efficiency of digital. Thanks, Toa Zoom.I have to admit that I'm starting to really miss not getting to see peoplein person, to shake hands, to share coffee, to have a cocktail exchange,thoughts and ideas face to face. But soon, soon I am hopeful we will all beable to get back together again in the flesh. Until then, I am committed toguiding you to helping you from afar...

...through this podcast, along with theremote training and strategy and coaching that I've been doing mawr andMawr of since March, even as we look towards a new year together. So back toMelissa's question about where to begin working to make your digital marketingand sell strategies even better at your financial brand. Now I appreciate thisquestion from Melissa because I do understand how confusing digital canfeel, because really, there are so many possible paths. Ford. I also understandhow frustrating digital can be, especially when to what Melissa hasshared. It sounds like they've already been trying and dabbling in digital,maybe have even experienced some failures, and so sometimes it can feellike one step forward two steps back. But I want you to take heart if this isyou. If this sounds like you. If you've been dabbling in digital, all is notlost. And here's why. Failure is learning. Failure is the fertile soilin which we plant seeds for future growth. So there are two ways to answerthis question of where to start making digital marketing and and really evendigital cells that much better for your financial brand. First and foremost,let's once again academically define what digital growth is in the firstplace. And this is something that I've discussed in detailed an episode numberone of this podcast. But in brief review, we define digital growth as asystematic process centered around the modern consumer journey that unifiesmarketing cells, operations and I t to do three things. Number one increasedwebsite traffic number to generate leads and the number three convertthose leads and two loans and deposits. Once again, take a few minutes, go backand listen to episode number one because I impact not only thedefinition of digital growth, but why it is strategically important to have aunified definition of digital growth in the first place, from top to bottom andbottom to top, because once we have a unified definition of digital growththat is really accepted throughout the entire organization. The next step isto develop a digital growth mindset. Now this idea of developing unorganizedation, all wide digital growth mindset is a topic that I go deep into withinmy book banking on digital growth. In...

...fact, there are 12 steps that you canapply. But for today's conversation, I just want to focus on the first threein regards to Melissa's question. And here they are. Number one assessment,Number two, Awareness and number three Acceptance. Now for context, I comparethe 12 steps of developing a digital growth mindset to that of running amarathon. That's because back to Melissa's question about, you know,just jumping in and getting started. I don't recommend doing this at allbecause you would not want to jump into running a marathon that that reallywouldn't end very well. And believe me, I know because I have tried. I willnever forget the first marathon that I ever ran. It was actually, it was ahalf marathon, and it was in Austin, Texas. It was a three in marathon thatmy wife and I ran about 12 years ago, when a friend called us up and ask usto run it with her. Now our friend had been training for this marathon thishalf marathon, and at the time I was running a few times a week. And so Ithought to myself, It's 13.1 miles. No big deal, right? So he showed up inAustin and we started running. Now, keep in mind, I'm from Houston and themarathon being in Austin. Austin has Hills, Houston ISS flat. And thosehills in Austin were killer. I think by the time that we were halfway throughthe marathon or the half marathon, my wife and I had made a deal with oneanother that we were going to walk the inclines. We're gonna walk up the hillsand we're gonna run the declines and run down the hills. So I learned a loton that first half marathon that I was ableto later apply when I startedrunning other half marathons and now I have even run a couple of fullmarathons for me personally, my next big goal is a half iron, man, but mywife said that that is gonna have to wait until our four kids get a littlebit older just due to the time it takes to train for for a half iron man. Sonow that you have some context into why I don't recommend banks and creditunions just jumping in to digital growth into digital marketing intodigital cells, even as important as they are now post co vid because asI've heard from other banks and creditors that have tried this thatI've coached, it hurts. Ah, lot, just like running a marathon withouttraining. So let's go ahead and dive into each one of the first three stepsoff developing a digital growth mindset.

Step number one. When you start your digital growthjourney, I recommend starting with an assessment because once again, when youstart running a marathon, you don't just start running. When you plan torun a marathon, you don't start running. You go to the doctor for a health check.You make sure that your body is capable. You're good, you're healthy to run.That marathon and um, assessment can also create value for your team, foryou, for your organization when embarking on a digital growth journey,because you're gonna gain clarity about where you've been, where you are andreally most importantly about where you can go next. To maximize your futuregrowth, potential technology has transformed our world, and digital haschanged the way consumers shop for and buy financial services forever. Nowconsumers make purchase decisions long before they walk into a branch if theywalk into a branch at all. But your financial brand still wants to growloans and deposits. We get it. Digital growth can feel confusing, frustratingand overwhelming for any financial brand marketing and sales leader. Butit doesn't have thio because James Robert wrote the book that guides youevery step of the way along your digital growth journey. Visit www dotdigital growth dot com to get a preview of his best selling book, Banking onDigital 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 totransform financial brands, and it is packed full of practical and proveninsights you can start using today to confidently generate 10 times moreloans and deposits. Now back to the show. Mhm Theo Digital growth blueprintis a key strategic tool that I unpack in my book banking on digital growthbecause it really gives you an assessment to objectively benchmark thepast, the present and most importantly, where you can commit to go in thefuture with courage and confidence At the heart of everything that weteach here at the Digital Growth Institute is that tool. It's thestrategic framework we call the digital growth blueprint. And this framework iscomprised of nine essential and co dependent elements that includespecific strategies, systems, technologies and, most importantly,habits to maximize your primary goals for marketing for cells. And you dothis by answering nine very specific and focused strategic questions. Infact, here's a quick exercise that you...

...can do right now to just start toassess your financial brand situation. Now, what I'd like to do is I'd like toask you these nine questions that the digital growth blueprint helps youanswer, and for for this exercise, we're gonna keep keep things verysimple. I want you to answer these questions. What they simple yes or a no.And the more yeses you have, it is possible that you could already beheaded down the right path. Now there might be ways for you to furthermaximize the strengths these capabilities you already have in place.But I say this with a caveat because of what we identify is a self reportingbias. So please do take your responses of yes, with a grain of salt. On theflip side, the more knows that you have. For each question, I don't want you tolook at this as a bad thing as a negative thing. Instead, frame the noseas areas of future growth opportunities for you to prioritize and focus so thatyou could get even better going forward. Now let's dive into the nine questionsto help you assess your own unique situation. Question number one onceagain answers yes or no. Does your financial brand digitallyalign with the emotional needs of the people in the communities you serve?Question number two. Do your consumer personas go beyond basic demographicdata to humanize and, most importantly, empathize with key market segmentsthrough your digital marketing and sell strategies. Question number three. Doyour financial brands digital marketing and sells communication strategies.Differentiate your product positioning from other financial institutions thatpromote the same great rates, amazing service and commoditized productfeatures that every other financial brand in your community promotes.Question number four. Do you have well defined digitalmarketing and sells processes in place that empower your team to create thespace and time needed to escape doing digital while optimizing digitalexperiences every 90 days to generate Even MAWR leads for loans and deposits.Question. Number five Do you have full funnel digital consumer journeysdocumented for key product lines that... people beyond their questions andconcerns towards a bigger, better and brighter future? Question number six.Do you have the right digital marketing and self technologies, along with thecapability and the capacity to maximize the value they can create? Question number seven. Do you have welldefined systems and processes for both your digital marketing and sales teamsto consistently produce content that emotionally connects with the people inthe communities you serve By helping first and selling second Question number eight. Do you have welldefined systems and processes to promote the content that you'remarketing and sales teams are producing through key distribution channels totarget, to capture, to nurture and to convert leads for loans and deposits.And then finally, question number nine. Can you quantify your digital marketingand sells activities beyond vanity metrics to empower your marketing teamto rise above being viewed as just a glorified in house FedEx Kinko's? Orworse, as I've spoken about many times before, kids that just play with paintand crayons. Now, as you think through and reflecton each one of these questions, answering them with a simple yes or no.I want you to remember what Dan Sullivan has shared with me numeroustimes over the years, and that is this. All progress starts by telling thetruth. Let's continue onward with the conversation today. Once you'veassessed your unique situation, you want to develop a strong sense ofawareness throughout the organization, which is step number two of developinga digital growth mindset and developing a strong sense of awareness throughoutthe organization comes from both training as well as planning again. Ifyou're going to run a marathon, you just don't start running 26.2 miles onday one. You have to train your body and follow a plan that guides you everystep of the way. I know that Whenever I've run marathons in the past, I havean app on my phone, and that's my training plan, and it keeps me focus.It keeps me accountable, and it keeps me on track to ultimately achieve mygoal of running 26.2 miles. The same is true for you and your team, becausetraining and planning helps you become...

...aware of the roadblocks that you'regoing to need to eliminate, along with the opportunities that are availablefor you to create or capture or the strength that you have that you canfurther capitalize on as you move forward and make progress along yourdigital growth journey. Once you've assessed your situation and I'vestarted to create awareness of the future growth opportunities throughtraining and through planning, you can then move on to step number three ofdeveloping a digital growth mindset, which is acceptance. But be warned.This is where I see a lot of financial brands struggle. They assess thesituation. They have a sense of awareness of what they need to do next,what they needed to start doing and not just what they need to start doing.Oftentimes it's what they need to stop doing. But then they don't accept thatfact. Whether that be as an individual, a team and organization, they don'taccept the fact that some things are going toe have to change. They don'taccept that they're going to have to make some tough decisions. And becausethey have a lack of acceptance, they felt a fully commit to take the nextsteps forward on their digital growth journey. So when you sign up for amarathon, that single act of registering, of paying the registrationfee, that is an act of acceptance on your part, because now you havecommitted to a specific goal that you will complete in the future. As I wrapup my thoughts today tying developing a digital growth mindset and reallycomparing that to running a marathon and we've only covered the first threesteps of 12, I want to come back to Melissa's question that she asked tostart this whole conversation. Where should we start, or what should wefocus on to make our digital marketing even better once again, she continues.There's so many things to do and I guess this is why digital can quicklyfeel so overwhelming. she asked and closing. Do we just pick something andget going? Well, Melissa and brief Review, I recommend you commit to takethose first three simple steps that we've talked about today of assessmentof awareness and of acceptance, using those nine questions informed by thedigital growth blueprint as a guide, because these will help you gainclarity into where you've been, where...'re at and where you can constantlycommit to go next on your digital growth journey. As always, if you havea question like Melissa, I want to hear from you because I want to help you.And to do that, all you have to do is simply go to www dot go ask jr dot comand submit your question that you want to answer to, and I'll answer it foryou on an upcoming future podcast. And remember, the only bad question is thequestion that goes unasked until next time be well, do good and wash yourhands. Thank you for listening to anotherepisode of Banking on Digital Growth with James Robert Ley. Like what youhear? Tell a friend about the podcast and leave us a review on apple podcastsGoogle Podcast or Spotify and subscribe while you're there to get even MawrPractical and proven insights, visit www dot digital growth dot com to graba preview of James Roberts bestselling book Banking on Digital Growth or ordera copy right now for you and your team from Amazon. Inside, you'll find astrategic marketing and sales blueprint framed around 12 key areas of focusthat empower you to confidently generate 10 times more loans anddeposits until next time, be well and do good.

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