Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

28) #InsideDigitalGrowth: Digital Growth Doesn’t Mean Doing More

ABOUT THIS EPISODE

What’s the one thing I can start doing to generate more loans and deposits?

It’s a good question. But here’s a better one to ask:  

What are all the things I can stop doing? 

Because, when it comes to digital growth, less is more. 

In this episode, I cover:

-Why you should replace your to-do list with a don’t-do list

-The 5 ways to identify activities to remove

-Why saying yes leads to being busy, not future success

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

Diana asked, what do you suggestis one thing that we should start doing to generate even more digital loans anddeposits? Well, Diana, that's a great question and one that I lookforward to answering for you on today's episode of banking on digital growth. You'relistening to banking on digital growth with James Robert Lay, a podcast that empowersfinancial brand marketing, sales and leadership teams to maximize their digital growth potential bygenerating ten times more loans and deposits. Today's episode is part of the insidedigital growth series, where James Robert shares answers to some of the biggest digitalmarketing and sales questions he gets from the digital growth community. Have a questionyou want to get answers to on a future episode? visit www dot goask jrcom to submit your question today. Now let's go inside digital growth.Greetings in hello and thank you for tuning in to the twenty eight episode ofthe banking on Digital Growth Podcast, where I James Robert Lay, your digitalanthropologists, commit to distilled down and simplify the biggest digital marketing and sell strategiesthat will empower your financial brand to generate ten times more loans and deposits.Today's episode is part of the inside digital growth series and I'll be answering aquestion from Diana, who is a VP of marketing for a bank in thenorthwest. Once again, Diana asked, what do you suggest is one thingthat we should start doing to generate even more digital loans and deposits? Thankyou for the great question, Diana, and I always love questions like thesewhen I'm asked what I should start doing. I even like how Diana frames this, to generate even more digital loans and deposits, because it sounds likeshe's already doing a good job and she wants to do even better going forward. But before I start on packing my thoughts for Diana, I'd like thefirst and foremost thank you for listening to this podcast. It is been suchan honor. It's been a pleasure and a privilege to get to spend afew minutes with you each week over the past three months, and I'm gratefulto see the PODCAST, like my book banking on digital growth, continue tospread and grow around the world and so far the podcasts quickly already reached fortyfour countries, as both the book and the podcast, or the only waythat I know to get everything that I have observed and observing and learning aboutdigital marketing and sell strategies for financial brands through our ongoing studies that have beenconductor over the last twenty years, out of my head and into the heartsand minds of financial brand marketing cells and leadership teams at scale. With thatsaid, I'd enjoy hearing from you directly, so please reach out. Send mean email to jrw lay at digital growthcom, say hello, let meknow where you're listening from, from one of those forty four countries, andthen tell me what insights you have found to be most helpful or what questionsthat you'd like for me to answer on an upcoming episode of inside digital growth. Now let's get back to answering Diana's question, because there are so manythings that you, like Diana, could do to generate even more digital loansand the posits. You could develop a digital growth strategy to provide you withan annual strategic blueprint, provide you with clarity and a road map on whereyou could go next, based upon where you've been and where you are andyour specific goals for growth you could optimize...

...marketing automation campaigns or adopt a marketingautomation platform to begin with. In the first place. You could focus onconversion rate optimization by running quarterly digital secret shopping studies on your most important digitalasset from a growth standpoint, your website, to transform your website light from aglorified online brochure into a website that sells. You could run targeted addand email campaigns that would be powered by data and insights, getting people theright message at the right time, based upon where they're at in their owndigital consumer buying journeys. Or You could systematize and operationalize your content production andpromotion efforts so that you could be more efficient with the content that you're alreadyproducing. The list really could go on and on and on, but thereis an even better path forward for you. There's an even better way to answerthis question for both you and Diana. That's because digital growth does not comefrom doing more, adding more things to your plate. More to dois more items on your checklist, because when you add one more thing,one more item, one more to do, there's a good chance that you're addingto complexity. And when you add to complexity. With that one morething, you will increase confusion, and that results in chaos and conflict internally. This is why I recommend starting with a different approach thing, thinking abouta different approach for that matter, when I get asked the question, whatis one thing that we should start doing at our financial brand? And here'swhy. We must commit to simplify before we multiply, or, put anotherway, we must simplify before we maximize our digital growth potential. Growth doesnot come through confusion. Growth is not born out of complexity. Growth doesnot come from taking on more. Growth, in fact, comes from letting goand really even dying to our past selves. Now, that should notbe a morbid thought. I introduced the the concept in one of my personalmaxims, momentum more, on a previous podcast. The momental Morey being oldLatin for remember your death. This should not be a morbid thought, buta freeing one, because when we let go of what has got us towhere we are today, we create space and time to take on new thingsthat will keep us moving forward to where we need to go tomorrow. Iwant you to think about a tree for a moment, for a tree togrow. Year after year, season after season, a tree must let goof and lose its leaves, it's leaves being its primary source of food inregards to sunlight and how that process works, and leaves also being protection. Andone could argue that when a tree loses its leaves, it appears tobe neked, it appears to be vulnerable, but through this act of loss,of death, of vulnerability, the tree creates room for new and evenstronger growth in the spring. Furthermore, a tree grows from two primary elements, sunlight and water, but taking on...

...too much sunlight, taking on toomuch water can harm and even kill the tree. This is exactly what Isee happen at banks and credit us. When it comes to digital growth,it doesn't matter if you're on the marketing team or the cells team, ofleadership team. We often have a habit of taking on more and more task, more projects, more activities, but we do so without letting go ofones that no longer create value. Here's the good news. This pattern,this habit of taking on more without letting go, does not have to continueto be this way for you and your team. That's because one of themost transformational recommendations I can make for you to consider implementing across your entire financialbrand when it comes to planning for digital growth, when it comes to evendigital transformation. It's to not just make it to do list. Know thosetwo due list are super easy to do, because there will always be something thatneeds to be done. Instead, I want you to commit to somethingelse. I want you to commit to making a not to do or adon't do list. I want you to start keeping a list of things,of activities, of task, of projects, that you can give up, thatyou can stop doing, because over time, this list of items,this don't do inventory, you'll have two choices. Number One, you cangive up, delegate or even elevate these task, projects activities to others.And I like to use the word elevation here, because elevation is about movingsomething to a new level, delegation. A lot of times when we thinkabout delegating activity, our task project, we think about pushing things down onothers. But elevation has a different kind text, a different perspective, ofdifferent reality, because we're elevating a project, a task and activity to someone whocould do that project, task activity even better than we ever could.The second option we have is to stop doing these project task activities all together, because they no longer simply create value for your financial brand. So Iwant you to keep this don't do inventory on your desk and ask your teammembers to do the same. What should you put on this list? Whatshould you put on this don't do inventory? Five thoughts, five questions to pointyou in the right direction. Number One, what are the things thatyou want to say no to but somehow can't? And really diving deeper intothat idea? Why do you feel that you are not empowered to say noto these things? What would happen if you said no? Technology has transformedour world and digital has changed the way consumer shop for and buy financial servicesforever. Now. Consumers make purchase decisions long before they walk into a branch, if they walk into a branch at all. But your financial brand stillwants to grow lone and deposits. We get it. Digital growth can feelconfusing, frustrating and overwhelming for any financial brand marketing and sales leader. Butit doesn't have to, because James Robert wrote the book that guides you everystep of the way along your digital growth journey. Visit www dot digital growthcomto 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. Insideyou'll find a strategic marketing manifesto that was written to transform financial brands, andit is packed full of practical and proven insights you can start using today toconfidently generate ten times more loans and deposits. Now back to the show. Numbertwo, what are the biggest distractions that pull you off focus and keepyou from doing deep, important, meaningful work that needs to get done thatwill create exponential value? Maybe it's having email and social media on your phone, maybe it's being accessible at all times. Maybe it's the pointless meetings that weattend for meeting sake that we've all been in. Number three, whatare the task that end up finding their way to you? But these tasks, these activities, would be better off either delegating or delete eating all together, because they emotionally drain you. Number four, what task are you workingon right now that have a low impact on the value creation you're contributing toyour financial brand? But these low impact task activities suck your time, theysuck your energy. For example, this might be the small project or thesmall fires that you have to keep putting out and they continue to get ina way of you focusing on the bigger initiatives that will create far more valuefor your team, for your organization. And the number five, what areyou working on now that you know is not really creating any value, butyou continue to do it because that's the way it's always been done. Andthis really takes us all the way back to point number one. What arethe things that you want to say no to but somehow can't? And divingdeeper into that thought, why do you feel that way or why do younot feel empowered to say no to those things? As you keep this,don't do invent Tory. Once a month or once a quarter. I wantedto want you to take this. Don't do inventory this. Don't do listwhen you review your progress of what you've accomplished along your digital growth journey andcelebrate your wins together with your team and when you review this, don't dolist this. Don't do inventory. I want you to tag each item inone of three different ways. Tag each item as Number One, a distraction, meaning these are the things that pull you away from doing deep work.Or. These are the activities that prevent you from creating value for your financialbrand. Number two, I want you to tag items to delegate. Theseare the items that you can once again elevate to someone else who would createfar more value than you could ever do, because they are working in what wecall their growth ability, and growth ability is an idea that I've beenthinking more and more about when it comes to maximizing your digital growth potential.Will growth ability, or the few activities...

...that you can commit to do thatcreate the greatest value for yourself, for your team, for your organization?And finally, number three, I want you to tag items that you candelete. These are the items, are actions that you can just simply stopdoing all together. Distraction, delegation, deletion. And here's the caveat tothis simple exercise. It is much harder, in fact, to implement and stopdoing activities, activities that have been historically rooted in the past, becauseoftentimes we have wrapped our identity around those activities. But remember what got usto where we are today will not get us to where we need to gotomorrow. Furthermore, some find it hard to say no and they end updoing things they are not fully committed to saying yes to something feels good inthe in the moment your someone comes up and says, Hey, can youdo this for me? Can you help me with this, and so wesay yes because it feels good, especially for the type of people that wantto help someone else, and there's a lot of those people in the bankingspace, in financial services, because that's what we do. We help peoplewith their financial situations. But here's the thing. Saying yes carries a cost, and what happens here when we end up saying yes more than we endup saying no, is we become very, very busy. But being busy doesnot predict our future success. In fact, being busy is a detrimentto future success, because you're being busy oftentimes doing the wrong things, wastingtime, effort energy. Think about saying no and saying yes to activities.To task, two projects, to ask like money. When you say yesto something, you're spending money in the form of time, effort and energy. Tea. It's like you're teeing off time, effort, energy and whenyou say yes more than no, it is easy to overdraft your personal teaaccount and begin to feel confused, frustrated and overwhelmed with whatever it is thatyou're working on. When you say no, this is the secret. When yousay no two things, to task, to activities, it's like you're savingmoney, because you are saving time, you are saving your effort, youare saving your energy to commit and invest it into working on something evenbigger and better that will create far more exponential value than the fires that you'vebecome accustomed and used to putting out, the distractions that you've grown habitually usedto dealing with. Yes, it is easy to say yes. I getthat and I do understand it is hard to say no. Before you sayyes to taking on something new, have the hard and honest conversations with yourself, with your team. Is Whatever it is that you're being asked to doreally necessary and and it might be. And if it is, and youdo take on something new, a new...

...project, a new task and newactivity, then you have to ask yourself what can you say no to?What can you delegate, what can you delete all together? Because we haveto create that space and time. We have to let go of the pastto create that space and time to create the future. As we wrap uptoday's conversation. I'd like to come back to Diana's question, as she hadasked, what do you suggest is one thing we should start doing to generateeven more digital loans and deposits? Well, Diana, as I started by thinkingto begin this podcast, there are in fact dozens, if not evenhundreds, of things that I could suggest. But, as I have shared throughmy thinking today, I'd like for you to consider what are the thingsthat you can stop doing so that whenever I do provide those recommendations, framedaround your unique situation for what you can do to maximize your digital growth potential, what you can start doing, you'll already have the space, the time, the effort the energy to do those things with courage and confidence. Inclosing, we must all be aware of the digital distractions that take a tollon us, that suck our time, the pull us away from doing thedeep work that we need to do to create the value that we know wemust create for our financial brand and, more importantly, the people in thecommunities that we serve. Going forward, in this digital world, there willbe exponential, quote unquote, opportunities available for us to focus on. Buthere's the thing. Being busy is not about being good at everything. Growthcomes from being great at just a few things that create the greatest value forour financial brands and for the people in the communities that we serve. Beingbusy is not about working harder, it's not about taking on more, it'sabout working smarter and elevating task, activities projects to others, and those othersdo include automation and AI, because those others, those others, whether itbe another person, another team, another organization, through collaboration or through automationor AI, those others will do many activities that we cling to, thatwe hold onto because that's the way it's always been done. Those others willdo them even better than we could have ever done them ourselves. Being busyis often tied to perfectionism, which is oftentimes only a matter to our ownperspective of reality, of what we're working on, and how good do wethink that is, while productive and exponential growth is not rooted in ourselves,but it's rooted deeply in a purpose greater than ourselves. I want to leaveyou with a thought on these ideas from Steve Jobs, when he once said, quote, people think focus means saying Yes to the thing you've got tofocus on. But that's not what it means at all. It means sayingno to the hundred other good ideas that are there. You have to pickcarefully. Steve Jobs continues. I'm actually...

...as proud of the things we haven'tdone as the things we have done. And to wrap up steep jobs thoughts, he ends with this, and this is important because we hear this wordthrown around so much these days when it comes to digital growth, when itcomes to transformation, and that word is innovation, and Steve Jobs says thisinnovation is saying no to a thousand things. So what will you commit to stopdoing? What leaves will you commit to shed this fall? What willyou commit to say no to going forward? As always, if you have aquestion, like Diana, I want to hear from you because I wantto help you. Just go to www dotgo ask jrcom, submit your questionand I'll answer it for you on a future podcast episode. And Remember,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 toanother episode of banking on Digital Growth with James Robert Laigh. Like what youhear. Tell a friend about the podcast and leave us a review on applepodcast, Google podcasts or spotify and subscribe while you're there. To get evenmore practical, improven insights, visit www dot digital growthcom to grab a previewof James Roberts best selling book, banking on digital growth, or order acopy right now for you and your team from Amazon. Inside you'll find astrategic marketing and sales blueprint framed around twelve key areas of focus that empower youto confidently generate ten times more loans and deposits. Until next time, bewell and do good.

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