Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years ago

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


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 suggest is one thing that we should start doing to generate even more digital loans and deposits? Well, Diana, that's a great question and one that I look forward to answering 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 and thank you for tuning in to the twenty eight episode of the banking on Digital Growth Podcast, where I James Robert Lay, your digital anthropologists, commit to distilled down and simplify the biggest digital marketing and sell strategies that 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 a question from Diana, who is a VP of marketing for a bank in the northwest. Once again, Diana asked, what do you suggest is one thing that we should start doing to generate even more digital loans and deposits? Thank you for the great question, Diana, and I always love questions like these when 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 like she'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 the first and foremost thank you for listening to this podcast. It is been such an honor. It's been a pleasure and a privilege to get to spend a few minutes with you each week over the past three months, and I'm grateful to see the PODCAST, like my book banking on digital growth, continue to spread and grow around the world and so far the podcasts quickly already reached forty four countries, as both the book and the podcast, or the only way that I know to get everything that I have observed and observing and learning about digital marketing and sell strategies for financial brands through our ongoing studies that have been conductor over the last twenty years, out of my head and into the hearts and minds of financial brand marketing cells and leadership teams at scale. With that said, I'd enjoy hearing from you directly, so please reach out. Send me an email to jrw lay at digital growthcom, say hello, let me know where you're listening from, from one of those forty four countries, and then tell me what insights you have found to be most helpful or what questions that 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 many things that you, like Diana, could do to generate even more digital loans and the posits. You could develop a digital growth strategy to provide you with an annual strategic blueprint, provide you with clarity and a road map on where you could go next, based upon where you've been and where you are and your specific goals for growth you could optimize... automation campaigns or adopt a marketing automation platform to begin with. In the first place. You could focus on conversion rate optimization by running quarterly digital secret shopping studies on your most important digital asset from a growth standpoint, your website, to transform your website light from a glorified online brochure into a website that sells. You could run targeted add and email campaigns that would be powered by data and insights, getting people the right message at the right time, based upon where they're at in their own digital consumer buying journeys. Or You could systematize and operationalize your content production and promotion efforts so that you could be more efficient with the content that you're already producing. The list really could go on and on and on, but there is an even better path forward for you. There's an even better way to answer this question for both you and Diana. That's because digital growth does not come from doing more, adding more things to your plate. More to do is 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 adding to complexity. And when you add to complexity. With that one more thing, you will increase confusion, and that results in chaos and conflict internally. This is why I recommend starting with a different approach thing, thinking about a different approach for that matter, when I get asked the question, what is one thing that we should start doing at our financial brand? And here's why. We must commit to simplify before we multiply, or, put another way, we must simplify before we maximize our digital growth potential. Growth does not come through confusion. Growth is not born out of complexity. Growth does not come from taking on more. Growth, in fact, comes from letting go and really even dying to our past selves. Now, that should not be a morbid thought. I introduced the the concept in one of my personal maxims, momentum more, on a previous podcast. The momental Morey being old Latin for remember your death. This should not be a morbid thought, but a freeing one, because when we let go of what has got us to where we are today, we create space and time to take on new things that will keep us moving forward to where we need to go tomorrow. I want you to think about a tree for a moment, for a tree to grow. Year after year, season after season, a tree must let go of and lose its leaves, it's leaves being its primary source of food in regards to sunlight and how that process works, and leaves also being protection. And one could argue that when a tree loses its leaves, it appears to be neked, it appears to be vulnerable, but through this act of loss, of death, of vulnerability, the tree creates room for new and even stronger growth in the spring. Furthermore, a tree grows from two primary elements, sunlight and water, but taking on...

...too much sunlight, taking on too much water can harm and even kill the tree. This is exactly what I see 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, of leadership team. We often have a habit of taking on more and more task, more projects, more activities, but we do so without letting go of ones 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 continue to be this way for you and your team. That's because one of the most transformational recommendations I can make for you to consider implementing across your entire financial brand when it comes to planning for digital growth, when it comes to even digital transformation. It's to not just make it to do list. Know those two due list are super easy to do, because there will always be something that needs to be done. Instead, I want you to commit to something else. I want you to commit to making a not to do or a don't do list. I want you to start keeping a list of things, of activities, of task, of projects, that you can give up, that you can stop doing, because over time, this list of items, this don't do inventory, you'll have two choices. Number One, you can give up, delegate or even elevate these task, projects activities to others. And I like to use the word elevation here, because elevation is about moving something to a new level, delegation. A lot of times when we think about delegating activity, our task project, we think about pushing things down on others. But elevation has a different kind text, a different perspective, of different reality, because we're elevating a project, a task and activity to someone who could 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 I want you to keep this don't do inventory on your desk and ask your team members to do the same. What should you put on this list? What should you put on this don't do inventory? Five thoughts, five questions to point you in the right direction. Number One, what are the things that you want to say no to but somehow can't? And really diving deeper into that idea? Why do you feel that you are not empowered to say no to these things? What would happen if you said no? 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 lone 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. Number two, what are the biggest distractions that pull you off focus and keep you from doing deep, important, meaningful work that needs to get done that will 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 we attend for meeting sake that we've all been in. Number three, what are 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 working on right now that have a low impact on the value creation you're contributing to your financial brand? But these low impact task activities suck your time, they suck your energy. For example, this might be the small project or the small fires that you have to keep putting out and they continue to get in a way of you focusing on the bigger initiatives that will create far more value for your team, for your organization. And the number five, what are you working on now that you know is not really creating any value, but you continue to do it because that's the way it's always been done. And this really takes us all the way back to point number one. What are the things that you want to say no to but somehow can't? And diving deeper into that thought, why do you feel that way or why do you not 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 wanted to want you to take this. Don't do inventory this. Don't do list when you review your progress of what you've accomplished along your digital growth journey and celebrate your wins together with your team and when you review this, don't do list this. Don't do inventory. I want you to tag each item in one 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 financial brand. Number two, I want you to tag items to delegate. These are the items that you can once again elevate to someone else who would create far more value than you could ever do, because they are working in what we call their growth ability, and growth ability is an idea that I've been thinking 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 that create the greatest value for yourself, for your team, for your organization? And finally, number three, I want you to tag items that you can delete. These are the items, are actions that you can just simply stop doing all together. Distraction, delegation, deletion. And here's the caveat to this simple exercise. It is much harder, in fact, to implement and stop doing activities, activities that have been historically rooted in the past, because oftentimes we have wrapped our identity around those activities. But remember what got us to where we are today will not get us to where we need to go tomorrow. Furthermore, some find it hard to say no and they end up doing things they are not fully committed to saying yes to something feels good in the in the moment your someone comes up and says, Hey, can you do this for me? Can you help me with this, and so we say yes because it feels good, especially for the type of people that want to help someone else, and there's a lot of those people in the banking space, in financial services, because that's what we do. We help people with 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 end up saying no, is we become very, very busy. But being busy does not predict our future success. In fact, being busy is a detriment to future success, because you're being busy oftentimes doing the wrong things, wasting time, effort energy. Think about saying no and saying yes to activities. To task, two projects, to ask like money. When you say yes to 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 when you say yes more than no, it is easy to overdraft your personal tea account and begin to feel confused, frustrated and overwhelmed with whatever it is that you're working on. When you say no, this is the secret. When you say no two things, to task, to activities, it's like you're saving money, because you are saving time, you are saving your effort, you are saving your energy to commit and invest it into working on something even bigger and better that will create far more exponential value than the fires that you've become accustomed and used to putting out, the distractions that you've grown habitually used to dealing with. Yes, it is easy to say yes. I get that and I do understand it is hard to say no. Before you say yes 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 do really necessary and and it might be. And if it is, and you do take on something new, a new...

...project, a new task and new activity, then you have to ask yourself what can you say no to? What can you delegate, what can you delete all together? Because we have to create that space and time. We have to let go of the past to create that space and time to create the future. As we wrap up today's conversation. I'd like to come back to Diana's question, as she had asked, what do you suggest is one thing we should start doing to generate even more digital loans and deposits? Well, Diana, as I started by thinking to begin this podcast, there are in fact dozens, if not even hundreds, of things that I could suggest. But, as I have shared through my thinking today, I'd like for you to consider what are the things that you can stop doing so that whenever I do provide those recommendations, framed around 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. In closing, we must all be aware of the digital distractions that take a toll on us, that suck our time, the pull us away from doing the deep work that we need to do to create the value that we know we must create for our financial brand and, more importantly, the people in the communities that we serve. Going forward, in this digital world, there will be exponential, quote unquote, opportunities available for us to focus on. But here's the thing. Being busy is not about being good at everything. Growth comes from being great at just a few things that create the greatest value for our financial brands and for the people in the communities that we serve. Being busy is not about working harder, it's not about taking on more, it's about working smarter and elevating task, activities projects to others, and those others do include automation and AI, because those others, those others, whether it be another person, another team, another organization, through collaboration or through automation or AI, those others will do many activities that we cling to, that we hold onto because that's the way it's always been done. Those others will do them even better than we could have ever done them ourselves. Being busy is often tied to perfectionism, which is oftentimes only a matter to our own perspective of reality, of what we're working on, and how good do we think 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 leave you 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 to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that are there. You have to pick carefully. Steve Jobs continues. I'm actually... proud of the things we haven't done 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 word thrown around so much these days when it comes to digital growth, when it comes to transformation, and that word is innovation, and Steve Jobs says this innovation is saying no to a thousand things. So what will you commit to stop doing? What leaves will you commit to shed this fall? What will you commit to say no to going forward? As always, if you have a question, like Diana, I want to hear from you because I want to help you. Just go to www dotgo ask jrcom, submit your question and 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 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 podcasts or spotify and subscribe while you're there. To get even more practical, improven insights, visit www dot digital 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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