Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

55) #InsideDigitalGrowth: 12 Digital Marketing and Sales Trends for 2021

ABOUT THIS EPISODE

What are the top digital marketing and sales trends for banks and credit unions in 2021? 

That question came to me from Marilyn, a VP of Marketing for a financial brand on the east coast. 

I answered Marilyn's question and reflected on where we've been over the last 9-10 months on this episode of Banking on Digital Growth. 

Here's what I talked about: 

  • The top 12 digital marketing and sales trends for 2021
  • What I got right (and wrong) about my projections for 2020
  • And why the best is yet to come

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

Today's episode is part of the inside digital growth Siri's and I'll be answering a question from Maryland who is a VP of marketing for a financial brand on the East Coast. As she asked, What are the top digital marketing and sales trends you see for banks and credit ings in 2021? Well, Maryland, that is a tremendous question to start the year off with, and I'm excited for all that. 2021 has to hold an offer for each and every one of us. 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 10 times more loans and deposits. Today's episode is part of the inside digital growth Siri's, 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 jr dot com to submit your question today. Now let's go inside. Digital growth Greetings in Hello and Happy New Year to you and yours thank you for tuning into the 55th episode of the Banking on Digital Growth podcast, where I, James Robert Lay your digital anthropologist guide and coach you along your digital growth journey to help you avoid the biggest pitfalls and mistakes that will keep you from maximizing your future digital growth potential in this new year of 2021. Today's episode is part of the inside digital growth Siri's, and I'll be answering a question from Maryland who is a VP of marketing for financial brand on the East Coast. As she asked, What are the top digital marketing and sales trends you see for banks and credit things in 2021? Well, Marilyn, that is a tremendous question to start the year off with, and I'm excited for all that 2021 has to hold an offer for each and every one of us. But before we look ahead, I'd like to do some business with the past first because if we don't reflect on where we've been, we won't understand where we are right now, and it will be really impossible for us to know where we need to go next on our journeys of growth. So let's go back in time. One year. So when we started 2020 who would have ever thought that we would have lived through and experienced what we did over the last really 9, 10 months? Because in review what a century 2020 was for us all? Every year I put a theme together to help frame my thinking around the financial brands that are in our digital growth program. And going into 2020 was a theme that I was calling level up 2020 and had a focus on leveling up three things people, processes and production. But 2020 had other plans for us, and 2020 really became a year of what I've been writing about in review of what I believe was massive discovery that led to massive and transformative growth. We learned so much about what is possible when it comes to making massive transformations in both our thinking as well as our actions Now.

With that said, maybe 2020 was, in fact, the year that we all leveled up in one way or another. At least that's my hope for you, because what is leveling up all about to begin with in the first place. Leveling up is about transformation. Transformation is about growing from good to great. It's about being even better than what you were before. And it is my hope for you. That is. We start 2021 together. You feel you're in an even better place than where you were a year ago. Whether that be personally on your team at your financial brand, and I want you to continue down that journey of growth. Take a minute to just think back on all the progress that you've made both personally as well as professionally over the last 12 months. Think about all the growth. Think about where you've come from. Shirt. This progress was definitely not without its challenges, but you learned you adjusted. You adapted. I know that was the case for re personally having launched a book in a pandemic without having a formal book tour. You know, I think back when I first started writing banking on digital growth, it was May of 2019, and how excited I was to go on a book to her having the opportunity toe to really speak in front of thousands of financial brand leaders around the world. The covert happened, travel shut down, Conference is shut down. And so we adjusted. We pivoted, We adapted, we transformed. And we launched this podcast as a way to transfer our research, our knowledge and our insights out into the world at scale. So instead of having an opportunity to educate, empower and elevate thousands of marketing and sells leaders like we would have before co vid thanks to the exponential growth of digital as well as with the book on the podcast, our knowledge and insights are now helping tens of thousands of marketing cells and leadership teams at banks and credit unions around the world. Just the other day, Charlotte from India, she reached out to me with a private direct message on LinkedIn, thanking me for the insights that that she had gained so far from the podcast. In fact, her favorite episode is Episode number 51 about humanizing the digital experience with Jay Paultre. I appreciated Charlotte's kind words and her feedback from so many other people like her, because it's people like you, dear listener, that I continue to do what I do because I want to simplify digital marketing and self strategies that empower you to generate 10 times more loans and deposits for your financial brand. But what if 2020 had been just like 2019? Would there have been this podcast? What I have had the opportunity to help Charlotte in India? These are things that I think about when looking backwards to measure progress. So what about you? What progress did you make in 2020? What growth did you experience in 2020 personally as well as professionally, You see, In addition to this podcast cove, it also forced me to rethink about our own business model and to really optimize our digital growth program further around training and coaching. That supported by bespoke...

...research and insights for financial brands. The old model was good once again. What is growth? What is transformative growth? It's about growing from good two. Great. And that's exactly what I'd like to do with you this year. Because working together we can fulfill our larger purpose that we call one bx BTR because together we can continue to transform banking for good, and together we can make the world one billion times better by guiding one billion people beyond their financial stress towards a bigger, better and brighter future. So let's talk about the future. Let's talk about the top trends, the top 12 opportunities that I see for you to maximize your financial brands, digital growth potential in the future in 2021 really beyond that now you might be asking. But James Robert, why do you have 12 trends? Why do you see 12 opportunities? Why not 10? I'm glad you ask. The easy answer would be for me to say, Well, I'm a contrarian, and I'm just simply tired of Top 10 list. In fact, I believe top 10 list belonged to David Letterman. The deeper answer, though, is that when we go back and study ancient writings, we find the number 12 plays a very important and symbolic meaning in different cultures around the world. And while I don't wanna go too far off the beaten path for this podcast and and into a deep anthropological study, the number 12, for example, represents perfection completeness. It also represents fruitfulness and uneven growth in some cultures and for other cultures that represents harmony and peace. Even looking at the present moment and thinking about time. We have 12 months of the year with each day being broken down into 2 12 hour periods of time, AM and PM. Now let me be very clear before I get into the top 12 trends, the top 12 opportunities that I see for your financial brand to capture in 2021. I want to be very clear. You do not have to focus on every single one of these. In fact, it would be an exercise in frustration if you even tried. And I'm willing to bet that some of these trends are going to extend out over the next 3 to 5 years and will become the new normal for both marketing and sell strategies in a post covert world. So as you think through these 12 trends, what I want you to do, it's a just pick and focus on three. Because if you can focus on three, what would they be? Because those three will empower you to continue to make progress along your own digital growth journey? So let's get started with trade number one Trend number one will be an increased focus on the employee experience as E X is what I've identified as the Third Element and what I'm now calling the experience trifecta as e. X or employee experience will have a direct impact on humanizing your financial brands. Digital experience This has been one of the...

...biggest lessons that I've taken out of 2020 into 2021 beyond. In fact, I want you to look for employees experience to be just as big, if not bigger than all of the talk and focus that we've heard around C. X or customer experience over the past three years or so because your financial brands c x, your customer experience or your or your MX Remember experience. If you're at a credit union that is delivered through your DX or your digital experience, will be directly influenced by your employee experience. In a future of really ever growing changes, exponential changes that will bring on more confusion. MAWR COMPLEXITY Thanks to the age of AI that we are in now, take care of your people so that they can take care of your account holders in this digital world. Let's move on to trend number two. Train number two is unlocking the digital growth potential for small business. A small businesses have really been hit the hardest by covert and small. Businesses are the backbone for so many local economies. And these small business owners, they're looking for someone that they can trust to guide them for beyond this covert crisis. It's not over yet. Yes, the the vaccines were rolling out, but I'm willing to predict that we're not going thio Thio get all the way through this and I would I won't even say get back to normal because we won't get back to normal. We won't get back to things like they were before, but we won't really get through this for at least another 12 18 months. And that put this into 2020 to the middle of 2022. Now we're gonna see progress. But small business, particularly small businesses in the community that you serve, be the light that shines a path forward, be the rock they can cling to. There is such a tremendous amount of opportunity for financial brands to step up and not just toe offer alone, but to offer so much mawr support guidance. And that brings me to trend number three which is financial coaching, because I see financial coaching becoming a key revenue driver. Four. Future digital growth. And this includes coaching for both small business owners as well as coaching. For consumers, both who feel stressed about money and that stress, it's taking a toll on people's health, their relationships with loved ones, their overall sense of well being. And people are looking for someone that they can trust to guide them beyond their financial stress towards a bigger, better, brighter future. People are looking for two things. They're looking for help. They're looking for hope. Hope has to come before they're ready to receive help. Hope that they can get out of the place that they're in today. People don't need a better checking account. People need coaching, they need guidance, They need accountability, they need support. I said it so many times I'll say it again. People do not have a savings problem.

People have spending problems and those spending problems are rooted in behaviors that go all the way back to childhood that are shaped by their present reality by their environments. And I am predicting coaching will become one of the biggest non interest revenue streams for financial brands over the next 5 to 10 years, especially if that coaching is further supported through data driven research and insights. Technology has transformed our world, and digital has changed the way consumers 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 thio because James Robert wrote the book that guides you every step of the way along your digital growth journey. Visit www dot digital growth dot com 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 10 times more loans and deposits. Now back to the show. So thinking about data driven research and insights. That brings me to Trend number four, which is finding fintech partnerships to bridge capability gaps that create value for account holders. This is the incumbents finding fintech partnerships to bridge capability gaps that create value for account holders. No longer can incumbents being traditional banks and credit unions. Think of Fintech as the enemy, the competition, if you will. Instead, it's time to start thinking about Fintech as collaborators, and this is gonna require us to let go of scarcity mindsets. And we'll come back to this idea of mindsets here in a moment. But we need to let go of scarcity mindset that limit our future growth potential. And to do so we can embrace a mindset of abundance where we look out at the world and we Seymour than enough opportunity for us all to create and capture value together. And here's why. Fintech needs eyeballs and audiences. While incumbent financial brands need best of breed digital capabilities. Both fintech and incumbents have what each other want and what would otherwise require vast amounts of capital to build alone. So the opportunity here is collaboration, and a rising tide raises all ships to move on The trend number five in which will see financial brand marketing teams finally become an operate like in house media production. Teams focus on content production as well as promotion, because content will be the fuel that drives future growth. Really future digital growth as marketing and sells, move beyond the traditional world of branches and broadcast. And when we think about marketing teams operating Mawr like in House Media teams, they're not gonna do it alone. They're going to need to closely align themselves with internal sells teams with lending teams...

...with service teams because it's the lending teams and the service teams that will unlock the content, guidance and direction framed around people's biggest questions and concerns. And this will be done by making a commitment to go all in toe, ask toe listen and to learn and with trend number five in mind, focus around content. We'll see trends Number six through 10 take shape, which include in the specific order number six video driven communication will humanize digital channels and experiences for both cells and marketing team. See, there's a trend again. Sales and marketing teams must work closer together to become and really unify to become the growth team. And when we think about video driven communication, this will require for many an entirely new set of training and operations on both marketing and sells teams parts. And that brings me to Point number seven, which will be the rise of podcast that will allow you to literally get inside people's heads and to transfer knowledge and insights at scale while creating even more value from your video content efforts. You see, when you think about video content as a way to humanize the digital experience, there's so many different ways you could take that path. But but video content can also be used to strip out the audio content of the video, and that audio can then be used to produce podcast. What this all leads to is what I'm seeing as trend or Opportunity number eight, which is about systematize ing and operational izing content, production strategies and and for specific reason, which is to maximize your organic s CEO efforts as content from both videos and podcast can be stripped and transcribed to power a renewed focus around S CEO or searching and optimization, organic searching and optimization, because the efficacy of digital ads will continue to decline over the next two 25 years, thanks to the rise and ad blockers in the rise and add fraud. And with the demise of third party cookies. Now we have trend number nine If we're thinking about content content being videos podcast S E O optimize articles. Content will be the glue that builds digital communities and digital communities will complement really any type of financial coaching program development because communities digital communities provide another layer of accountability while bringing a group of people together of like minded people together, all moving forward on a journey to get beyond financial stress. And that brings me to point number 10, coming back toe operationalize ing and systematize ING content. Not just production, but also content promotion as content will not only be promoted through corporate brand channels, but we'll see the rise of personal brands promoting both corporate content as well as personal content. Because I see the personal brand has the potential to really create former far more value in this post covert world. For one simple reason. People trust people, and it's...

...this idea of the personal brand becoming even mawr important than the corporate brand. It makes people feel very uncomfortable, and I'm gonna be having some guests on over the next few months. Toe guests that have built their personal brand while working at a financial brand to create value for the financial brand. Speaking about trusting people, let's move on to trend number 11, which will be maximizing future growth through digital reputation management with a focus around three things. Ratings, reviews and referrals. In fact, through some recent studies and pilot programs that we've run for financial brands in the digital growth program, we're finding digital referrals to be one of the fastest growing and most effective acquisition channels in a post covert world. Questions Why Once again, people trust people. People will always trust a referral from their friend or family member farm or than they will ever trust your financial brand, no matter how good your marketing is. This is why you must go beyond measuring the vanity metric of NPS or Net promoter score and start to bake digital referrals directly into your marketing cells and service Operational models finally trap things up with trend number 12, which is about minding your mindset because mindset will be the most important strategic asset four financial brands to see through all of the confusion, all of the complexity that will come from the exponential changes. The age of a I covert has just been a preview, and I predict developing your own personal as well as your teams and your organization ALS a que, along with their digital EQ it will be far greater will create far greater value than I Q. Alone over the next 3 to 5 years, you see a cake or adaptability quotient plus e que emotional intelligence, when combined, provides an exponential multiplier through the power of AI and automation. Let the A I let the automation take care of the wrote in the mundane, repeatable task. You know, we could take a lesson from four seasons where their founder and CEO once noted, The opportunity is toe automate the predictable so you can humanize the exceptional and both the idea of a que adaptability quotient and e que emotional intelligence. They're rooted in a growth mindset that views the future as bigger, better and brighter than ever before because the best is yet to come. So there you have it. My top 12 trends of the top 12 opportunities for your financial brand to focus on and capture in 2021 and beyond. What's gonna be your focus for yourself for your team? If you had to, just pick three and I...

...want to hear from you. Maybe you have a question like Maryland had today that you'd like for me to answer for you about a future opportunity. Or maybe it's a roadblock that might be standing in your way If you dio. Now is the time to text me a question that you've been thinking about and you'd like to get answers to on a future episode. Text me at 4155793004 That's four on 5579 threes. Years your fort. Text me your question. And remember, the Onley bad question is the question that goes unasked until next time and is always be well, do good and wash your hands. Thank you for listening to another episode of Banking on Digital Growth with James Robert Ley. Like what you hear? Tell a friend about the podcast and leave us a review on Apple podcasts, Google Podcast or Spotify and subscribe while you're there to get even. Mawr Practical and proven insights, visit www dot digital growth dot com to grab a preview of James Roberts bestselling 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 12 key areas of focus that empower you to confidently generate 10 times more loans and deposits until next time, be well and do good.

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