Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

37) #InsideDigitalGrowth: Battle With the Big Banks: Content Marketing Gives You a Competitive Advantage


How can content marketing help community banks and credit unions compete with the big banks?

Lauren asked that question, and I answered it on this episode of the Banking on Digital podcast. There is no better way to get close with your prospective account holders in a digital world than through content, and there's no better way to retain account holders in a digital world than through content and community institutions.

I talked about:

  • What a digital community is and how to build one
  • How the acronym ALL (Ask, Listen, Learn) can help you go all in on your digital marketing
  • Why small, focused institutions can build communities faster than big banks

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

Lauren ask, How can content marketinghelp my community institution compete with the big banks? Well, it's a greatquestion, Lauren, and one that I look forward to answering for you on today'sepisode of Banking on Digital Growth. 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 and hello, Thank you fortuning into the 37th episode of the Banking on Digital Growth podcast whereI, James Robert Lay your digital anthropologists commit to coach andguide you and your financial brand along your digital growth journey togenerate 10 times more loans and deposits by guiding people in thecommunities you serve beyond their financial stress towards a bigger,better, brighter future. Today's episode is part of the inside digitalgroceries, and I'll be answering a question from Lauren, who's the VP ofdigital marketing for a financial brand on the East Coast. Once again, Laurenask, How can content marketing help my community institution compete with thebig banks? Well, thank you for the great question. Lauren and I lookforward to answering it for you today because I just recently had aconversation with Jim Morris about this very subject on his banking transformed.Webinar, Siri's and I highly recommend that you carve out 45 minutes toelisten to our conversation as Gemini dive much deeper into the specific areaof focus for banks. And credit is one that I believe will be transformativeas we look ahead with content, further becoming the fuel of a Financial brandsdigital growth engine. So let's get into your question today, Lauren. Onceagain, how can content help community banks and credit news compete with thebig banks? Well, for one, there is no better way to get close with yourperspective account holders in a digital world than through content, andthere's no better way to retain account holders in a digital world than throughcontent and community institutions. Thea Advantage here for you is thatjust that it is the local community to bring people together, offline andonline to create value to answer their...

...biggest questions, their biggestconcerns before they even ask them. And by doing so, you will position yourfinancial brand to be known as the most knowledgeable financial expert in thecommunities that you serve. Another thought that comes to mind is just thevery word community. Now what does that mean? For most financial brands,historically speaking, community was once defined by these physicalboundaries that are financial brand would serve. For example, community wasa city or it was a county or it was a state. Or maybe it was even a region.But now, just like everything else, communities are also digital. Now Ilike to define communities digitally speaking, that is, as people alignedaround a certain area of focus, a subject matter and even just an idea.So, for example, a digital community for your financial brand might be ifyou're on the commercial side of the small business side, a digitalcommunity might be a group of business owners. Well, that's great, But divedeeper. Perhaps it's a community of dentist or its community of E N. T s oron the consumer side, Ah, community might be a group of like minds that,like our our our dog lovers, or they might enjoy a specific sport.Basketball, baseball, football. In fact, one financial brand we advise they hadshared with me their CEO shared with me the potential to align around andcreate value for a very niche community of those who are in the market for ahorse trailer. Hyper niche, hyper focused but one that they can createtremendous amount of value for. Let's make this even more practical.Incredible bank, for example. They've defined a community to create value forfor those that are in the market to buy. Ah, motor coach. Who are those people?Where do they live? What do they do? What's their interest? What's drivingtheir buying decision process? Let's go further on this Amex MX has defined acommunity of small business owners. They create value for through content.Specifically, they built a content platform over the years that is nowcalled business class, which was previously known as Amex, open for. Andthere are so many other content examples content communities that havebeen built over the years, both in financial services as well as outsideof financial services that we could spend hours and hours and hours talkingabout. But the point is this. The more value your financial brand creates isdirectly tied to how well you define a... of people, a community, acommunity once again, framed around common values. Common ideas commonlikes common goals. And the more that you can define either that or those communities, theeasier it will be for your financial brand to both produce and promotecontent for those communities. This is why, when it comes to contentmarketing strategies for your financial brand, you must have the courage tocommit and niche down to a specific community or a very small group ofcommunities. And I say start with one. The only way to escape any type ofcomplexity is with simplicity, and so if we can take the idea of a nichecommunity around one specific area, focus the better Now. This can feelvery counter intuitive at first and It is a challenging exercise because whatyou're doing is you're saying no to 1000 other possible opportunities andyou're only saying yes, toe one. But by saying yes, toe one you're committingto go all in and focus deeply on that one specific niche community. Now I share Maura about this ideaaround finding the courage to say no. An episode Number 28 titled DigitalGrowth, doesn't mean doing Mawr, because once you define who the nichecommunity is that your financial brand will create value for with your content,it is easier to go all in to determine how you will help how you will guidethis niche community. You see this idea of going all in all a l L. That's anacronym that we use to help financial brands gain clarity through thecoaching we do around their specific niche communities that they're lookingto create value, for it helps them to provide perspective. It helps them toovercome the content blocks tow, avoid the content chaos that holds so manyfinancial brands back from producing helpful content in the first place. Ihear from financial brand marketing and sales teams all the time, that theyhave their hearts in the right place. They want to produce content, but theydon't want to regurgitate the generic Bs content that just litters Googlesearches. And that's good. Generic content helps no one, which is why,once again, I recommend going all in on your content marketing strategies, allbeing that acronym. A L. L. In fact,...

...when you go all in on your contentmarketing strategy, you will learn exactly what types of content yourfinancial brand should produce in the first place for the niche community orcommunities you're creating value for. So here's how you can go all in withyour content marketing strategies to go head to head and compete with the bigbanks because once again, ah, community institutions, strategic competitiveadvantage is just that. It is the word community, regardless of if thatcommunity is in the physical world of boundaries, of borders, of City, ofcounty, of state of region, or where I'm looking for the opportunities hasone of the communities that are available for a a community institutionto tap into digitally 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. The way that we tap into thatdigital community is with this acronym. Three Simple steps going all in a l. L.So let's define what that means. Number one. Ask Ask the people within yourniche community either offline or online, to gain some perspective intowhat they would like their future reality toe look like. So what aretheir hopes? What are their dreams? What does success look like to them?And this is an activity that you could do both on the consumer side or on thecommercial small business side. And most importantly, how will they feelonce they arrive at the bigger, better, brighter future that they want tocreate number two? On the flip side, we want toe listen, so we ask first andthen we listen, because on the flip side you can listen with an empatheticear and to what these people, what...

...their biggest questions are, what aretheir concerns? What's keeping them up at night, where the roadblocks andchallenges that they need to eliminate that air standing in the way of thebigger, better, brighter future that they want to create? And then thatbrings us to number three. We need to learn. So once you've asked your nichecommunity about the future, they want to create once you've empatheticallylistened to the roadblocks, the challenges that are standing in theirway and and and also it's important to understand the feelings and theemotions that they have tied to those roadblocks and challenges. Now you've learned exactly what typesof content and that even types of content, what subject your content canaddress, what types of content subject matter you can focus on that willcreate value to provide your niche community or communities with clarityto cure their biggest pain points as you guide them towards their biggestfuture yet. And a lot of this is it doesn't matter if they do business withyou in the next week or the next year, and I'll come back to that point herein a minute because this simple exercise is one that you can commit torepeat every 90 days with your niche community or communities, because itwill align your marketing and sales teams to gain clarity on what'screating value for your audiences that you're producing content for. And onceagain, I want to stress that as a community financial brand, you canthrough this exercise of going all in, get much closer much faster to yourideal niche communities than the larger big banks. And from here you candetermine the types of content your financial brand will produce andpromote the subjects of the content you will produce and promote, which can canreally be further informed by three strategic goals framed around thedigital consumer journey for the specific niche audiences. So thestrategic content goal number one I want to unpack and share for you is foryour content to first and foremost connect with people emotionally.Connect with people because it's through those emotional connectionsthat that's what is going to help you build the community or the audience.And when you build that community or our audience, this is what's going tohelp you increase traffic to your website to generate leads from saidDigital community. And as I've shared over the past few years, one of themost valuable assets a financial brand can have in this digital economy is adigital audience they own.

And the reason for that is when afinancial brand owns a digital audience or a digital community. No longer dothey have to worry about leasing or buying access to the audiences ofFacebook, of YouTube, of Twitter, of LinkedIn and even more so This is some reallybig future thinking here. But if a financial brands digital community oraudience that they own becomes large enough. Then they have the theopportunity to align with others who can co create value for said community.So let's move on to strategic content. Gold number two. And this is for you touse the content that you produce and promote to cultivate and nurturerelationships with those leads coming in from your website to build trustover time with them is content is exactly how you build trust in today'sdigital world. That's why content will continue to be the fuel of the digitalgrowth engine. Think of content like making deposits in a consumers trustfund that sits between their ears. It could take take weeks. It could takemonths. It could take years to build up enough deposits and a consumers trustfund for them to build up their own courage to commit to take action withyour financial brand and click the apply button, and that leads us tostrategic content. Goal number three. The content you produce and promotemust ultimately help to convert leads into loans and deposits because this ishow you prove the value your financial brands content is creating both foryour niche audience as well as for your own financial brand. So in summary,coming back toe Lauren's question on how can content marketing helpcommunity institutions compete with the big banks? It's most important here toprioritize each one of those three content goals because you're probablynot going toe have the capability and capacity to come out of the gateaddressing every single one of those goals once again creating content to connect with peopleNumber two, using content to nurture relationships to cultivaterelationships, and the number three using content to convert those leadsinto loans and deposits. Now the goals or the goal that you will focus on mustbe framed around your financial brands, unique situation and the way you start to prioritize andframe these three goals around your financial brands. Unique situation istaking a step back and going all in asking, listening and learning aboutthe future, the people within your... brands, niche community orcommunities that they want to create for themselves. Because finally, fromhere you can now determine the types of content that you should commit to focuson producing and promoting. And this is in fact where most financial brands getcontent wrong, they simply start producing content without having aclear plan or a strategy to guide them along the way. And so what happens isthey end up feeling confused about the types of content that they shouldproduces. They wonder, Well, should we be producing blogged articles or shouldwe be posting on social media? Do we need to start a podcast, or should weshould we be focused on videos? Well, all of this is just what I calltactical checklist items and those those types of content list could go onand on and on. So what happens next is well, they say, you know what? We'regonna pick this random piece of content to focus on, and they do so withouthaving a tremendous amount of clarity, and they just start producing and itdoesn't matter what the content type is, but they quickly start to feeloverwhelmed as they're producing. Yes, they're producing a lot of content, butthey grow frustrated when their content efforts fell to create any value, whichis often because they lack focus around with. This whole episode has been beenabout which is focusing content around creating value for a niche community.And this frustration is further amplified because guess while they'reproducing content, they just don't have any clear content promotion systems inplace. So it's like the old adage, if you produce a piece of content, doesn'tcreate any value. If a tree falls in the woods, does anyone hear it? Now?The good news for you is that, like Lauren, you can now avoid some of the mostcommon content chaos traps because you can now commit to start your contentmarketing efforts to compete with the big banks by committing to go all in oncontent by asking by listening by learning and by going all in, you willgain clarity about your niche communities. Biggest questions theirconcerns. The challenge is the roadblocks that they need to eliminateto get to their hopes to get to their dreams, to ultimately create theirbigger, better, brighter future. Apply these three simple steps of goingall in of asking of listening of learning, and I know that you will dogreat with your content marketing efforts. As always, if you have aquestion like Lauren, I want to hear from you because I want to help youcontinue to grow from good to great to...

...maximize your future digital growthpotential. And just like in today's area, focus to gain clarity around yourcontent marketing efforts. Whatever your question might be, go to www dot go ask jr dot com. Submityour question and I will answer it for you on a future podcast episode. Andalways remember the Onley bad question is the question that goes unasked untilnext time be well, do good and wash your hands. 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 podcasts,Google 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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