Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years 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 marketing help my community institution compete with the big banks? Well, it's a great question, Lauren, 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 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 and hello, Thank you for tuning into the 37th episode of the Banking on Digital Growth podcast where I, James Robert Lay your digital anthropologists commit to coach and guide you and your financial brand along your digital growth journey to generate 10 times more loans and deposits by guiding people in the communities you serve beyond their financial stress towards a bigger, better, brighter future. Today's episode is part of the inside digital groceries, and I'll be answering a question from Lauren, who's the VP of digital marketing for a financial brand on the East Coast. Once again, Lauren ask, How can content marketing help my community institution compete with the big banks? Well, thank you for the great question. Lauren and I look forward to answering it for you today because I just recently had a conversation with Jim Morris about this very subject on his banking transformed. Webinar, Siri's and I highly recommend that you carve out 45 minutes toe listen to our conversation as Gemini dive much deeper into the specific area of focus for banks. And credit is one that I believe will be transformative as we look ahead with content, further becoming the fuel of a Financial brands digital growth engine. So let's get into your question today, Lauren. Once again, how can content help community banks and credit news compete with the big banks? Well, for one, there is no better way to get close with your perspective 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. Thea Advantage here for you is that just that it is the local community to bring people together, offline and online to create value to answer their...

...biggest questions, their biggest concerns before they even ask them. And by doing so, you will position your financial brand to be known as the most knowledgeable financial expert in the communities that you serve. Another thought that comes to mind is just the very word community. Now what does that mean? For most financial brands, historically speaking, community was once defined by these physical boundaries that are financial brand would serve. For example, community was a 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 I like to define communities digitally speaking, that is, as people aligned around 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 if you're on the commercial side of the small business side, a digital community might be a group of business owners. Well, that's great, But dive deeper. Perhaps it's a community of dentist or its community of E N. T s or on 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 had shared with me their CEO shared with me the potential to align around and create value for a very niche community of those who are in the market for a horse trailer. Hyper niche, hyper focused but one that they can create tremendous amount of value for. Let's make this even more practical. Incredible bank, for example. They've defined a community to create value for for 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 driving their buying decision process? Let's go further on this Amex MX has defined a community of small business owners. They create value for through content. Specifically, they built a content platform over the years that is now called business class, which was previously known as Amex, open for. And there are so many other content examples content communities that have been built over the years, both in financial services as well as outside of financial services that we could spend hours and hours and hours talking about. But the point is this. The more value your financial brand creates is directly tied to how well you define a... of people, a community, a community once again, framed around common values. Common ideas common likes common goals. And the more that you can define either that or those communities, the easier it will be for your financial brand to both produce and promote content for those communities. This is why, when it comes to content marketing strategies for your financial brand, you must have the courage to commit and niche down to a specific community or a very small group of communities. And I say start with one. The only way to escape any type of complexity is with simplicity, and so if we can take the idea of a niche community around one specific area, focus the better Now. This can feel very counter intuitive at first and It is a challenging exercise because what you're doing is you're saying no to 1000 other possible opportunities and you're only saying yes, toe one. But by saying yes, toe one you're committing to go all in and focus deeply on that one specific niche community. Now I share Maura about this idea around finding the courage to say no. An episode Number 28 titled Digital Growth, doesn't mean doing Mawr, because once you define who the niche community 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 guide this niche community. You see this idea of going all in all a l L. That's an acronym that we use to help financial brands gain clarity through the coaching we do around their specific niche communities that they're looking to create value, for it helps them to provide perspective. It helps them to overcome the content blocks tow, avoid the content chaos that holds so many financial brands back from producing helpful content in the first place. I hear from financial brand marketing and sales teams all the time, that they have their hearts in the right place. They want to produce content, but they don't want to regurgitate the generic Bs content that just litters Google searches. And that's good. Generic content helps no one, which is why, once again, I recommend going all in on your content marketing strategies, all being that acronym. A L. L. In fact,...

...when you go all in on your content marketing strategy, you will learn exactly what types of content your financial brand should produce in the first place for the niche community or communities you're creating value for. So here's how you can go all in with your content marketing strategies to go head to head and compete with the big banks because once again, ah, community institutions, strategic competitive advantage is just that. It is the word community, regardless of if that community is in the physical world of boundaries, of borders, of City, of county, of state of region, or where I'm looking for the opportunities has one of the communities that are available for a a community institution to tap into digitally 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. The way that we tap into that digital 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 your niche community either offline or online, to gain some perspective into what they would like their future reality toe look like. So what are their 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 the commercial small business side. And most importantly, how will they feel once they arrive at the bigger, better, brighter future that they want to create number two? On the flip side, we want toe listen, so we ask first and then we listen, because on the flip side you can listen with an empathetic ear and to what these people, what...

...their biggest questions are, what are their concerns? What's keeping them up at night, where the roadblocks and challenges that they need to eliminate that air standing in the way of the bigger, better, brighter future that they want to create? And then that brings us to number three. We need to learn. So once you've asked your niche community about the future, they want to create once you've empathetically listened to the roadblocks, the challenges that are standing in their way and and and also it's important to understand the feelings and the emotions that they have tied to those roadblocks and challenges. Now you've learned exactly what types of content and that even types of content, what subject your content can address, what types of content subject matter you can focus on that will create value to provide your niche community or communities with clarity to cure their biggest pain points as you guide them towards their biggest future yet. And a lot of this is it doesn't matter if they do business with you in the next week or the next year, and I'll come back to that point here in a minute because this simple exercise is one that you can commit to repeat every 90 days with your niche community or communities, because it will align your marketing and sales teams to gain clarity on what's creating value for your audiences that you're producing content for. And once again, I want to stress that as a community financial brand, you can through this exercise of going all in, get much closer much faster to your ideal niche communities than the larger big banks. And from here you can determine the types of content your financial brand will produce and promote the subjects of the content you will produce and promote, which can can really be further informed by three strategic goals framed around the digital consumer journey for the specific niche audiences. So the strategic content goal number one I want to unpack and share for you is for your content to first and foremost connect with people emotionally. Connect with people because it's through those emotional connections that 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 to help you increase traffic to your website to generate leads from said Digital community. And as I've shared over the past few years, one of the most valuable assets a financial brand can have in this digital economy is a digital audience they own.

And the reason for that is when a financial brand owns a digital audience or a digital community. No longer do they have to worry about leasing or buying access to the audiences of Facebook, of YouTube, of Twitter, of LinkedIn and even more so This is some really big future thinking here. But if a financial brands digital community or audience that they own becomes large enough. Then they have the the opportunity 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 to use the content that you produce and promote to cultivate and nurture relationships with those leads coming in from your website to build trust over time with them is content is exactly how you build trust in today's digital world. That's why content will continue to be the fuel of the digital growth engine. Think of content like making deposits in a consumers trust fund that sits between their ears. It could take take weeks. It could take months. It could take years to build up enough deposits and a consumers trust fund for them to build up their own courage to commit to take action with your financial brand and click the apply button, and that leads us to strategic content. Goal number three. The content you produce and promote must ultimately help to convert leads into loans and deposits because this is how you prove the value your financial brands content is creating both for your niche audience as well as for your own financial brand. So in summary, coming back toe Lauren's question on how can content marketing help community institutions compete with the big banks? It's most important here to prioritize each one of those three content goals because you're probably not going toe have the capability and capacity to come out of the gate addressing every single one of those goals once again creating content to connect with people Number two, using content to nurture relationships to cultivate relationships, and the number three using content to convert those leads into loans and deposits. Now the goals or the goal that you will focus on must be framed around your financial brands, unique situation and the way you start to prioritize and frame these three goals around your financial brands. Unique situation is taking a step back and going all in asking, listening and learning about the future, the people within your... brands, niche community or communities that they want to create for themselves. Because finally, from here you can now determine the types of content that you should commit to focus on producing and promoting. And this is in fact where most financial brands get content wrong, they simply start producing content without having a clear plan or a strategy to guide them along the way. And so what happens is they end up feeling confused about the types of content that they should produces. They wonder, Well, should we be producing blogged articles or should we be posting on social media? Do we need to start a podcast, or should we should we be focused on videos? Well, all of this is just what I call tactical checklist items and those those types of content list could go on and on and on. So what happens next is well, they say, you know what? We're gonna pick this random piece of content to focus on, and they do so without having a tremendous amount of clarity, and they just start producing and it doesn't matter what the content type is, but they quickly start to feel overwhelmed as they're producing. Yes, they're producing a lot of content, but they grow frustrated when their content efforts fell to create any value, which is often because they lack focus around with. This whole episode has been been about which is focusing content around creating value for a niche community. And this frustration is further amplified because guess while they're producing content, they just don't have any clear content promotion systems in place. So it's like the old adage, if you produce a piece of content, doesn't create 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 most common content chaos traps because you can now commit to start your content marketing efforts to compete with the big banks by committing to go all in on content by asking by listening by learning and by going all in, you will gain clarity about your niche communities. Biggest questions their concerns. The challenge is the roadblocks that they need to eliminate to get to their hopes to get to their dreams, to ultimately create their bigger, better, brighter future. Apply these three simple steps of going all in of asking of listening of learning, and I know that you will do great with your content marketing efforts. As always, if you have a question like Lauren, I want to hear from you because I want to help you continue to grow from good to great to...

...maximize your future digital growth potential. And just like in today's area, focus to gain clarity around your content marketing efforts. Whatever your question might be, go to www dot go ask jr dot com. Submit your question and I will answer it for you on a future podcast episode. And always remember the Onley 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 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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