Banking on Digital Growth
Banking on Digital Growth

Episode · 7 months ago

205) #InsideDigitalGrowth - Competitive Intelligence: What’s the Beat on the Digital Street?


With mountains of data at their disposal, financial brands already have what they need to gain real-time insight and strategic foresight into their customer’s needs.

That is the power of competitive intelligence.

In this episode of our Inside Digital Growth series, I address your questions about competitive intelligence. You, too, can use it to empower your teams to get in touch with the ‘beat on the digital street.’

Join us as we discuss:

- Why social monitoring tools are not creepy but cutting-edge (4:22)

- Enhancing relationships with existing business customers (8:18)

- How to use social listening tools to find new prospects (10:42)

Check out these resources we mentioned during the podcast:

- Text your questions to James Robert at 415-579-3002

- James Robert Lay

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

Listening on a desktop & can’t see the links? Just search for Banking on Digital Growth in your favorite podcast player.

You're listening to banking on digital growth with James Robert Laigh, 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 and hello. I am James Robert Leigh and welcome to episode two hundred and five of the banking on digital growth podcast. Today's episode is part of the inside digital growth series where I, James Robert Lay your digital anthropologists, commit to continue to coach and guide you, your financial brand, your Fintech, along your digital growth journey, as you, most importantly, commit to guide people beyond financial stress in the communities that you serve, both online and offline, towards a bigger, better and brighter future. In today's episode of inside Digital Growth, we are going to dive back into the pod cast inbox, the proverbial Melbag, where we've been getting some really good questions from listeners all from around the world. In my team, they continue to group these questions together to provide you with clarity around a specific area of Focus, around the specific topic. And once again, before we get too far, if you have a question that you'd like to gain clarity around, text your question to four hundred and five, five hund seven nine three zero zero two. That is four hundred and five, five seven nine three zero zero...

...two. Text your question it. Maybe it's digital marketing, digital cells, digital leadership. There is no bad question as we study the intersection of marketing, of cells, of technology and of human behavior here at the Digital Growth Institute. Text your question and my team will make sure that I get it to answer for you in an upcoming episode. So let's jump into today's four questions, framed around a unique focus on competitive intelligence and how competitive intelligence can empower your marketing team, your cells team, your leadership team to maximize your future digital growth potential. Now, this is a topic that we've not really covered before on the podcast, so I'm excited because it's some new thinking and for some, competitive intelligence might be a new term, but simplified, competitive of intelligence is the practice of using systems and processes to monitor and collect data that not only provides insights, say around customer experience, for example, but also provides foresight into the future. It's a way that we can bring the future into the present moment. I've view competitive intelligence as an emerging trend to watch, an emerging trend that I predict leading financial brands and Phil and text will master, as competitive intelligence provides real time strategic insight and foresight, once again competitive advantage in today's digital first, data driven world. So, with that context in mine, let's unpacked. The first question together that ask, how can my credit union you social monitoring tools to keep tabs on what consumers are saying about them? First off, this is a great idea, but...

I get it. The idea of using monitoring tools might feel a bit big brotherish, a bit creepy. I understand that, and so it's my hope to transform the creepy into capability. And here's why. There is a tremendous opportunity for financial brands in Fintext to set up listening post, essentially digital listening post to hear the quote unquote, beat on the Digital Street in regards to what people are saying about them. Now, these listening posts can be used to monitor what is being said on the web, through a platform like Google alerts and a very simple example, as well as on social media channels, to monitor brand mention on platforms like twitter and facebook and Instagram, using tools like sprout, social, hootsuite and buffer, just to name a few. But regardless of the listening tool and regardless of the channels of financial brand that listens into to get the beat on the street, if you will, the simple act of listening is, in fact, what fuels and creates future growth opportunities by going all in on people, where a bank, a credit an infintech is continuously committed to a ask good questions to gain insights, l listen to what people are saying and then l learn through observation. Those three points are what it takes to go all in on people. Now let's move on to question number two, which ask how can my financial brand use competitive intelligence tools to monitor the competition or to keep track of industry trends? You know, it is not just important to listen to what the quote unquote beat on...

...the Digital Street is about your financial brand or Fintech as competitive intelligence can also be used to gain insight through Ai, through automation, to track the movement of what other financial brands and fintext are doing. Competitive Intelligence is a growing discipline for financial brands in fintext to track, to analyze and to apply the insights that they are gaining by monitoring what other financial brands infintext are doing at scale now thanks to automation, thanks to AI. So, for example, it would be near impossible to track the changes a financial brand or a group of financial brands or Fintext, will call them a competitive set, that they're making on product pages on their website. Yet Alan what competitors are getting mentions in the press and why are they getting these mentions in the press? But now competitive intelligence platforms like Crayon are empowering marketing teams, sells teams and even leadership teams to never get blindsided with quote unquote, dark updates, while also helping them to distinguish signal from noise based upon their unique market place situation. Onward and upward to question number three, which ask what kind of things can my bank do to learn how to enhance relationships with existing business customers. Well, complaints about a financial brand's experience one of the most obvious opportunities to gain objective insight into through digital listening tools through competitive intelligence. However, there are also opportunities to set up listening triggers using some of the platforms that I mentioned...

...before, for current account holders to start track mentions of big life moments or major products that they might be buying, like a home, a car, starting a business, etc. Digital growth is a journey from good to great, but sometimes this journey can feel confusing, frustrating and overwhelming. The good news is you don't have to take this journey alone, because now you can join a community of growth minded marketing and sales leaders from financial brands and Finn Tex who are all learning, collaborating and growing together. Visit Digital growthcom slash insider to learn more about how you can join the digital growth insider community to maximize your future digital growth potential. Now back to the show. All of these life moments present an opportunity to connect with and engage with people, to provide them help, to provide them hope, to provide them guidance by sharing content and resources, even though they might not have an account at your financial brand. This can be all segmented down to a local community market, to where you're listening at a local level and then proactively reaching out and engaging with people who mentioned certain key terms or phrases. Of course, this can only be done if your financial brand or Fintech has a cultural commitment to help first and to sell, second, a framework and methodology that I wrote about in banking on digital growth, and the number two taking a proactive stance to reach out to people digitally, just like one would greet someone proactively when walking into...

...a physical branch location. You could have the tool, but if you don't have the culture, if you don't have the mindset, if you don't have the behaviors, the actions, the capability, in the capacity, this type of proactive approach through the insights gained with competitive into intelligence, will fall short. It will fall flat. So let's start to wrap things up with question number four that ask how can I use digital or social listening tools to find new prospects? I like this idea. I like this question because there's a tremendous amount of opportunity to empower cells, teams to use tools like this, to use competitive intelligence, to use listening tools, to maximize their future growth potential. And one way to use listening tools to gain new prospects is by combining competitive intelligence with an empathetic ear. For example, you might be tuned into listening for complaints about competitive financial brands or Fintex and then use those signals as a way to connect with those who are sharing a frustration about an experience that they have had with another brand. And I want to make a caveat here. You're not going to want to rush in and ask them to open or apply for an account, because that would be awkward, and no one wants to go to the dance with someone who makes them feel awkward and odd. Absolutely not. Nope. Instead, the opportunity is to simply make a social connection, wait a day or two and then play what I call is the game of tag, another acronym here in Digital Growth Topia, and in the game of tag tag, you first thank someone when connecting with them,...

...thank them for connecting. I do this very practically speaking on Linkedin. It's a very simple note. It's always great connecting with someone who's looking to transform banking for good. They accept that connection. Follow up with a quick thanks, thanks, looking forward. Thanks for the connection, looking forward to learning together with you on Linkedin. Then number two, the a game of tag. Ask this person if they have a specific question about banking, about money, about finances, she might be able to help them with. Now keep in mind you got to remember the context here. This person is frustrated with an experience that they have had with another financial brand. You know this, but they might not have that insight that you know what you know. So you're using this as a way to just reach out at the right time and just ask me. Of Ay, thanks for connecting. Is always great to connect with people. You know what we would do here at our financial brand is we're on a mission to help you get beyond financial stress. Is Our question that I might be able to help answer for you. It's round banking, around money, around finances. That's it. If they reply with an answer, then guide them the GE in the game of tag. Give them a quick video. Guy Them with a quick video or linked to another piece of content that provides them with clarity, that provides an answer to their question. This is why building up a content repository, a content asset library, and then informing that's that's that's a that's a marketing opportunity in collaboration with cells and service, but then informing other team members that hey, we have this resource. If people have a question, go search here, find a possible...

...resource to give them the answer, and then linked that up. So the key here when it comes to making these connections is not to connect from the corporate brand account but from an account of someone working for the financial brand. And I know that's a very progressive idea, but my thesis is rooted in the fact that people connect with people, people bank with people, and the personal brands of bankers, of lenders, of leaders will become a competitive advantage going forward into the future. Had a great episode on that. Probably one of the best episodes on the subject of empowering bankers, lenders and leaders to build a personal brands is episode two hundred, with the collection and curation of insights from others who are already doing just that in the space. Another way to use listening tools is to set up alerts for your top one hundred ideal prospects. This works great and a be to be setting where the buying journeys are long and it takes time to build and form relationships, to build up enough good will. Think, think about using this in like an SMB space or in a commercial space, because it does take time to build a good will. It does take time to build trust with an organization to transform their desire to take their bankings somewhere else. And listening to press mentions or maybe seenior leadership mentions with listening tools provides an opportunity to connect with internal contacts at a perspective, brand perspective business, perhaps even reaching out making connections with exacts it at new organizations, just to provide them with a congratulatory word that makes...

...a positive deposit into the trust fund that sits between their ears. This has been a lot of fun, as always. I appreciate the questions that we get from you, the dear listener, and I appreciate my team for framing them around a specific area of focus to dive deep, because questions like this help to keep me on my toes. They challenge me to think even more deeply about a specific subject, patterns that were getting, patterns that we're seeing in the market place, and so every single time I do an episode like this, I always see things a little bit differently than how I saw them before, and that makes me think differently than how I thought before. So, if you were thinking right now about a digital marketing or cells or leadership question that you'd like to gain some additional clarity on or some insight into, once again text that question. Two, four hundred and five, five hundred and seven nine three zero zero two. I look forward to answering that question for you in an upcoming banking on digital growth episode. Until next time and, as always, be well, do good, make your bed. Thank you for listening to another episode of banking on Digital Growth with James Robert Leigh. To get even more practical and prove an insights, along with coaching and guidance, visit digital growthcom slash insider to join a community of growth minded marketing and sales leaders from financial brands and fintext until next time, be well and do good.

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