Banking on Digital Growth
Banking on Digital Growth

Episode · 4 months ago

123) #ClarityCalls: How to Build a Customer-Driven Community


How do you build a community of your customers from whom you can gain key insights about your financial brand? 

What obstacles stand in the way?

In today’s Clarity Calls episode, Erin Caldwell , Director of Client Voice at MX , and I dive into these questions to find out how to make Erin’s customer-driven community the best it can be.

In this episode, we discuss:

Erin’s customer-driven community

Ensuring the sturdiness of a community built of competitors

The four C’s of community

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.

Aaron asked how can I get banks andcredit needs to engage in a community designed to help them maximize thevalue of their data to drive impactful money experiences and how should Inavigate concerns about competition being in the same space? Well these areboth great questions erin and I look forward to answering them together withyou on today's episode of Banking on Digital Growth, you're listening tobanking on digital growth with James robert ley, A podcast that empowersfinancial brand marketing sales and leadership teams to maximize theirdigital growth potential by generating 10 times more loans and deposits.Today's episode is part of the clarity calls series where James roberts sitsdown for a conversation with someone in the digital growth community to provideclarity into the biggest digital marketing sales and leadershipquestions others have. If you'd like to join James robert for a futureconversation texture question right now to 83 to 54957 and 92. And remember theonly bad question is the question that goes unasked, let's get into today'sclarity calls conversation greetings and hello I am James robert, ley andwelcome to the 123rd episode of the banking on digital growth podcast.Today's episode is part of the brand new clarity call series and I'm excitedto welcome Aaron caldwell to the show. Aaron is the director of client voiceat MX and according to her linkedin profile, she is always happy to meet upover a cup of coffee, to nerd out on Fintech, on client experience and onjust making the world a better place, which is in fact what I'm hoping thatwe are going to do together for you, The dear listener today, welcome to theshow, Aaron, hey James robert, it's wonderful to be here, thank you forhaving me. So before we get into your questions, which are really good,really important and I think one that the dear listener can learn a lot fromwhat is going well for you, what is positive right now, you just sharedsome really, really good news. Yeah, so just yesterday I had my clientcommunity manager start and enjoying my team and wanted to initiate a clientcommunity for probably three or four years now, I just haven't had theresources to do it and things are now really see starting to get get wellaligned. So we've got alignment with the team, I've got the resources on myteam we're working with are different stakeholders around the organization toscope are different needs and get things priority prioritized. We'refinally starting to really get some momentum on this thing and I thinkthat's important. You've found a who it's so easy when starting a newproject, a new initiative to wonder and worry about how are we going to do this,How am I going to do this? And I had a dan Sullivan on the podcast earlier whowrote a great book with dr Benjamin hardy called Who? Not how and it's amindset shift to think who do I need to find to align myself with because mywho then becomes the answer to my how and that's exactly what we're gonna betalking about today. You recently shared a question about community, howcan banks, how can credit unions engage in a community designed to help them tomaximize the value of data, to drive impactful money experiences? And andfor you personally, how should you navigate concerns about competitionbeing in the same space, which I think is really important, and finally, whatmust I absolutely do to make it a valuable community for all? So can weget some context here into what I would say? What's the goal that we're workingtowards when it comes to building community? Because community issomething that you're doing at Mx, you're looking to do at Mx but at thesame time as a bank or credit and...

...listening, you can deploy theseinsights to build digital community as well, which is a key part of thedigital growth experience. And so for you, when you think about community,what's the goal of growth that you're working towards? Imagine? We're havingthis conversation, let's say, it's three years from now, you're in areally good place, your community is in a really good place, what has to happenbetween now until then for you to feel good about that progress, leap ahead inyour mind and look backwards to this conversation today, You know, that'ssuch a great question. There are some internal goals that initiated my desireto create a client community. One of the first challenge is that kind ofsparked this idea for me was ideation and being able to source and organizeour customers product feedback word or enhancement requests. And me and NateGardner, our chief customer officer had gone on a walk one day and we were justwalking around the office chatting about how can we, how can we betterorganize this feedback? Because we get requests all the time. And there'sreally not a good way of collecting, organizing, prioritizing those. And soin some ways it feels sometimes like it falls on deaf ears unless it's arequest. That's something we're already planning on doing. And so we had thisidea of, well, wouldn't it be cool if we could have clients submit an ideaand then see other people's ideas and like up vote them or comment on them?And so that's one of the first use cases that I'm interested in with thiscommunity is giving a space for our customers to share their productsuggestions and to see what other people have suggested, add their owncontext into. Yeah, that would be really helpful for me in my use case inthese ways or this is how that would impact my business to be able to upvote those. So we can say, all right, well, when a certain requests hits acertain threshold of up votes, then it works its way into some process ofbeing vetted and scoped and decided on. So that's one thing that I'm hoping wecan really get some good traction around. And the second piece is thediscussion space of a community. You know, just yesterday I have aninterview transcript shared with me from one of my team members who haddone the jobs to be done interview with one of our clients. And as a part ofthat conversation, he specifically said, man, I really wish you guys had aclient community where I could just reach out to some of your othercustomers and ask how they've solved this problem because he he's workingthrough integrating with our A. P. I had kind of a niche question about youknow, how to handle a particular situation and our support team is aswonderful as they already said that they were, you know, they were sohelpful and and really wanted to provide a good answer but they didn'tfully understand the context of what he was trying to accomplish. And he saidit would be so great if I could just reach out to some of your othercustomers and ask how they've solved this type of problem. And so there'sthat element of democratizing knowledge share and removing mX is the soleholder of all information. You know, we we have a lot of different channels ofsupport and knowledge and articles and product resources and things that weprovide but it's all annex driven and I would like to see more of that beingclient driven us and our other customers being able to learn from whatcustomers before them have done. What have they done Well what has been achallenge for them? How did they overcome that? And I think that acommunity can be a great space for that democratization of knowledge, so twothings ideation and innovation and I think that's unique in and of itselfbecause you're working to optimize product and growth alongside thecommunity. So now you're walking together hand in hand and thenknowledge and expertise from from from almost the practitioner, those who arealready doing this, their lessons that they've learned along the way andfacilitating facilitating that dialogue, facilitating that discussion and I canthink of like if I am a financial brand leader, I met a bank, I'm at a creditunion. That same principle of ideation...

...and getting up votes for your ownproduct optimization. You're now building that alongside a commune,particularly if you have been historically a community financialbrand makes a lot of natural sense to segue into that. And the number twowhen you go through an experience of growth sometimes you can feel likeyou're by yourself and to know that you have a team of others who are on asimilar journey. It's like it's like from Lord of the Rings right? He didn'tgo down that journey by himself. He had a group that he was the same thing withluke skywalker. You know, he had han Solo and Princess Leia and Chewbaccaand C. three. It was all of them working together towards that commongoal, that common destination together. So I think you're you're thinking isextremely sound when you think about these two goals here. Ideation andinnovation and then the democratization of knowledge. What are the bigroadblocks in your mind that could stand in the way to prevent you frommoving towards creating this future here? For for this community? For forMx my biggest question is, will our customers engage, will they, will theybuy into this idea and participate in this space? You know, I I think with aconsumer community, I I think consumers, I don't know, I guess humans in generalwant community, want to find people like them who have similar interestsand needs and challenges and pain points and to connect. And I think ourclients follow within that as well. But so many of our customers are directcompetitors. We work with a lot of financial institutions and fintechcompanies and many of them are in direct competition within the samemarket. And so that's one of my biggest concerns as I work toward standing thisthing up is just are people going to engage our clients going to take thebait and and jump into this space in the way that I envision, or is thatgoing to be a hurdle that we don't get past? You know, it's a great point youmake about competition. I see that on the consumer side, I can also see thatin this B2B space as well and I've got some strong opinions about thatCompetition in this digital world must go away. Like I let competition fallaway in my mind probably about 10 years ago to wear because when you'recompeting you're already playing a game of scarcity, you're playing a game oflimited opportunity. The flip side of that is collaboration and when you'recollaborating, you're playing a game of abundance and creation and there's muchmore opportunity available for all of us to go out and create and reallycaptured together. And so I think that's almost in and of itself a alitmus test, if you will, of who would be an ideal community member. Like ifyou're coming into this conversation with a competitive mindset, you'reprobably not going to be a good fit and, and you have to protect the community.We've been working to build community here at the Digital Growth Institutefor over the past 3 to 5 years in various ways and levels and havelearned a lot and I have what I call the four C's, if you will of community,the first c being content, content is going to be the fuel of any type ofcommunity and, and, and and and specifically content that educatescontent that empowers content, content that elevates and they to content thatinspires because people will come to the community looking for inspiration,looking for ideas in some of that content can be original content, it canbe curated content, it can be UGC or...

...user generated content. Technology hastransformed our world and digital has changed the way consumers shop for andbuy financial services forever. Now consumers make purchase decisions longbefore they walk into a branch if they walk into a branch at all, but yourfinancial brand still wants to grow loans and deposits, we get it. Digitalgrowth can feel confusing, frustrating and overwhelming for any financialbrand, marketing and sales leader, but it doesn't have to because James robertwrote the book that guides you every step of the way along your digitalgrowth journey, visit www dot digital growth dot com to get a preview of hisbest selling book, banking on digital growth or order a copy right now foryou and your team from amazon inside you'll find a strategic marketingmanifesto that was written to transform financial brands and it is packed fullof practical and proven insights you can start using today to confidentlygenerate 10 times more loans and deposits. Now. Back to the show on thatnote of content with UGC though, always remember the 99 1 rule, 90% of of of ofpeople in any type of community. And you see a lot of this research comingout of just like social communities, 90% are going to be the consumer,they're just gonna consume. They're not going to really engage or provideanything. 9% are going to be your engage, ear's the like the comment Andthen you have your 1%ers who are really your active contributors. And so that,to me is where you have content and curation, curation of ideas andinsights coming together. The the third c is connection and it's the connectingof people, the connecting of people to people. The connecting of people tocontent, the connecting people to insights. That's the community managersrole. That's the person who kind of can can bring it all together and helpconnect people with people like, hey, I'm thinking about this, I have thisproblem. You need to go and talk to this person over here. I'm thinkingabout this. Here's the resource, here is the idea. And then finally, the realmagic happens on the fourth see its collaboration. Its collaborationbetween people who historically might have been competitors, but they are nowcollaborating and coming up with new ideas and insights. Because If you comeback and you read the writings of say, Napoleon Hill for example, that's wherethe mastermind comes into play. It's where one plus one can equal 10 becauseyou're bringing these different ideas and insights together. So I think froma competition warranted concern, but don't let that be the, the the elementthat holds you back from bringing people together, that's not on you,that's not an MX, that's on that individual right there and theyprobably have a little bit of work that they need to do themselves of how theyjust perceive themselves in this greater conversation and narrative. Ilove that. I love the thought of, you know, making sure that we stay awayfrom a scarcity mindset and focus on an abundance mindset where we haveopportunities to create win win wins and you are spot on if for thosecustomers who don't want to engage in a space where their competitors are, okay,this isn't the space for you because this is a space where we're comingtogether to try to solve problems, to try to figure out how to do thingsbetter, how to maximize the value of our data, how to maximize the value ofthe solutions, how to maximize the impact that we can have on our usersfinancial lives and making things better for them. That's the kind ofindividual that I'm looking for for this community. You know, this is a,I've run a client advisory board for probably five or six years at MX andthe thing that I'm always looking for with our cab members are folks who havethat mindset who have that attitude of...

I'm coming to to learn and tocontribute and to put our heads together and see how we can solveproblems and make things better. And that's exactly what I need to bebringing into the community, just expanding that out to more of ourclient base. I think one thing too is what's what's the initiation protocolmeaning? Like the application. So for example, like when you think about thedigital growth insider community, people need to have read banking ondigital growth, they need to have listened to some of the podcastepisodes just have a general awareness and understanding of like, like what'swhat we're about, what's the purpose of the community if you will and then whatare the shared values and beliefs. So think of an application process as welland and maybe that requires an interview, think of like that clientadvisory board, you know, because you just don't want to let anyone andeveryone into the community out of the gate because having the right peoplewill make all of the difference in the world. If you get a couple of bad badseeds, it can really pollute the larger community and we want to stay away fromthat pilot pilot pilot program as well is something else that is just poppingto the top of my mind as a way to you launch may be a little bit small. Youdo that invitation. So now you're getting like your early adopters whowould really believe and help to be the foundational members, maybe maybethat's the title that they're bestowed there. A founding member comes withsome type of, of, of perk or like social signaling that, you know, it'sjust like this is what I'm helping to build and so pilot program is anotheridea coming off the top of my mind is as you're looking to launch this andand out of that pilot program to, you might also find your key contributorsbecause sometimes you'll find that people will be the student, sometimesthey'll be the teacher, but either way there's a learning experience through,through that equation, when you think about that idea of, of a pilot andyou've got a community manager that you're bringing in, what conversationshave you had from just launching and say go to market and just testing thewaters if you will, what can you rephrase the question? Like whatconversations internally conversations about, like what topics would we wantto kind of see the community with, which angle were you looking for theirSeating? The community with some type of just topic or subject matter isgoing to help kind of get this ball rolling out of the gate, have you hadconversations around, like what are the 3-5 areas of focus to begin with? Yeah,yes, we did some work earlier this year to try to identify top pain points ofour customers. So what are the pain points or the challenges that are mostacute for our clients that they're coming to mx to try to help them solve?And I think those would each make really interesting kind of discussionthreads to see, to learn a little bit more about the context and what'shappening behind the scenes and why is this challenge? We've also got ourclient advisory board meeting coming up on the fall and I plan on staying at alittle survey to that audience leading up to our meeting to ask them, what doyou want to talk about? What do you want to learn, What would you want toshare? And we're not going to be able to cover all of that in our shortclient advisory board meeting, but I think that's going to give me someadditional ideas of what are the topics that are important to our customersthat would be meaningful to kind of start there. And we are absolutelyplanning on doing kind of a pilot program with the community. Forstarting with a smaller group, probably tapping our client advisory board andsome of our research group members to be our early adopters in that space.And I think, you know, using them to see the conversation, get some activethreads going, will not only give us some content for other, you know, as weexpand the community for people to see when they land there for the first time,but also to set the tone for that space,... kind of start to establish what theculture of our community is like and how we want people to engage there inthis really, you know, collaborative open minded, you know, supportive kindof way and hopefully that helps us as we expand the community, get new peoplekind of brought in and joining that flow as opposed to any, any bad seeds,you will kind of poisoning will, right. And the other thing too, to keep inmind is what's the cadence, like, what does that community experience looklike? Because I think of, there's four areas here, there's the weeklyexperience, like this is what happens every single week, because now you'resetting some expectations of this is happens on a monday, this happens on athursday, so you have the weekly, the weekly then is okay, what's the monthly?Maybe it's a monthly, maybe it's a monthly meet up or it's a monthly mixerof sorts, and it's where you're just bringing different people together andfacilitating that from the monthly, then you get into the quarterly andthen the quarterly, you move into the annual piece of this, I mean a lot, ifyou think about this, this is a lot of religions work with that type of thesame cadence, you have weekly, you've got monthly quarterly and like that bigannual event, so just something else to consider from that community cadence ofengagement and setting that expectation early and often can help to under thatcommunity member to know like this is what my commitment is that I'm gettinginto and then coming back and just reinforcing that through this cadenceof, of awareness and then just re engagement time and time again. When,when, when you think about community, I'm curious to get your take on this.I'm gonna flip the tables on you from, from a a consumer side when, becausewe're all dealing with money. Um and money is stressful money as complexmoney is confusing. When you think about, okay, I'm a bank, I'm a creditunion, I could join this community and learn what that experience is like. Sothen I could deploy some of the sinking down at a local market level. Where'sthe opportunity, if I'm a bank or a credit union to build community justfrom your own mind? You know, I think banks, customers or a credit unions,members, just like any other person has that desire to be able to connect withpeople who are experiencing things like them. So if I'm getting ready to get married or buy myfirst home or start a family, make a big move, start a new job like thosebig milestones in life where you really stop and reflect on what are my values?What are my priorities? How am I structuring my life to be supportive ofthe things that are important to me? Those are the points in time where Ithink people are most reflective about their money and their financial livesand how they're interacting with their finances and those are the big momentswhere I, as a consumer would want to be able to connect with other members ofmy credit union to say, hey, how did you navigate this change or what arethe resources available at the credit union to help me start thinking aboutinvestment or retirement or how to start structuring my financial life nowthat I'm going to have a child, it's not just me anymore. I need to bethinking about how much should I be saving for college, how much should Ibe saving for other, you know, long term purchases versus retirement. Iwould really love to just be able to talk to someone else who has been theredone that. I mean, yes, you can go to a financial planner or financial advisorand those services are often available, but that's not always necessarily whatyou need. Sometimes you just want to talk to another human and get differentpeople's perspectives on how they thought about those situations, howthey navigated that and how they leverage the resources availablethrough the bank of the credit union to support them through that part of theirjourney. And I think that ties it back... what we were talking about before.It's the facilitation of knowledge of expertise and even the facilitation oflife experience because it's like I, I know Aaron, I trust Aaron Aaron hasbeen there, she's done that she's she's she's got the T shirt and through yoursharing of knowledge and your experience, I probably can learn morefrom you per se than I could sit from the financial brand because thatfinancial brand is just that financial brand to where, when I think about whatyou're looking to build here, it has the potential to be transformative andI think that's the key, this isn't about transactions anymore, this isabout the transformation of people and their thinking and, and, and, and theconnections and the collaborations that can come together through somethinglike community, so I'm excited for you erin, this has been, this has been alot of fun and I appreciate you joining me for this for this conversation today,for clarity calls as part of the banking on digital growth podcast Jamesrobert, thank you so much for having me, this was so helpful, you gave me just afew nuggets of insight throughout this conversation, it was like ah ha, Ihadn't thought about that, I hadn't considered that, hadn't looked atthings that way, so thank you so much for being willing to share your insightand wisdom and if someone is listening and they want to connect with you, theymight be interested in this community, what is the best way for them to justreach out and say hello to you erin reach out to me on linkedin Aaroncaldwell and with MX, I don't check Lincoln every day, I'm on a couple oftimes a week so if I don't respond same day, forgive me but I will get back toyou. That is definitely a great way to connect with me, connect with Aaronlearned from erin, she's got a lot of great things going on and if you have adigital marketing sells a digital leadership question That you'd like toget answers to join me on an upcoming episode of clarity calls. Text me yourquestion 83-5495792 and I look forward to talking with you together until thenand as always be well, do good and make your bed. Yeah, thank you for listening toanother episode of banking on digital growth with James robert. Ley like whatyou hear, tell a friend about the podcast and leave us a review on applepodcasts, google podcasts or Spotify and subscribe while you're there to geteven more practical improvement insights visit www dot digital growthdot com To grab a preview of James roberts, best selling book banking ondigital growth Or order a copy right now for you and your team from Amazoninside you'll find a strategic marketing and sales blueprint framedaround 12 key areas of focus that empower you to confidently generate 10times more loans and deposits until next time be well and do good.

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