Banking on Digital Growth
Banking on Digital Growth

Episode · 1 month ago

126) #ClarityCalls: Why Are Financial Brands Scared of Outbound?

ABOUT THIS EPISODE

“We don’t sell, we build relationships…”

In banks and credit unions, sales has become a dirty word. 

But what about growth?

If you care about growth, your leaders can’t be scared of leads.

In this Clarity Calls episode, guest Paula Tompkins , CEO and Founder, ChannelNet, and I di scuss how to convince bank and credit union executives and their marketing teams that their primary job is to drive qualified leads back into the business to ensure conversions and ROI. 

We cover:

- How sales became a dirty word in finance (and what to do about it!)

- The importance of outbound for growth

- Technology’s role in transformation 

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.

Paula asked, how do you help educatebank and credit and executives along with their marketing teams that theirprimary job is to drive qualified leads back into the business to ensureconversions and R. O. I. Well that's a great question, Paula and I lookforward to talking through it with you together on this episode of Banking onDigital 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 clarity calls series where James Roberts sits down for a conversationwith someone in the digital growth community to provide clarity into thebiggest digital marketing sales and leadership questions others have. Ifyou'd like to join James robert for a future conversation texture questionright now to 83 to 54957 and 92. And remember the only bad question is thequestion that goes unasked. Let's get into today's clarity calls,conversation greetings in. Hello, I am James robert, ley and welcome to the126 episodes of the banking on digital Growth podcast. Today's episode is partof the new clarity call series and I'm excited to welcome Paula Tompkins tothe show, Paula is the Ceo and founder of Channel Net and acknowledged pioneerin using personal technology to facilitate multi channel marketing andsales strategies. She was also a guest in episode number 86 which was stoppedpushing messages and start creating dialogue. However, in this episode ofclarity calls, we're gonna turn the tables a bit as Paula has a really goodquestion that we're going to talk through together for you to provide youwith clarity to guide you to empower you welcome back to the show, Paula, Itis good to be with you today. Thank you. It's a great pleasure to be here beforewe get into your specific question, which is a really good one. And I knowthat we'll have a lot to talk about here to educate and empower. And Ithink even inspired the dear listener, what is one thing that you're excitedabout right now, just personally or professionally? It's your pick isalways well, I'm really excited about the fact that I'm starting to see areal break in the action in terms of digital adoption more so by creditunions than banks. Banks still are struggling to understand it. They'reconfused. They're not great marketers, you know, that's just one of the thingsI've observed. But at least with when you see this change in terms ofleadership, when you see sort of a younger generation of leadership comingin and really lighting a fire under their team. I mean, I've just seen acouple of our clients just just the energy that they're creating andpushing harder and harder and harder to do more versus kind of sort of lettingpeople wine and oh we got to do this and we don't have enough to do that.And it was very interesting. I was down in Tennessee recently and I was in onepart of the state and met with one group and all they did is say no, no,no no. And I went to the other part of the state and met with a differentgroup and it was go, go, go, go. And so you know, it's just to see those gogetters. Yes, it's really inspiring. You know, it's interesting youmentioned that credit unions, banks, there's a lot of opportunities totransform marketing to grow from good to great to do even more to do evenbetter. And I think about Lonnie...

Myburgh, who's the vice president ofmarketing at 45 bank in Wisconsin and the journey that she's been on reallyover the last probably seven years, eight years and we'll get it's a greattransition because you asked me a question here, how do you help educatebank and credit and executives and their marketing teams that theirprimary job is to drive qualified leads back into the business to ensureconversions and R. O. I. And I think about so many marketing and leadershipteams that we've coached and have advised Really over the last probably 8,19 years before I provide clarity and perspective into this question, can youhelp provide some context from for you, from where this question is rooted,what are you seeing from your point of view? Well, it's very interestingbecause I come out of the home improvement, the auto industry, theretail industry. And one of the things that the auto industry has has donesince the internet troll for leads. I mean everything is about putting a leadin that dealer's hands. I mean it and by the way a dealer will pay for ahighly qualified lead hundreds of dollars leads our lifeblood. Yes. Yes.And when you think about what shocks me about a credit union in a bank is thereisn't even really a title like vice president of sales right? There is novice president sales. There is no sales manager. There aren't even reallynecessarily salespeople, there's account executives or relationshipmanagers. But marketing's role doesn't appear to be to take a customer needand match them with a product specialist that can help themaccomplish their goals and I don't care what anybody says. Financial servicesare complicated and I just think about investments and you know mortgages andloans and and C. D. S. And you know and what's the best option and when shouldI do this or that and you need somebody that's knowledgeable. I mean I'm notknowledgeable on this stuff. I I run a business. I don't have time to you knowsit around and figure out you know the latest interest rate or whatever. Soyou know you need people that can help you and today with digital. I haven'tbeen in a bank branch for probably, well the last time I was in when Ithink it was uh to sign a notary, you know, to get notarized. I mean that'sit, you know, that's it. So now with this automated deposits and automatedthis and automated that you don't have to interact with anybody. So then howdo you demand sense what these customers, what they need, what theywant, what they're in the market for? How do you demand sense life events?You know, because that's when, you know, I'm getting a divorce, I'm gettingmarried, I'm buying my first home, I'm having my third child. I'm I'm the kidsare out of college and now I'm downsizing and buying a second home. Imean this is when you make or break a bank or credit union and then theirbusiness customers. I mean 80%, what is it? 20% of the customers get 80% of thetime with their quote unquote relationship managers. So they need tostart to learn to use digital to drive leads so they can interact with peopleand help them? Yeah, that's great context and perspective here. When itcomes back to your question, how do you help educate banking, creditingexecutives and their marketing teams to...

...view their primary job is to drivequalified leads back into the business to ensure conversions and R. O. I. Andfrom what we're seeing here, people just simply don't know what they don'tknow and to admit that would be to show weakness. But I I really believe theworld is growing more complex. The world is particularly the world of justcall it marketing marketing and sells digitally. Your analogy back to theauto dealer world, your analogy back to home home improvement leads back to mypoint, are the life blood and what you don't know could in fact kill you too,right? And that's why I I really strongly believe training education isso critical. And some thoughts back to your point about marketing, it's aperception thing. How does marketing perceive themselves within theorganization? Number one, Marketing must really transform from beingreactive to being proactive and data provides the capability to take aproactive stance in people's life. But to do that you have to transform andreally redefine. What is marketing? What is the role of marketing? What isthe purpose of marketing throughout the organization? Because particularly atthe executive level, if they view marketing as a necessary evil as a costcenter as kids that play with Peyton crayons, marketing is always going tobe a challenge and a struggle where those back to those you mentioned toyour your story in Tennessee, you've got one side saying, no, you got theother side saying go and grow. I'm willing to bet those that say go andgrow are those that look at marketing as an investment into future growthpotential. And so and so redefining marketing and the purpose of marketingand whose role is that I'm gonna put the role in the marketing team.Marketing must take responsibility for defining or redefining what marketingis and then then translate that throughout the entire organization.There's a lot of cultural transformation that has to happenbecause if at an executive level they view marketing as an expense, as a callcenter as a glorified in house on demand, Kinko's, the past will becomethe predictable future. And so I think the other thing too, and this is wheremarketing and cells and leadership and service all come together. It's to gainclarity on how people shop and buy in a digital first world. That is socritical because it's not point A to point B put up a billboard, run adirect mail campaign, you know, broadcast tv, broadcast radio and thendrive traffic into the branch like that. That was a very easy life glorified andpersonified with mad men. But but those days are long gone. And so if you thinkabout what is the role of marketing? Two things in my mind. Number onecontrol the brand messaging The positioning if you will in themarketplace. And then number two generate elites. And that's wheremarketing can really around those two perspectives points of view can reallythrive. Technology has transformed our world and digital has changed the wayconsumers shop for and buy financial services forever. Now consumers makepurchase decisions long before they walk into a branch. If they walk into abranch at all, but your financial brand still wants to grow loans and deposits,we get it. Digital growth can feel confusing, frustrating and overwhelmingfor any financial brand, marketing and...

...sales leader, but it doesn't have tobecause James robert wrote the book that guides you every step of the wayalong your digital growth journey, visit www dot digital growth dot com toget a preview of his best selling book banking on digital growth or order acopy right now for you and your team from amazon inside you'll find astrategic marketing manifesto that was written to transform financial brandsand it is packed full of practical and proven insights you can start usingtoday to confidently generate 10 times more loans and deposits. Now back tothe show back to your point of your question, ensuring conversions in ouroi that's where we have to bring the cells team into the conversationbecause if marketing is controlling the brand perception and brand messaging inthe marketplace and generating leads, who picks those leads up? Has to becells nurture those leads, convert those leads. And so marketing and cellshas the potential to become the growth team. What are you seeing now withthose that you're working with to really make that reality to make thatshift and I'll come back to the question to provide some moreperspective, but I want to stop on this point about marketing and cellsbecoming the growth team and working together around really a bigger purposethan more that of the traditional siloed world. Well, it's veryinteresting. You mentioned you mentioned this because I was visitingwith one of my clients recently and the Ceo was in the room, the former VicePresident Marketing who is now the chief experience officer was in theroom and they had just appointed the head of quote unquote businessdevelopment and they had just named him chief growth officer and I was I've letup like a balloon, I mean I was so happy not only are they great people,but the fact that we're now transitioning and guess what they weretalking about when I first started working with them three years ago, theywouldn't have known what to do with the lead if it hit him in the face. Nowthey're talking about how they want to push these leads to the branches andthey've got to teach the branches how to follow up on these leads. And it wasjust absolutely exciting. But actually we start we have almost in everyinstance, started to teach them about leads and I was with another Ceo andVice President Marketing and the Vice President of Operations are Senior VicePresident operations. They were in the room and I watched the VP of marketingturn her computer around and show the Ceo the leads that are coming to herand she doesn't know what to do with them from our program. And it's like,and he goes, well, he must have said 15 times in the room, we're going tofigure out what to do with these leads. That's a great point. And I want topause you there because you once again, you're showing two different narrativesand how they're playing out and we've seen the same thing over the years,which is why we're so dedicated to training education. I'll come back tothis point, but I wanted to highlight what you shared three years, threeyears. Looking back at the transformation of this organization,it's a journey and now I'd be interesting to to project three yearsout. Looking back on the second narrative of we need to do somethingwith these leads, we need to do something with this leads because nowit is about coming and moving from marketing into cell cells down thebranch level. Maybe it's digital call center and what I have found through myexperience is a lead is a lead is a...

...lead and there's just not a valueplaced on that within a financial brand. However, looking at different leads fordifferent funnels at different stages of the pipeline. If a financial brandcan place a monetary value of what is the potential net interest income, sayfor a loan or what is the lifetime value for a deposit account. Now I have100 leads in my pipe for deposits, Maybe it's just checking cd, whateverit might be. But let's just say my lifetime value is $1,200. Well now Ihave a $120,000 worth the value in my pipe. That seems like a more urgentmatter than just 100 leads because what I see is the branches particularly,they're so busy servicing and focus on the present moment. They're notthinking about future growth. So they're serving who's right in front ofthem not wanting to make these outbound calls on the flip side, let's say Ihave 100 leads in my mortgage pipeline. Now I have potential net interestincome of $5000. Now I have half a mil in the pipeline. People are gonna bemore motivated to follow up with half a million than versus 100. So there's anopportunity I think of putting monetary value on different leads in differentstages for different product funnels within a financial brand. What do youthink here? Well, um, funny you should mention that because we have started todo that. And what we do is we get them to work with their CFO and we lookacross all the major product categories, primarily loans because that's wherethe big bucks are, so to speak. Absolutely. And so you look atmortgages, you look at and what is the average annual interest her loan bookedand then we assign that value to that lead. Right? And then we watch as thedata comes to us every day whether or not that lead closed and that personadopted uh mortgage or a car loan or whatever. And if they haven't in twoweeks or four weeks we can digitally follow up. But at the same time we'refiring those leads and those statuses off to the people in the mortgagedepartment if you will that can can get that customer on the phone and talkthem through the process. And we even go so far as to ask them when they'rein the market for a new home. Is it 30 days 90 days six months a year. Twoyears. Right. And then you now know kind of their timing. So so we'reactually reporting on the R. O. I. And trying to teach them that. It's notabout clicks and visits. It's about quality of those interactions and whatyou can glean from those interactions in terms of intent. Right? And I don'teven think they think about things like intent. And that comes back to yourquestion here of really the primary job of marketing is to drive qualifiedleads back to the business to ensure conversions and R. O. I. And I want toaddress that about intent and looking at our L. Y. And growth. And youmentioned this before. Marketing must move beyond vanity metrics go beyondreally clicks but tracking conversions at different stages of the buyingjourney and the way that I like to solve this problem is with an acronym.Everyone needs a little bit of TLC in their life and not tender loving care,although that would be fantastic. But in this particular context we all needsome traffic, we all need some leads and we all need some conversions and wecan solve this problem by, you know, ensuring the conversion element is asgood as it can be, then we can move up...

...to the next level and now we can startlooking at legion and then finally, once we have our legion mechanism inplace, then we can move up to the very top and start driving traffic into thefunnel and working this through because intent is important. I can look at andidentify, we see them looking at the mortgage page. Well, well let's sendthem a proactive offer coming back to my previous point and all of this, Allof this is rooted in training, It's rooted in education to transformmindsets, to transform the mindsets of marketing teams of cells, teams ofleadership teams. Because without that mindset transformation, there's so muchtalk about digital transformation that it's focused on technology. But if youonly focus on technology, you will become a statistic Where we see thiswith all the big consulting firms, 60-85% of all digital transformationprojects fail and they don't fail because of technology. They fellbecause of the people who have to deploy the technology. They fellbecause of the they're stuck in doing and they don't have space and time toreview to learn to think about how to do even better. And so in realitydigital transformation begins not with technology but with training totransform the mind Really, three transformations transformed itselftransform the team and then you can transform the organization because thewords are made up of teams, teams are made up of individuals. And then thosenew thinking patterns, those new beliefs become new actions, thoseactions become new habits. Those habits can then be reinforced and multipliedwith technology because technology is a multiplier, it's gonna multiplyconfusion which will become organizational chaos and conflictculturally speaking technology when there's clarity can create exponentialvalue. When you re think about how people shop, how people buy the role ofmarketing, the role of cells and how it all fits around this bigger future. Ithink that we can create together through the work that you're doingindirectly through the work that financial brands, banks and creditorsare doing to guide people beyond financial stress their questions, theirconcerns towards that bigger, better future. If someone's listening, likeI'm connecting, I'm agreeing with this and we had a great dialogue today, whatwould be one thing that you would recommend they do to take the next beststep forward based upon the insights we've shared here. I think they need toidentify whether it's a business development person or chief growthofficer. The term sale scares them because they've never, you know, it'slike we we we build relationships, we don't sell, but we need someone that iswilling to pick up the phone right and do outbound and not sit there and waitfor someone to raise their hand, walk into a branch, walk into uh you know,or call the call center. I'm not sure the call center would know what to dowith the lead at this point. Probably not at so many financial brands becausewhen we do digital secret shopping studies, we find there's a massive gapof inbound versus outbound and I think you you're you're hitting on somethingsells historically is a dirty word. More so probably even at credit unionsthan in the banking world. My thought on this is fine. Don't think aboutsales, think about growth, right? Think of and that's that marketing and sellsalignment and I'll build upon your...

...thoughts next best step, your rightlook, identify what we would call that capability. But I would say first andforemost look for the gaps, is it a knowledge gap? If it's not checked moveon. Is it a capability gap fine. We've got that person then the last one. Isit a capacity gap And if it's a capacity gap that is where technologycan really start bridging, particularly with automation and ai that's themultiplying factor right there Paula, this has been so good talking throughthis question with you today and a lot of opportunities to dig even deeper ifsomeone wants to dig deeper with you, what's the best way for them to reachout and continue this conversation we started today? Well they can certainlyreach out to me on linkedin Paula Tompkins. My email is P Tompkins atchannel net dot com. No h just Tompkins And my phone number, my cell number is(415) 720 4498. And thanks everybody, I really enjoyed it. James robert, youare the best Well Paula you are as well and thank you so much as always foryour thinking for your insights and today for your questions. If you have adigital marketing cells or leadership question that you would like to getanswered on an upcoming podcast, text me your question to gain clarity. 83 to5495792. And I look forward to talking with you like we've done today for youPaula until then and as always be well, do good and make your bed. Thank youfor listening to another episode of banking on digital growth with Jamesrobert. Ley. Like what you hear, Tell a friend about the podcast and leave us areview on apple podcasts, google podcasts or Spotify and subscribe whileyou're there to get even more practical improvement insights visit www dotdigital growth dot com to grab a preview of James roberts best sellingbook banking on digital growth, Or order a copy right now for you and yourteam from Amazon inside, you'll find a strategic marketing and sales blueprintframed around 12 key areas of focus that empower you to confidentlygenerate 10 times more loans and deposits until next time, be well anddo good.

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