Banking on Digital Growth
Banking on Digital Growth

Episode · 8 months 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 educate bank and credit and executives along with their marketing teams that their primary job is to drive qualified leads back into the business to ensure conversions and R. O. I. Well that's a great question, Paula and I look forward to talking through it with you together on this 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 clarity calls series where James Roberts sits down for a conversation with someone in the digital growth community to provide clarity into the biggest digital marketing sales and leadership questions others have. If you'd like to join James robert for a future conversation texture question right now to 83 to 54957 and 92. And remember the only bad question is the question that goes unasked. Let's get into today's clarity calls, conversation greetings in. Hello, I am James robert, ley and welcome to the 126 episodes of the banking on digital Growth podcast. Today's episode is part of the new clarity call series and I'm excited to welcome Paula Tompkins to the show, Paula is the Ceo and founder of Channel Net and acknowledged pioneer in using personal technology to facilitate multi channel marketing and sales strategies. She was also a guest in episode number 86 which was stopped pushing messages and start creating dialogue. However, in this episode of clarity calls, we're gonna turn the tables a bit as Paula has a really good question that we're going to talk through together for you to provide you with clarity to guide you to empower you welcome back to the show, Paula, It is good to be with you today. Thank you. It's a great pleasure to be here before we get into your specific question, which is a really good one. And I know that we'll have a lot to talk about here to educate and empower. And I think even inspired the dear listener, what is one thing that you're excited about right now, just personally or professionally? It's your pick is always well, I'm really excited about the fact that I'm starting to see a real break in the action in terms of digital adoption more so by credit unions than banks. Banks still are struggling to understand it. They're confused. They're not great marketers, you know, that's just one of the things I've observed. But at least with when you see this change in terms of leadership, when you see sort of a younger generation of leadership coming in and really lighting a fire under their team. I mean, I've just seen a couple of our clients just just the energy that they're creating and pushing harder and harder and harder to do more versus kind of sort of letting people 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 one part 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 different group and it was go, go, go, go. And so you know, it's just to see those go getters. Yes, it's really inspiring. You know, it's interesting you mentioned that credit unions, banks, there's a lot of opportunities to transform marketing to grow from good to great to do even more to do even better. And I think about Lonnie...

Myburgh, who's the vice president of marketing at 45 bank in Wisconsin and the journey that she's been on really over the last probably seven years, eight years and we'll get it's a great transition because you asked me a question here, how do you help educate bank and credit and executives and their marketing teams that their primary job is to drive qualified leads back into the business to ensure conversions and R. O. I. And I think about so many marketing and leadership teams 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 you help 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 interesting because I come out of the home improvement, the auto industry, the retail industry. And one of the things that the auto industry has has done since the internet troll for leads. I mean everything is about putting a lead in that dealer's hands. I mean it and by the way a dealer will pay for a highly 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 there isn't even really a title like vice president of sales right? There is no vice president sales. There is no sales manager. There aren't even really necessarily salespeople, there's account executives or relationship managers. But marketing's role doesn't appear to be to take a customer need and match them with a product specialist that can help them accomplish their goals and I don't care what anybody says. Financial services are complicated and I just think about investments and you know mortgages and loans and and C. D. S. And you know and what's the best option and when should I do this or that and you need somebody that's knowledgeable. I mean I'm not knowledgeable on this stuff. I I run a business. I don't have time to you know sit around and figure out you know the latest interest rate or whatever. So you know you need people that can help you and today with digital. I haven't been in a bank branch for probably, well the last time I was in when I think it was uh to sign a notary, you know, to get notarized. I mean that's it, you know, that's it. So now with this automated deposits and automated this and automated that you don't have to interact with anybody. So then how do you demand sense what these customers, what they need, what they want, 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 getting married, I'm buying my first home, I'm having my third child. I'm I'm the kids are out of college and now I'm downsizing and buying a second home. I mean this is when you make or break a bank or credit union and then their business customers. I mean 80%, what is it? 20% of the customers get 80% of the time with their quote unquote relationship managers. So they need to start to learn to use digital to drive leads so they can interact with people and help them? Yeah, that's great context and perspective here. When it comes back to your question, how do you help educate banking, crediting executives and their marketing teams to...

...view their primary job is to drive qualified leads back into the business to ensure conversions and R. O. I. And from what we're seeing here, people just simply don't know what they don't know and to admit that would be to show weakness. But I I really believe the world is growing more complex. The world is particularly the world of just call it marketing marketing and sells digitally. Your analogy back to the auto dealer world, your analogy back to home home improvement leads back to my point, 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 is so critical. And some thoughts back to your point about marketing, it's a perception thing. How does marketing perceive themselves within the organization? Number one, Marketing must really transform from being reactive to being proactive and data provides the capability to take a proactive stance in people's life. But to do that you have to transform and really redefine. What is marketing? What is the role of marketing? What is the purpose of marketing throughout the organization? Because particularly at the executive level, if they view marketing as a necessary evil as a cost center as kids that play with Peyton crayons, marketing is always going to be a challenge and a struggle where those back to those you mentioned to your your story in Tennessee, you've got one side saying, no, you got the other side saying go and grow. I'm willing to bet those that say go and grow are those that look at marketing as an investment into future growth potential. And so and so redefining marketing and the purpose of marketing and whose role is that I'm gonna put the role in the marketing team. Marketing must take responsibility for defining or redefining what marketing is and then then translate that throughout the entire organization. There's a lot of cultural transformation that has to happen because if at an executive level they view marketing as an expense, as a call center as a glorified in house on demand, Kinko's, the past will become the predictable future. And so I think the other thing too, and this is where marketing and cells and leadership and service all come together. It's to gain clarity on how people shop and buy in a digital first world. That is so critical because it's not point A to point B put up a billboard, run a direct mail campaign, you know, broadcast tv, broadcast radio and then drive traffic into the branch like that. That was a very easy life glorified and personified with mad men. But but those days are long gone. And so if you think about what is the role of marketing? Two things in my mind. Number one control the brand messaging The positioning if you will in the marketplace. And then number two generate elites. And that's where marketing can really around those two perspectives points of view can really thrive. 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 to 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 back to your point of your question, ensuring conversions in our oi that's where we have to bring the cells team into the conversation because if marketing is controlling the brand perception and brand messaging in the marketplace and generating leads, who picks those leads up? Has to be cells nurture those leads, convert those leads. And so marketing and cells has the potential to become the growth team. What are you seeing now with those that you're working with to really make that reality to make that shift and I'll come back to the question to provide some more perspective, but I want to stop on this point about marketing and cells becoming the growth team and working together around really a bigger purpose than more that of the traditional siloed world. Well, it's very interesting. You mentioned you mentioned this because I was visiting with one of my clients recently and the Ceo was in the room, the former Vice President Marketing who is now the chief experience officer was in the room and they had just appointed the head of quote unquote business development and they had just named him chief growth officer and I was I've let up 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 were talking about when I first started working with them three years ago, they wouldn't have known what to do with the lead if it hit him in the face. Now they're talking about how they want to push these leads to the branches and they've got to teach the branches how to follow up on these leads. And it was just absolutely exciting. But actually we start we have almost in every instance, started to teach them about leads and I was with another Ceo and Vice President Marketing and the Vice President of Operations are Senior Vice President operations. They were in the room and I watched the VP of marketing turn her computer around and show the Ceo the leads that are coming to her and 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 to figure out what to do with these leads. That's a great point. And I want to pause you there because you once again, you're showing two different narratives and 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 to this point, but I wanted to highlight what you shared three years, three years. Looking back at the transformation of this organization, it's a journey and now I'd be interesting to to project three years out. Looking back on the second narrative of we need to do something with these leads, we need to do something with this leads because now it is about coming and moving from marketing into cell cells down the branch level. Maybe it's digital call center and what I have found through my experience is a lead is a lead is a...

...lead and there's just not a value placed on that within a financial brand. However, looking at different leads for different funnels at different stages of the pipeline. If a financial brand can place a monetary value of what is the potential net interest income, say for a loan or what is the lifetime value for a deposit account. Now I have 100 leads in my pipe for deposits, Maybe it's just checking cd, whatever it might be. But let's just say my lifetime value is $1,200. Well now I have a $120,000 worth the value in my pipe. That seems like a more urgent matter 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 not thinking about future growth. So they're serving who's right in front of them not wanting to make these outbound calls on the flip side, let's say I have 100 leads in my mortgage pipeline. Now I have potential net interest income of $5000. Now I have half a mil in the pipeline. People are gonna be more motivated to follow up with half a million than versus 100. So there's an opportunity I think of putting monetary value on different leads in different stages for different product funnels within a financial brand. What do you think here? Well, um, funny you should mention that because we have started to do that. And what we do is we get them to work with their CFO and we look across all the major product categories, primarily loans because that's where the big bucks are, so to speak. Absolutely. And so you look at mortgages, you look at and what is the average annual interest her loan booked and then we assign that value to that lead. Right? And then we watch as the data comes to us every day whether or not that lead closed and that person adopted uh mortgage or a car loan or whatever. And if they haven't in two weeks or four weeks we can digitally follow up. But at the same time we're firing those leads and those statuses off to the people in the mortgage department if you will that can can get that customer on the phone and talk them through the process. And we even go so far as to ask them when they're in the market for a new home. Is it 30 days 90 days six months a year. Two years. Right. And then you now know kind of their timing. So so we're actually reporting on the R. O. I. And trying to teach them that. It's not about clicks and visits. It's about quality of those interactions and what you can glean from those interactions in terms of intent. Right? And I don't even think they think about things like intent. And that comes back to your question here of really the primary job of marketing is to drive qualified leads back to the business to ensure conversions and R. O. I. And I want to address that about intent and looking at our L. Y. And growth. And you mentioned this before. Marketing must move beyond vanity metrics go beyond really clicks but tracking conversions at different stages of the buying journey 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 need some traffic, we all need some leads and we all need some conversions and we can solve this problem by, you know, ensuring the conversion element is as good as it can be, then we can move up...

...to the next level and now we can start looking at legion and then finally, once we have our legion mechanism in place, then we can move up to the very top and start driving traffic into the funnel and working this through because intent is important. I can look at and identify, we see them looking at the mortgage page. Well, well let's send them a proactive offer coming back to my previous point and all of this, All of this is rooted in training, It's rooted in education to transform mindsets, to transform the mindsets of marketing teams of cells, teams of leadership teams. Because without that mindset transformation, there's so much talk about digital transformation that it's focused on technology. But if you only focus on technology, you will become a statistic Where we see this with all the big consulting firms, 60-85% of all digital transformation projects fail and they don't fail because of technology. They fell because of the people who have to deploy the technology. They fell because of the they're stuck in doing and they don't have space and time to review to learn to think about how to do even better. And so in reality digital transformation begins not with technology but with training to transform the mind Really, three transformations transformed itself transform the team and then you can transform the organization because the words are made up of teams, teams are made up of individuals. And then those new thinking patterns, those new beliefs become new actions, those actions become new habits. Those habits can then be reinforced and multiplied with technology because technology is a multiplier, it's gonna multiply confusion which will become organizational chaos and conflict culturally speaking technology when there's clarity can create exponential value. When you re think about how people shop, how people buy the role of marketing, the role of cells and how it all fits around this bigger future. I think that we can create together through the work that you're doing indirectly through the work that financial brands, banks and creditors are doing to guide people beyond financial stress their questions, their concerns towards that bigger, better future. If someone's listening, like I'm connecting, I'm agreeing with this and we had a great dialogue today, what would be one thing that you would recommend they do to take the next best step forward based upon the insights we've shared here. I think they need to identify whether it's a business development person or chief growth officer. The term sale scares them because they've never, you know, it's like we we we build relationships, we don't sell, but we need someone that is willing to pick up the phone right and do outbound and not sit there and wait for 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 do with the lead at this point. Probably not at so many financial brands because when we do digital secret shopping studies, we find there's a massive gap of inbound versus outbound and I think you you're you're hitting on something sells historically is a dirty word. More so probably even at credit unions than in the banking world. My thought on this is fine. Don't think about sales, think about growth, right? Think of and that's that marketing and sells alignment and I'll build upon your...

...thoughts next best step, your right look, identify what we would call that capability. But I would say first and foremost look for the gaps, is it a knowledge gap? If it's not checked move on. Is it a capability gap fine. We've got that person then the last one. Is it a capacity gap And if it's a capacity gap that is where technology can really start bridging, particularly with automation and ai that's the multiplying factor right there Paula, this has been so good talking through this question with you today and a lot of opportunities to dig even deeper if someone wants to dig deeper with you, what's the best way for them to reach out and continue this conversation we started today? Well they can certainly reach out to me on linkedin Paula Tompkins. My email is P Tompkins at channel 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, you are the best Well Paula you are as well and thank you so much as always for your thinking for your insights and today for your questions. If you have a digital marketing cells or leadership question that you would like to get answered on an upcoming podcast, text me your question to gain clarity. 83 to 5495792. And I look forward to talking with you like we've done today for you Paula until then and as always be well, do good and make your bed. 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 podcasts or Spotify and subscribe while you're there to get even more practical improvement insights visit www dot digital growth dot com to grab a preview of James roberts 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 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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