Banking on Digital Growth
Banking on Digital Growth

Episode · 8 months ago

121) #ClarityCalls: Transform Your Marketing Team for Personalized Content

ABOUT THIS EPISODE

How do marketing teams and their supporting departments need to transform to have an infrastructure conducive to one-to-few communication?

That question comes from today’s guest, Bradley Blue , Vice President, Digital Marketing at Logix Federal Credit Union , and in this episode, I go over exactly what it takes, including:

How to overcome the difficulty of creating content operations

How to be proactive while retaining the ability to be reactive 

How to make sure your technology helps you achieve your marketing goals

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.

...today's episode is part of the new clarity call series and I'm excited to answer a great question from Bradley Blue about personalization that will empower you and your financial brand to maximize your future digital growth potential. 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 call 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 83-5495 792. Let's get into today's clarity calls conversation greetings and hello, I am James robert, ley and welcome to the 121st episode of the banking on digital growth podcast. Today's episode is part of the clarity call series and I'm excited to welcome Bradley Blue to the show brad is the vice president of digital Marketing at Logics Federal Credit Union and he has a great question about personalization that we are going to talk through together. Welcome to the show brad is good to have you today. Great to be here. James robert. Thanks so much for having me before we get into your question, which is a really good one. It's an important one. I want to just start things off on a positive note of what you are excited about right now. What's giving you energy personally professionally, your pick go all right, I'm gonna go with the personal one that kind of leads into professional and it's a, it's happening right now. So during the pandemic, my two year old boy and especially my six year old girl, Sammy and Penny have gotten super into podcasts and they've been asking if they can have their own podcasts and I think they'll here, I think they'll think it's super cool that their dad is on one and saying their name and making them a little bit famous. So thanks for thanks again for having me on. Well shout out to both of them and I think that is super cool. My kids have gotten really big into Youtube now and they're asking to do the same thing like a Youtube series. So I think what an exciting time for our kids to be growing up in and having experiences that, I mean, I was probably dabbling with the stuff back and was it like 95 96 when the internet was like, it's a major infancy of building connections and using the digital and the internet to communicate, but never with this type of reach and expansion. Um, so it's, it is neat, it is really neat and you ask a really good question About where things are, where we can go to provide clarity to the dear listener who is now just for context is in over one of 120 different countries Around the world. And if you flash back from 95, to where we're at today. Once again, it's there's that multiplying reach of digital uh to to help educate, to help empower marketing team sells teams, leadership teams. And the question you ask is this we all dream about personalizing our communications to recipients, gradually moving from one too many To one. Too few 1-1. And there's a lot of focus on the tools to help us get there. But you want to talk more about the people that help us get there because a campaign designed to reach one million people takes the same amount of time to develop, execute, review and optimized as a campaign to reach 100 people. And the question you ask is how do marketing teams and their supporting departments need to transform to have an infrastructure can conducive to one too few communications. So can you set some context of this, of...

...where you're thinking is and what might some of the roadblocks and challenges be here for you right now? Sure. And thanks so much for entertaining the question. Uh what led to it is we have an initiative at logics right now uh to bring on a personalization platform because we've seen with things like emails and personalized pop ups and online banking, how effective they are as compared to just a blast email, I think that's just face value, it's going to be more effective when you're talking to one person about something that's highly applicable to their lives and you're not standing everybody else. So when you do have something happened with everyone else's lives, you're gonna be more likely to open it and appreciate what you're sending them. Hold your organization in high regard. So we got very big into that probably, I don't know, seven or eight years ago now. And every single year since then, the amount of emails we've sent out Has increased by at least 10%, sometimes by as much as 100%. And also my my favorite stat to share is that are open rates have gone us at the same rate because we're sending out more emails were sending out more personalized emails and so we're just seeing a huge amount of value in personalizing these communications and really not just for us, but I think for all credit unions and small financial brands, that's uh if you're in a growth phase where you're sort of getting to feel like you're big, it's probably because you're really good at being the little guy and having those personalized communications right there in the branch where you can learn something about somebody um and and find something that you've got to offer them that's right in line with their needs. So we started doing that. But the problem is again, we're sometimes doubling the amount of emails were sending out. and then we've got all these different touchpoints now with an online banking, we have two different personalized touch points, you've got uh touch points increasing exponentially, you've got the messages themselves increasing exponentially. And as you rightly mentioned, it takes the exact same amount of time, develop an email for a million people as it does for really one person. Uh and sometimes even more because you're trying to talk specifically to that person. And then there's the other elements of the marketing cycle, like the review process, um and going back in and optimizing it, finding out what happened because of that, we're finding eight years ago we had one person working email and now we have two people working email, but we're sending out 10 times as many emails. Uh back in 2015 we had one person that was running all the personalized communications and online banking plus a whole bunch of other stuff and now we really had to just sort of put on the brakes with any of that because we just don't have enough people to develop it. So with this personalization platform we're developing, we're trying to figure out how to staff for it because we do, what we definitely don't want to do is bring on a fancy new tool and marketing cloud and then not have anyone that either knows how to operate it or have the actual time to operate it. Yeah, so let me ask you a follow up question, cause that's great context there and and it really shows the power of personalization and and if I could sounds like you've been piloting, you've been experimenting and you you see the benefit but to then get the scalability that is potential of of deploying this thinking content content is going to be the fuel of this engine. And I can tell you dozens of times that I've worked with a financial brand and they have the technology, they have the automation platform and it doesn't matter what flavor it is, it could be hubspot sells force Marcato, I'm not so...

...interested in that. It's more of the infrastructure, the processes, the systems that are deployed behind the scenes to then leverage the technology, multiplying everything once again, as I mentioned before, kind of like for example this podcast, when when you think about your team managing email, what does the content infrastructure look like from say, a production standpoint because it's going to if you're going to scale email or personalized communication, whether it's behind online banking, mobile banking, email, even the possibility of adding uh text, um even um uh direct mail, handwritten messages via ai um which is a whole interesting phenomenon in and of itself it's kind of taking a step back of automating email, but now we can automate handwritten messages, that's a whole new optimization for personalization, what does the content infrastructure look like as it stands today, you know right now, I would say that it probably is, it's not keeping up with the needs on the technological side when we bring in new people to help. It's it's mostly um it mostly has to do with the tools we're using and the content is developed pretty much the same way it always has been. And it adds a lot of stress to everybody involved that you're, you've got your touch point leaders. So say the people on our payments team, just use an example one email, they're giving us a few bullet points which will design the copy around. But we at this time don't have somebody to write that copy that is separate from the person to set up the email that's separate from the person to plug in the data separate from the person to review. It is all just kind of one person and now two people, so we're using some of our touch point leads to do something that they're not super accustomed to, which is review marketing material. Uh and we've got people who are experts with our email system who may not be experts in copyrighting. Unfortunately for us, I think that the two people we've got doing that are quite talented when it comes to writing copy and we do have assistance from other areas of the department. But As of this time, we don't have a specialist that's just in charge of writing that individualized copy and and it is a big stress for the whole department. So so immediately class 10 from the Digital Growth University pops top of my mind because it really is around what what I would call content operations. And there are four areas here to consider to systematize and operationalize and like what is content marketing because it's a word that gets thrown around a lot. It's very similar to the definition of digital growth, well defined systems and processes to to plan, produce and then promote content that helps first and sell second, doesn't matter what the medium or the channel is, but it's the operational side of planning, production and promotion. And so those are the three piece to consider from a talent standpoint. We need people to plan. Um And so that is where for example your subject matter experts are going to come into play. So there's a marketing and a sme alignment. Marketing can interview these because they might not have the confidence to be the copywriter. But if we can have that interview like approach internally then it helps to build that confidence and transfer knowledge from their head into we'll call it a database of sorts or a content repository. And I'm gonna come back to that point here in a moment. # two we have the production side. So that's going to be dependent...

...probably more on the channel or the type of the medium of content being produced. Um And that can get put into a content repository and then we have the promotion side. So that's gonna be more channel specific, whether it's email, whether it's add base where those as being placed and then we need to add 1/4 P into this though. Um That's the the performance, how is this performing coming back and pausing to review what is working well, what could be made even better? What do we need to do more of, what do we need to stop doing all together? And as you think through this, that's where the mind starts to go. That's a lot of content and you're right, it is. And so the habit, if you will of a business line coming to marketing, typically last minute saying, hey, we need to get this communication out that has to transform in and of itself because that type of behavior is not scalable, It's always going to create and put a marketing team in a reactive state. Marketing needs to get ahead and be in a proactive state. And so when you think about content and communication regardless, once again, a medium coming back to the idea of a repository of sorts um inventory, content inventory or content assets that are evergreen in nature that are independent of the traditional campaign but can be pulled off of a shelf and then plug and play whenever you need to drive some type of top of funnel awareness, putting someone into a funnel, moving them down, those assets and inventory are already available so that it's no longer reactionary, It's pro action. Um and it takes time. And so where do you stand in regards to content assets that are evergreen for different product lines? You make such an interesting point that I don't want to divert too much from your main question. But one thing we think about all the time is uh, we do here being proactive all the time is a great way to get ahead as a marketing department and as an organization. But I think particularly for smaller, uh financial institutions, our ability to be reactive to respond within days or even hours to request from internal stakeholders, really what gives us a competitive advantage. You know, we don't have this massive ship to move like a uh, you know, one of the big four banks where somebody can't just reach out to the marketing person that they know by name and say, hey, I would love to send this out and the marketing team can do it. And so one of the things that I really appreciate about our organization is we do place a high value on being reactive. Um and just getting ahead of things that other organizations might not be able to get ahead of, but that said, um if we're spending all of our time doing that, then you're spending none of your time being proactive. But I really do like the idea very much of having a repository like you mentioned of content that you can reach into and grab from. And maybe it's something that's proactive, maybe using that content in an automation that's evergreen or maybe it's just something where one of your internal stakeholders reaches out and says, hey, I need this and you know, to send out by tomorrow, can you do it? But you're not reaching out to a designer to a copywriter etcetera and saying, Annie this brand new stuff, you've got a great big library of things you can use. I would say that we right now when it comes to that are probably when it comes to design elements, maybe a um maybe a four out of 10 and when it comes to copy, really pretty much every piece as being uniquely written, and that's that's a place where we really could stand to invest a little bit of time and energy 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. Yes. And and to your point of of being reactionary and being able to react to market conditions, definitely creating capacity to have that time. Um, I can think of two examples recently um one was Wells Fargo announced that they were going to do away with personal loans. Great opportunity to go into the market and, and, and, and, and look for example pulled data to see where who, who might be because your credit and who might be members that have some type of automatic payment or relationship with Wells Fargo. And then we can send them a specific direct message, quote, unquote email or placing it behind the pen and online banking that taps into that particular pain point and saying, hey, we're gonna be here for you. So that's a reactionary opportunity number two, I see for example, like with chime um you know, there's a lot chimes in the headlines now that there digital only play is actually creating some conflict for account holders who need to get in touch with another human being. So that's another opportunity to use kind of what's going on in the real world in real time, but having some of these assets in the background for what I would call the larger, um, vertical product lines, checking mortgage, credit cards, personal loans, some of the small business, That's a great way and it's a multi-year process. Uh, I can think of one organization who has spent the last five years building out assets and inventory that are now at this point literally plug and play to where one created almost $10 million dollars in loan revenue and the time for marketing to, to kind of come in and dust off the, the asset, do a little bit of optimization, update some of the messaging, but it was nominal compared to the behaviors that they were in before. But it takes organizational and cultural buying from all the different product lines internally to say, hey, we're not ignoring you. We need to collaborate and work together on this and here's the long term value. I think the other interesting thing and this has come from conversations I've had over the last 3-6 months with automation players in the Space Martek and sells tech. If marketing can create an inventory or repository of messages. Now we can empower the business line, whether it be a manager or someone more boots on the ground, a loan officer to that they can come and pull automatically approved or marketing approved communication and send that out now at a 1 to 1 level. Um, so it's not relying on the automation from marketing, but it's more of sells enablement to where cells can say, okay, I just talked to someone about um, a personal loan, I go into my acid inventory library, I pull...

...out the personal loan collateral electronically boom email done like I literally don't have to do anything. It's automatically set ready to go because I do see there's a pain point from a lot of the diagnostic work that we're doing is cells in something but the messaging is off the tone. Even the formatting of the email, um, and the larger you get in the organization, the more complex that becomes now, it's your empowering these cells, team members, these lenders to give them the tools to continue to communicate that knowledge that we have internally, but in a much more unified manner. Yeah. You know what, we've seen that a lot James robert is with our real estate loan officers and social media pages. Uh, they want to have an active social media presence and they want to be providing content to uh, the people that are going to benefit from it. But you know, most of them didn't go into that business because they excel at copyrighting for example, and some of them are quite good, but for the most part, I think what they really benefit from is having a lot of, and also compliance approved, which is something that we haven't covered here, uh, compliance proved approved branded content that they can send out there maybe with a little, uh, you know, snippet with their own voice, but something where they can just post it and go on with their day and that's been requested of us multiple times. And it's just one of those things where uh, you know, there are so many different requests coming in for so many different things. We haven't been able to supply them with that as much as we like to. And I suspect that a great many of your listeners are probably having similar problems. It's the next level up that I say is going to really drive marketing. It's the micro is gonna beat the mass over the next 3 to 5 years. I really feel like with everything that's going on in the inbox and with digital ads and with privacy, we're gonna have to start really empowering the cells team to be more of a marketing channel of one that then it can influence their personal network. That's where personal branding and, and they don't have that experience. Well who has experience with branding, marketing does. So marketing becomes the internal coach to build these personal brand channels of one to go out and become a micro influencer. Maybe it's 100 maybe it's 1000 maybe it's 10,000. I'm not talking about influencer on a level on a scale of a million people. Although jennifer Beeston, who was a guest on the show mortgage lender, she's going to Youtube audience of about 20,000 people, but in 43 or four years she has almost five million views on her individual personal youtube channel, simply answering the questions that people have about buying a home and it's propelled her to become a nation, top nations, top 1% lender. So to me that's kind of where the next level up is. We're still in round one first inning, but to me with privacy with data, um, who knows? I mean like the IOS 15 update coming out now where we're not going to get tracking of open rates in apple mel anymore. Uh, we're gonna, it's almost apple mel is gonna become like what direct mail was, you know, uh, 10 years ago, 20 years ago, we're not gonna have that visibility. So this is, this has been a lot of fun and I always like connecting people, um, you know, when we have these conversations and someone is listening there, like I'm working on what, what brad's working on, I want to connect with brad, what's the best way for someone to reach out and connect with you and say hello brad. Oh, please go find me on linkedin. I'm the VP of digital marketing at logics federal Credit union, you can also email me at the blue at lFc dot com and uh, I love to have these conversations and once again sure appreciate the...

...opportunity to have it with you James rubber. Absolutely thank you so much for joining me on another episode of banking on digital growth brad. And if anyone is listening they have a digital marketing, a cell's leadership question. Text me the question that you'd like to get some clarity on 83-5495792. And I look forward to talking through it together with you on a future episode 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. Yeah.

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