Banking on Digital Growth
Banking on Digital Growth

Episode · 9 months ago

57) #InsideDigitalGrowth: Where to Focus Your Digital Growth Strategy in 2021

ABOUT THIS EPISODE

We struggled to make progress in 2020 thanks to COVID. Where should we focus our digital growth efforts and energy in 2021?

In this episode of Banking on Digital Growth, I answered this question from Mark, CEO for a community financial brand in the south.

Here's what I had to say:

  • Learn the three Rs for digital growth in 2021
  • Discover the three key elements to help you leap ahead and see the future you want to create
  • Remember my top 12 trends and predictions opportunities for 2020 and beyond

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

Mark writes. I felt like we were juststruggling to survive in 2020 and we didn't make any real progress towardsthe plans and goals we had to start the year because of co vid. Where do youthink we should focus our digital growth efforts now and our energymoving forward into 2021? It's a great question mark and one that I lookforward to answering for you. On today's episode of Banking on DigitalGrowth, 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 inside digital growth Siri's, where James Robert shares answers to some ofthe biggest digital marketing and sales questions he gets from the digitalgrowth community. Have a question you want to get answers to on a futureepisode, visit www dot go ask jr dot com to submit your question today. Nowlet's go inside. Digital growth greetings and hello, Thank you fortuning into the 57th episode of the Banking on Digital Growth Podcast,where I, James Robert lay your digital anthropologists continue to coach andguide you along your digital growth journey so that you maximize yourdigital growth potential. Today's episode is part of the inside digitalgrowth Siri's, and I'll be answering a question from Mark, who is the CEO fora community financial brand in the South. Mark writes. I felt like we werejust struggling to survive in 2020 and we didn't make any real progresstowards the plans and goals we had to start the year because of Cove it.Where do you think we should focus our digital growth efforts and energy nowthat we're moving forward into 2021?...

That is a great question mark and onethat will help all of us to continue to move forward and make progress alongour digital growth journeys in this new year. In fact, this is a question. Ithink we should take time to stop, pause, review and reflect on Mawrbecause it is so easy to get stuck doing digital to fall into the trapinto the Cave of complacency. To get lulled into a false sense of security,Onley toe, have an external force like co vid come in and wake us all up whenI think about all the opportunities available for financial brands in thisnew year, I have framed my thinking around three key areas of focus thatI'm calling the three R's for digital growth in 2021 now you can relax. Thisis not about reading, writing or arithmetic, and it's not about reducing,reusing and recycling, although all three of those would for sure help makethis world and even better place for us all. No, the three R's that I've beenthinking about for financial brands to maximize their digital growth potentialin 2021 are refresh, renew and refocus. And what I'd like to do is break downeach one of these to share number one. Why they're important. Number two, whatyou can do with each one of these elements and the number three how youcan apply these elements at your own financial brand with some prettypractical actions. And so when we think about what we should do next, whereshould we start? What I'd like to first focus on is the need for many of us tojust simply refresh in this new year,...

...and this idea of refreshing will besuch a strategically important element for digital growth in 2021 reallybeyond. As many of us are already starting the year tired coming out of2020 it's like 2020 has just been one long blur of days blending together.And much of this has been because there's really not been much separationbetween our personal life, our family life, our kids, school life, our work.Life time just blends together, and this has been an interesting area ofstudy as a digital anthropologist. In fact, the word Blurs Day, whichcaptures the way days, weeks and even months blend together, blur togetherblurs Day made Oxford languages who is the publisher of the Oxford EnglishDictionary. Blurs Day made Oxfords. 2020 words of the year, and an articlefrom wired dot com titled There are No Hours or Days in Corona Time makes thecase that co vid has really created its own clock. As time has become a standin for everything that we cannot control. Time is both the bottleneckand not the bottleneck. Time is the breakneck of speed at which everythingis changing and time is also the burden of how much things are perceiving tostay the same in this post covert world. So why do I bring up the need torefresh as the first element for...

...digital growth in 2021? Yes, I get itblurs day posts on Facebook or insta. They might be funny to scroll through.But in all seriousness, Blurs Day is a very dangerous place for many people tobe for an extended period of time, especially if they're strugglingfinancially. Emotionally mentally, as so many are right now in this postcovert world blurs day. Even without the threat of a highly contagious virus,along with the compounded stress from financial stress or emotional stress,Mental stress blurs. Day can cause all of us to feel anxious to feel depressed,to feel hopeless about the future. And remember, people are looking for twothings from your financial brand. They're looking for help, and they'relooking for hope and hope. Specifically, hope that things will get better forthem must come long before they are ready to receive help from you. Lookinginternally, blurs Day is a killer for any future growth potential forfinancial brands. For teams a zealous for the accountholders because when you're stuck in a repeated cycle of blurs days, you'reunable to see beyond the threats of the present moment beyond the stress beyondthe chaos beyond the crisis. And it is my hope for you that you're not stuckin blurs. Day start 2021. But what about others around you, others on yourteam? What about the account holders that your financial brand how are theydoing right now? How are they feeling? Could they use a refresh to maximizetheir own personal growth potential in 2021? The good news is that you couldhelp both yourself and others around...

...you escape the deadly grip of blursdays by creating space and time to just simply refresh. This is aboutintentionality. This is about habits. This is about structure. In fact,according to Abraham Maslow, healthy structure, something that many of uslost in 2021. I know I did for sure, with four kids, you know, being at home,not traveling things that I were, you know, they were my normal routine. Mystructure went out the window. But according to Abraham Maslow, healthystructure breeds security, and a sense of security is necessary not only forour survival in the present moment, but also for our future growth and theeasiest way for you to get started or to help others get started to createthat structure to create that space and time needed to refresh your mind, toescape the dangers of doing digital or just simply doing life for that matter,to come out of the cave of complacency with courage, I'm gonna give you asimple exercise, an easy exercise that you can commit to do every single dayand just five minutes or less. And all you need is just pen and paper. This is,in fact, a transformative exercise that I have those in our digital growthprogram do for themselves as well as for their team to help them escape thedoing of digital. As this exercise create space and time for them toreview for them toe, learn for them to think about everything that has beengoing well for them. So what I want you...

...to do is to save this podcast episodeso you can refer back to it or email it to yourself. Email it to your team sothat you can commit to do this exercise not only as individuals but alsotogether. Make it part of your daily routine personally, as well as yourweekly routine and quarterly routine as a team. So grab a sheet of paper. WhatI want you to do is write down the letters. W E l l Write those fourletters w e l l vertically down the left side of the page, and to helpframe you're thinking for this exercise. Ask yourself this one question. Everyday you wake up in the morning and every night before you go to sleep,What's going? Well, just that one question. What's going well, you see.Well, W E l l. That is an acronym for winning exciting learning and looking,and each one of these points is an important question. Toe. Ask yourselfthat could be framed around a specific time, a day, a week, a month, a quarter.So, for example, if you were to ask yourself this question in the morning,what's going well, right? Your answer next to the W for winning to thequestion. What are the biggest winds you experienced yesterday? The next tothe e exciting. All right, Your answer to the question. One of the mostexciting things that you are working on right now that have you energized andthey're building your confidence.

Moving on to the first l learning. Write your answer to the question. Whatare the biggest lessons you learned yesterday? And how can you apply thoselessons to make today even better? And finally onto the last l looking right.The answer to the question What is the biggest roadblocks that you need toeliminate? What are the opportunities that you can capture? As you look aheadto the next 90 days, You see, that's gonna be a growing list that you cancome back and reflect on every single quarter. Ask yourself these four simplequestions framed around the larger question of what's going well everysingle day in the morning or in the evening. And you will create astructure to refresh your mind in 2020 and escape blurs day or prevent youfrom getting into blurs Day. And you could teach your team to do the samebecause at the team level. This is an exercise that you can deploy in yourweekly standups by simply focusing on one of the letters each week over thecourse of a month. So, for example, in Week one, you focus on your winningsand weak to you. Focus on what's exciting and Week three, you focus onwhat you've been learning and then a week for you. Focus on what you'relooking ahead to, and as you do this, this one simple exercise ensures thatyou measure progress, not perfection, as you move forward week after week,month after month and year after year along your digital growth journey, thissimple exercise thinking and writing about what's going well, buildstructure into our day to escape the...

...blur of life and, as a result, feltjust a little bit more secure about where we've been, where we are andwhere we're going next, on our own journeys. By focusing on what is goodin life, and this is important because the brain can focus really on Lee onone thing at a time, one thought one emotion. It can even either focus onthe positive, or it can focus on the negative and As we know in this postcovert world, we have been bombarded with negative after negative afternegative, particularly if we've been watching the news. And when you'restuck in a never ending cycle of blurs days lost on the sea of co vid chaosand confusion blurs Day is not a very safe place for us humans to stay for along time. And since we have no control over covert and thankfully we have avaccine that's coming out being administered, but we still have nocontrol over over that over the lockdowns at work for our kids schools,we must take hold of what we can. We must protect and guard our minds.That's what we can control to gain peace of mind and a sense of security,because security is necessary for both not only survival but also our futuregrowth and really even more so during uncertain and scary times. And as wemove through this age of Ai Cove, it is just a preview for the things to come.And if you want to make 2021 even better than 2020 you must become evenbetter yourself and to become even better start right now with you withthe thoughts. You think by making it a...

...habit to keep coming back and focusingon what's going well every single day. Now let's move on to my second are inmy theme for 2021 of refreshing, renewing and refocusing. Let's look athow you can renew your commitment to digital growth by briefly exploring mytop 12 trends and predictions opportunities that I see for 2021beyond. But first, let's explore what it means to renew as to renew can be defined as to beginagain. In 17 86 Robert Burns wrote an apologetic poem titled To a Mouse,where he tells of how he, while plowing a field, turned up a mouse's nest inthat field. And what better way to sum up 2020 than through? One of the mostfamous lines of the poem that reads Almost is a proverb. Quote. The bestlaid plans of mice and men often go awry. Think for a moment about yourplans, the plans that you had to start 2020 a year ago. I think about what youhad to stop working on in 2020 when the best laid plans went awry because ofCove it. But you adapted and you shifted to the new realities of adigital First World because we saw five years of transformational progressbeing made at both the macro and micro scale, really just 3 to 6 months fromthe start of the pandemic. But now, as you begin 2021 now is the time to renewto start again, particularly with the...

...progress that you're making on yourdigital growth journey. But this time with much more clarity, which with muchmore focused based on the lessons that you gained and learned in 2020. And ifthere's one lesson to take away from 2020 to apply to 2021 it is the needfor financial brands to continue to humanize their digital experiencesbecause people will still continue to do business with people. Even thoughpeople may no longer be coming into a physical branch location like they werebefore Cove, it has reshaped patterns, behaviors, habits for consumers,specifically, when it comes to banking and even in this post covert world,there's still a strong need for the human connection through digitalchannels and experiences. In fact, through our research, we have foundthat the human connection, even if that connection is just made through emailor chat or video human connection is the most influential source and aconsumers decision making progress and process when they're shopping for aloneor new deposit account. And to help you with your renewal for humanizing yourown digital experiences that your financial brand. I want you to recallthe 12 areas of Focus or the 12 Trends, the 12 opportunities I see shaping up 42021 that I shared an episode, Number 55 consider committing to just three ofthem once again in brief review. Here are the 12 trends that I see thebiggest opportunities for financial brands to maximize their digital growthpotential. But I do recommend going back and listening to episode number 55as I dive deep into each one of these,...

...and we'll dive deeper into each one ofthem in future podcast episodes. So trend number one will be to focus onemployee experience as E X will have a direct impact on humanizing yourfinancial brands, DX or digital experience. Trade number two is the opportunity foryou to unlock the digital growth potential for small business.Specifically, small business is hurting in this post Covad world trend. Eropportunity Number three is found through financial coaching that willbecome a key revenue driver for future growth potential. Opportunity Number four is findingfintech partnerships to bridge capability gaps to create even morevalue for account holders. Trend Number five is for marketing teams totransform and become media teams that put a key strategic focus on contentproduction. Promotion alongside sales teams as content will be the fuel ofyour digital growth engine going forward when think about content that brings usto trends and opportunities. 6789 and 10. Number six will be for video tohumanize digital experience for both sales and marketing teams, Number sevenwill be the opportunity to get inside inside people's heads literally withpodcast opportunity. Number eight will be to systematize and operationalizeyour content production strategies so that you can maximize your organic S eo efforts as the efficacy of digital ads will continue to decline, thanks tothe rise and ad blockers and add fraud along with the demise of third Partycookies. Opportunity number nine. Thinking about content, whether that bevideos, podcast or articles will be that content will become the glue thatbegins to build digital communities and...

...whole digital communities together. Andthe number 10 operationalize ing and systematize ING content promotionthrough personal brands will become just as important, if not moreimportant than content promotion. Through the corporate brand alone,Opportunity Number 11 Train Number 11 will be to maximize your future growthpotential through digital reputation management, with a focus on systematizeing and operational izing ratings reviews and referrals. And then finally,op Opportunity Number 12 will be the mind Your mindset as a cue plus e queor adaptability quotient plus emotional intelligence will be far greater than IQ. Alone in the age of AI. Once again for more context into each one of thesetrends and to learn how they're all interconnected, I strongly suggest yougo back and listen to episode number 55 and if you're thinking that you have tofocus on all 12 of these, you don't just commit to focus on three, and Iguarantee that you will make progress humanizing your financial brands.Digital growth experience with renewed energy. As we get ready to wrap up, Iwant to come back to marks question. As he asked. I felt like we were juststruggling to survive in 2020 and we didn't make any real progress towardsthe plans and goals we had to start the year. Where should we focus our digitalgrowth efforts now going forward in 2021? That brings me to the third areand my theme for 2021 my three areas of focus four. Digital growth ofrefreshing, renewing and refocusing. Up to this point, I've given you quitea few things to think about to consider...

...to commit to doing going forward, whichis why I want you to refocus now because the lack of focus is brought onby a lack of clarity and a lack of clarity is caused from confusion fromcomplexity from overwhelm it, all of which we have covert to thank for hisgifts of 2020. But once again, let's leave the past in the past and movebeyond the present to refocus and begin to create the future, because one ofthe biggest questions that I get repeatedly from financial brand markingcells and leadership teams is very similar to the one that Mark hasalready asked. Where should we start our digital growth journey? Or whatshould we do next if we've already started on our own? And before I usedto rattle off a Siris of possible steps based on almost two decades of advisingand coaching financial brand marking cells and leadership teams around theworld. I just gave you 12, for example, that you could focus on 4 2021. But are they the right ones for you andI don't know, And that's why my response. Now when I get this questionof where should we start? It's all about refocusing or what should we donext? It's all about refocusing. And so I use a very simple set of questions tohelp financial brands gain clarity into the future that they can create byasking them one question framing all all three. And that one question is, How do you want to grow? And Iwanna ask you the same thing as you re...

...focus for 2021. How do you want to growin this New year? Grow is another acronym G. R O, and this is made up ofthree key elements to help you leap ahead and see the future you want tocreate. This exercise is one that I use to kick off diagnostic studies anddiscovery sessions, and you can use the same exercise with your team and evenyour account holders. In fact, we have a few financial brandswho are in our digital growth program that are starting to use this frameworkas part of a pilot coaching program that they're building and optimizingfor post covert world. That's a conversation for another day. I wannacome back to focusing on this one question for you. How do you want togrow in 2020 her in 2021? Once again, I want to get another piece of paper andwrite down the letters G R. O vertically on the left side of the page,and we're going to start with Letter G, which will focus on your goals forgrowth. So let's assume that you and I are having coffee just 12 months fromnow, and I ask you what's been going on over the past year and you have thishuge big smile on your face when you think about all that you've done to getto this good place. What I want you to do is a leap ahead in your mind andlook backwards and think about what has toe happenbetween now until then, for you to feel good about all the progress that youhave made along your digital growth journey over the last 12 months.

Leap ahead 12 months. Look backwardsand think about all that has toe happen between now until then, for you to feelgood about the progress that you've made along your digital growth journey.Now let's come back to the present moment and move on to the are, which isall about starting to identify roadblocks. So what roadblocks orchallenges must be eliminated over the next 12 months for you and yourfinancial brand to make progress along your digital growth journey? Whatroadblocks and challenges might stand in your way might trip you up, need to be eliminated to ensure thatyou make progress and move forward towards the goals for growth that youjust identified. Finally, let's move on to the O, which is focused aroundopportunities what new opportunities are available for you to create orcapture, in addition to what strengths do you currently have today that youcan further capitalize on over the next 12 months as your financial brandcontinues to make progress along your digital growth journey, moving towardsthe goals for growth you've identified with this one simple question. How doyou want to grow and the answers that come from it? You will begin to gainclarity in the future that you can create through the goals for growththat you've documented, the roadblocks and challenges you must eliminate andthe opportunities that you have available to either create or capture,along with the strings you have available to further capitalize on asyou move forward in 2021 beyond. When I...

...think about the future, I'm moreexcited than ever before because I truly do believe that the future isbright, that the best is yet to come. So what does this future look like foryou? What is the future that you want to create for yourself for yourfinancial brand, for your marketing cells and leadership team? I want tohear from you and maybe you have a question like Mark that you'd like forme to answer. Maybe it's about an opportunity you seeor a roadblock that you need to eliminate. If you do have a question,now is the time to text me that question that you've been thinkingabout that you'd like to get answers to on a future podcast episode. Text thatquestion. 24155793004 That's 4155793004 and remember three Onley. Bad questionis the question that goes unasked until next time and is always be Well, dogood and wash your hands. Thank you for listening to anotherepisode of Banking on Digital Growth with James Robert Ley. Like what youhear? Tell a friend about the podcast and leave us a review on Apple podcasts,Google Podcast or Spotify and subscribe while you're there to get even. MawrPractical and proven insights. Visit www dot digital growth dot com to graba preview of James Roberts bestselling book Banking on Digital Growth or ordera copy right now for you and your team from Amazon. Inside, you'll find astrategic marketing and sales blueprint framed around 12 key areas of focusthat empower you to confidently generate 10 times more loans anddeposits until next time, be well and do good.

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