The Big Gamechanger for Differentiation

Last week at big.bright.minds, hosted by Filene at Princeton University, we learned about the facets of behavioral economics and how to be good choice architects for our members and customers.  One of the topics that the presenters covered was hassle factors and how even a small hassle, like having to click to another page on a website, can be enough of a hassle to lose someone in the sales process or keep them from doing something they actually want to do because it is too much of a hassle to proceed with the process.

Why?  Because we are all so busy that we don’t have time to do even the things that are really important to us!

The printer in my home office is a great example.  For some reason the other morning, it decided to stop working immediately after I’d printed a single page document.  I had sent two more to it immediately afterward and yet it sat idle for the rest of the day with the documents in the queue.   I was busy with other projects and deadlines so getting out my manual or consulting the help website for HP was too much of a hassle, so I dealt with not having a printer for an entire day because of this hassle factor. 

This hassle factor changed the way I would normally do things that one day because having to do without was more important to me than spending the time to figure out how to fix it.

Get Honest

What hassle factors are your members or customers facing in doing business with you?  Is your loan application process too cumbersome, or does it take too long to get through the call center to talk to a real person?  Unless you put yourself in the shoes of the consumer and remember that most people can’t afford any extra time caused by hassles, you may be losing actual loans, new accounts, and chances to help people who truly want to be helped but can’t be bothered with anything unexpected. 

I challenge you to take an honest look at your organization from inside out.  Ask your staff members what hassles (big or small) are keeping them from doing their jobs or being more efficient.  Honestly assess what things you can do for your customers or members to make their lives easier. 

At the end of the day, we all want more time.  That would make life easier.  More time to spend with those we love and do our favorite activities, or enjoy an extra few minutes of quiet.  If you can do the work to eliminate hassle factors by streamlining your processes, products, and interactions, you can give people the thing that means most to them…time.  

Amanda

We bring these philosophies to credit unions and community banks all over the country to help them with their strategic planning, marketing, and branding initiatives.  Contact me to learn more about how MarketMatch can help your financial institution define its "why" and achieve sustainable growth in the future.  Don't forget to ask about our ROI Guarantee - the only guarantee of its kind in the entire financial industry!

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Opening Day...

Its the best time of the year....the closing rounds of March Madness and opening day of baseball!

This past week, I spent the entire week immersed in baseball!  My son plays high school baseball and their team travels to Florida during spring break and plays baseball 24x7!  I love it!

Great trip, great weather...and great baseball.

To my point...  Opening Day!

It's fresh, its new and everyone is newly trained on what to do, how to act and how to interact.  It's perfect!

My question...why cannot it not be that way everyday??

Marty Cohen, founder of Cohen Brown Sales Training had a quote that I loved...for each client, it is ALWAYS opening night!  His point...that the customer's visit might the 1st time ever for their interaction with your bank/CU or it may be their 12th time this week...but it should ALWAYS have that special feeling and focus.

How can YOU make this happen at your bank/CU?

Five steps...

1. Set the stage with the staff so that they KNOW what the expectations are
2. Constantly inspect...let people know that you WILL be checking up on their actions
3. Share insights...on WHY we want to be perfect EVERY time
4. Share highlights...on WHERE it is going great
5. Recover...it is NEVER too late to fix, retrain, move, or mentor...is is ALWAYS a bad idea to wait

Cheers...

Bruce

Cardiac Cats...

Good morning...

What a weekend of sports!  My Buckeyes won (moved to 7th in the polls), my son won his football in convincing style and that brings me to the Bengals.  FINALLY, it is paying off being a Bengals fan!  1st place during the season...something we have not had in a long while!  Not only did we win and beat a division rival but the game helped with my blog post.

My thoughts today surround the team effort and never-say-the-end-is-here attitude.  The Bengals have overcome adversity (read heartbreaking loss to the Broncos and a death of a coaches wife) and tough opponents to maintain a 1st place lead.

YOU have overcome adversity; the economic climate, the state of the industry, probably budget cuts, and more.  Our CUSTOMERS have overcome adversity; potential job losses, stock market losses, economic woes, and more.

Hopefully our customers have hung in there with us...and we with them, too!  Now is the time to circle the wagons as a team and focus on our customers.  Just like the Bengals circles the team wagon after the devastating and unexpected loss of the defensive coordinator's wife.  They focused on the matter at hand, focused on their roles, and gained momentum at each potential turn.  The result? A win!

You need to be the emotional leader of your bank/CU and be the advocate for the customer voice.  How?  Difficult but easy...

• Focus the front-line staff on the "little things" of customer service (smile, quick service, thank you, and simply engaging the customer)
• Focus your marketing on a message of hope and opportunity
• Focus your internal message on teamwork, coordination and communication
• Focus your external delivery on being three-dimensional on your target

With these steps in place...and a little faith in the process, you can not only overcome adversity, you, too can enjoy 1st place!

Marketing is the voice of the customer and emotional leaders....assert you place and deliver your role.  Everyone is counting on you!

Cheers!

Bruce

Early nights...and Halloween

Greetings...

I was reminded yesterday that fall is falling!  If you happen to live in the midwest, you know what I mean.  Crsip nights, changing of the leaves...and of course, the time change looms.

When you live in Ohio, the time change means that very soon it will be dark in the morning when you wake up and dark again at 5:15 pm.  Early nights and short days.  The good news?  Halloween is around the corner and early nights and short days make for a GREAT Halloween!  The darker and spookier the better for getting candy and having fun.

This natural cycle just means that summer is close to coming around again!

So what is the point...

Its the cycle!  For a marketer the short days and early nights usually happen in the 3rd and 4th quarter as our budgets begin to be tapered down.  We need to remember that there is light at the end of the tunnel and that is budget planning, which will start soon (if it has not already started for your bank/CU!)  So, what is your "Halloween?"  The mid-fall event that raises hope, generates fun and brings lots of candy/sugar!!

I encourage you to gather your troops at your Bank/CU and make something happen.  Did you know that THIS WEEK is National Customer Service Week (October 2-6)?  Use this as an opportunity to highlight your service, resurrect your service, or make service an integral part of your 2010 plans.

I know...I know....EVERYONE has great service.  However, we ALL know that we need to INSPECT what we EXPECT (thanks Marty Cohen!) to ensure we get what we want!

Implement a service measurement process...start today!  Make it...

• Measureable
• Consistent
• Customer focused
• Widely communicated

And use the results to coach and mentor staff until you reach a service culture that you can believe in and know that it is consistent across all branches and parts of the day!

And just think...summer is a short winter away!

Cheers!

Bruce Clapp

A WOW Experience.....

Good Monday morning...and a great day it is!

This past week, I was in Florida and had the occasion to visit a Publix grocery store. For those that have never visited...it is worth a trip south to visit a store. EVERY Publix I have ever been to has the same characteristics-- the same customer experience:

• Very bright and cheery
• Staff at every turn offering help
• Easy to navigate stores
• Helpful signage and information
• A broad selection

Now....most stores can lay claim to the same items...however, as with all banks and credit unions, the true difference lies with the execution and the staff!

My most recent experience is a capstone class in empowering staff and delivering the customer experience. My request was pretty simple...but I was still wowed! I went to the deli department and asked for three items (1 1/2 pounds each of two deli meats and one cheese). Instead of making me wait (with my children) the most helpful clerk asked me if it was OK, if I went ahead and shopped and she would have it ready for me, when I was ready--- remember, she asked ME if it was OK!

About 5 minutes passed and I was tapped on the shoulder 3 or 4 aisles over from the Deli. It was the deli clerk! She said,"I have your items ready for you and to make it easier, I went ahead and thought I would find you." She found ME in the store. Now, that is service....beyond expectation.

The lesson is simple. Empower your people. Tell them the basics...make the customer happy (and that does NOT mean lower prices, cut rates, etc....the meats I bought were MORE expensive than the sale items)...it means truly understanding HOW we can help a customer with three basic needs...save time, make time or make money!

Is your staff ready? Are they WILLING and ABLE?

Take a look around....

Cheers!

Bruce Clapp

Branding ... It's Not What You Say, But What You Do.

If you don't think that you can afford to rebrand your institution in this economy, think again.

It’s all in the definition.  Yes, your brand is tied (in part) to your name, logo and visual appearance.  But it is defined by the customer experience.

To rebrand your institution properly, you need to focus less on the creative department and more on strategy and day-to-day interactions.

Check out this great article published on customerthink.com.  

Where are you in the continuum of: do-nothing; basic Customer Loyalty programs; CRM (customer relationship management) and CEM (Customer Experience Management)?

As financial institutions, we know more about our customer’s activities than most any industry – yet we are one of the most commoditized.  We help our customers manage their money – yet we tend to take the emotion and empathy out of our messages. 

This is why branding is my passion!  It’s about people … it’s about turning “potential-customers” into “customers” and converting “customers” into “evangelists!”

When there is little tangible difference between “Bank A” and “Credit Union B,” can you afford NOT to rebrand in this economy? 

Take care,

Eric