Top 10 Ways to NOT Think Like a Bank

To be a better bank, don't think like a banker.

If you want to  ...  no, since you NEED to sell more products, look to the business sector that sells the best ... RETAIL!

What does your favorite retailer do that makes you want to spend so much money?

1. They go to great pains to know you through loyalty programs 
2. They train their sales staff to ask questions before they recommend product
3. They make it easy to buy in the store and on-line
4. Specialty shops become your advisor and product expert
5. They package products in "bundles" that make intuitive sense to you (think Value-Meal)
6. They create advertising with a clear call to action that evokes some emotion
7. They sell the relationship ... not the product
8. They empower their employees to think like entrepreneurs
9. They focus on how the product will make your life better ... not the product features
10. The BRAND is priority #1

For more discussion on bringing retail strategies to the financial world, please register for our free Brown Bag Lunch being held on Friday, May 15 at 1:00 PM EST by clicking here.

Take care,

Eric

Reflecting on Reflections

I had a personal epiphany over the weekend and then turned it into a professional one.

There's no greater reflection of ourselves than observing the actions of those we lead.

It all started when I wished my 5-year-old son would stop yelling first and asking questions later. 

Then I realized that he was a “mini-me.”  A 3-foot tall version of my impatient, hotheaded self.  He wasn’t born with a short fuse, he learned it through watching me.

The same is true for our institutions.  As managers or those responsible for the service delivery of our banks or credit unions, if you are unsatisfied with the actions of your staff – first look at the culture that created the behaviors.

Walt Disney understood this:

“People look at you and me to see what they are supposed to be.  And, if we don't disappoint them, maybe, just maybe, they won't disappoint us."

- Walt Disney

I don’t believe that Orlando, Florida is the hotbed of outstanding, service-oriented people.  If that were true, your experiences outside of Disney would be the same as those inside the park.  What Disney has, however, is a clear definition of service excellence and a consistent and unwavering expectation from the CEO to the janitor that this definition is to be lived everyday – with absolutely no exceptions.

Rather than punish my son for his actions, I will make a conscience effort to not disappoint him in MY actions ... then maybe, just maybe, I won't be disappointed in his.

How will you and your management team effect the service culture of your institution?

Take Care,                                                                                                                  

Eric

OTHER MEANINGFUL WALT DISNEY QUOTES:

“You can design and create, and build the most wonderful place in the world. But it takes people to make the dream a reality.”

“Of all the things I've done, the most vital is coordinating those who work with me and aiming their efforts at a certain goal.”

Monday Morning Quarterback

Greetings...

Can you believe its November 17th!!! Thanksgiving is around the corner and the year is speeding to a close. On Mondays, I always read the paper and am constantly puzzled and irritated by the editorial comments and articles written about the weekends football games. Nothing like being a Monday morning quarterback. You know, sitting at the table, drinking a cup of coffee and thinking about the decisions coaches made, plays the players did not make and the state of the game. I have all the answers!

Well, that is exactly what is occurring on ALL of our markets...by the newspapers and TV news. How do we counteract it?? Get ahead of the curve!

You need to be proactive with your messaging NOW more than ever! A constant flow of positive press releases, making your senior executives available to the press at any time (with even a moment's notice), and proactively suggesting topical ideas. These are all ideas to get ahead of the powerful PR curve. We know the stories of ill-conceived sub-prime lending, lax credit reviews, and overly aggressive lending tactics. However, we know we are NOT part of it...yet, if we don't communicate and get ahead of that curve, we will be lumped into the same category and pulled into the same articles.

Hold yourself up as a positive example...share stories of your lending staying local, community assistance, credit assistance programs...anything that will counteract the negative press.

As Marketers, we have to be both strategic and tactical in our thoughts, planning and approach. Within our bank and externally to those that talk about us. That includes the press, our customers, and our staff!

Constantly review the "talk" and provide your staff with talking points, Q&As, and other information to prepare them for potential questions. The questions asked in the office are only a small portion of the questions asked....Don't forget that you and your staff are representatives of the bank and are probably asked MORE questions are football games, dinner parties and at the mall that anywhere else...remind your staff to be prepared and direct people to credible resources for information (your website hopefully is one of those resources!)

With preparation, planning, and getting ahead of the curve, you can position your bank to be a leader now and in a strong leading position when the economy and industry eventual turnaround.

Cheers!

Bruce