Thoughts from a 100 Mile Ultra-Marathon

My sister-in-law is amazing!

Last weekend, she ran in a 100 mile race. To put that in perspective, it's a race the equivalent of Dayton, Ohio to Indianapolis, Indiana ... on foot! 

She had 30 hours to complete the 100 mile trek, and she was ready! She had been training for months, and she had a plan. She knew when she would rest, when to eat, when to take electrolytes and when she would ... well, when you're planning to traverse 100 petrol-free miles, you need to plan for everything!

She toed the line on Saturday morning confident, prepared and excited. Ahead of her lay six 16.6 mile laps, all she had to do was work her plan.

Much like the plan you're currently working. As we race into the 5th month of 2013, you fully understand your objectives, have a in-depth understanding of your target audience, know when you want to promote key products and have defined milestones to reach. You have a plan to acquire, retain and build relationships. When you toed the starting line in January, you were confident, prepared and excited too.

For about a week before the race, it had been raining in Indiana. Though the April showers might bring May flowers, they also brought terrible flooding to the ultra-marathon course. On each of the six laps, racers were expected to cross 8 knee-to-hip deep water crossings. That averages one water crossing per every 2 miles ... for 100 miles. Add to that, when the sun set, temperatures fell significantly colder than anyone had predicted. In the end, her plan was spot-on. Her legs held up great, her cardio was outstanding and her mind was clear. But after roughly 3 consecutive marathons, the water and cold won-out. With symptoms of hypothermia, she had to stop, take off her shoes, and think back on the adventure.

The real story here is not in how the race ended, but in that it ever started at all. The ambition of a 100 miler is amazing.

Now, look at your plan. What factors this year have made you want to stop, take off your wet running shoes and look back? Has unemployment taken a sharp climb in your market? Has a competitor gotten more aggressive than expected? 

The lesson is that the best, most thought out planning and preparation can never prepare us for the actual outcomes. Since we will never experience life-threatening physical limitations in marketing, we simply need to adjust, tweak the plan and keep running.

We bring these marketing philosophies to credit unions and community banks nationwide, and would love to bring them to your institution too.  Contact us to see how.

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A Boy and His Dogs (5 Ways to Create Loyal Customers)

We started a fun new chapter of our lives last Friday when we got two new dogs.  Yes, TWO!!!!  What was I thinking?!?!

It got me to thinking … we’re starting new relationships from scratch.  Kind of like you do with customers every day.

So here are a few things that I’ve learned about loyalty from my dogs … and who knows loyalty better than a pooch?

Kindness

This one goes without saying – well, until now.  But, like pups, customers respond to a kind voice and gentle demeanor. 

Consistency

Dogs and customers both have a short memory.  They are most likely to remember their very first and very last encounter with your institution.  So you and your staff must be on stage and on-point with every single interaction.  You can “say” you have great service, but it’s the consistent application of great service changes behavior and breeds loyalty.

Immediate response

Things don’t always go as planned.  With our youngest puppy, I’m ready to hang a sign in the house that says, “XX Days Accident-Free.”  For the record, this morning the sign dropped back down to 0.

When “accidents” happen, address them immediately.  Errors are an opportunity for you to pro-actively address an issue and actually build a better relationship.

For more on this topic, click here for our blog “Turning Oops into Opportunity.” 

Focus on the experience

Certainly my dogs are becoming loyal because we love them.  But having fun certainly doesn’t hurt!  Every day, we make a point of playing fetch and wrestling and letting them chase the kids (in a fun way).  My shepherd and I are quickly becoming great trail-running partners. 

I’m not expecting your customers to want to chase a Frisbee, but understanding what drives your customers – when they’re not in your branch – will help you to build a better relationship.  How do you accomplish that?  LISTEN.  You need to talk to your customers about their lives, not just their banking.

Positive reinforcement

Whether you're teaching Fido to sit on command or training a customer to use their debit card more times per month, rewarding good behavior works.  You don’t necessarily need a detailed rewards program – though there are many great ones out there.  But a simple personal touch, like a hand written “thank you” note for every new account opened goes a long way.

By following these five, simple ideas, you can become the Dog Whisperer of your customer loyalty program.

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Have a wonderful Thursday!

Melissa

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MarketMatch is a full-service marketing consulting firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.