Gamify Your Way to a Financial High Score

A very close friend of mine sent me a cool article from Forbes a few days ago about motivating your staff through Gamification.

Gamification, according to the article is: “taking techniques that make games engaging and addictive and applying them to things that are not games.” In particular it’s about providing rapid non-financial recognition and rewards to reinforce positive behaviors.


Chances are that, on you smartphone and/or tablet right now, are several social media and game apps where you can earn badges.  Those essentially meaningless little icons that you've played hours to earn and collect.  

I have about 15 badges on Foursquare right now, including JetSetter for being in so many darn airports (not all badges are fun to earn!) and Fresh Brew for being in so many different coffee houses (some badges enable addictions).


While the phrase "gamification" annoys me, the concept intrigues me.  

The Forbes article does a great job of defining how you can use gamification to onboard employees into your corporate culture and reward them for reaching performance goals.

There 3 Simple Steps Are:

1. For each employee, figure out what behaviors have the most impact.
2. Make sure those employees know what is expected and have the tools, resources and support required to do what they need to do.
3. Recognize and reward behavioral steps along the way as well as end results.

See the Forbes article here



The Forbes article re-inspired me and motivated me to reach into my "Giant Bag of Big Ideas Never Fulfilled" from 2010 - before "gamification" was even a word.

Some examples of internal gamification badges you could create for your staff are:

Do Gooder: Employee with 20 + hours of community volunteerism

Savior: Employee who finds way to lower customers payments

Ada Boy: Employee who receives positive customer comments

But you can also use gamification to increase loyalty and deepen share of wallet.

If you want to affect Gen X and younger, here's an idea...

Could you imagine motivating your customers to deepen their relationship with you through phone app-style rewards?  What if each customer had a PURL (personalized URL) that tracked their relationship with you?  You could then send email to reinforce positive activity and promote "special badges" on your social media - challenging customers to earn more badges (106 customers earned the "Tree Hugger" badge this week, click here to see how to earn yours).

POSSIBLE BANKING BADGES

Easy Rider: Motorcycle Loan

Car & Driver: Any auto loan

Gonna Need a Bigger Garage: 3^rd active auto loan

Tree Hugger:eStatements

EZ Access:Checking

Charrrrge It!: Credit Card

Trifecta:Checking, Debit and Online Banking opened

Far Far Away:Vacation Savings

Tis The Season:Christmas Savings

Rockafeller:$150,000 in total deposits

It’s mine, all mine:Any paid off loan

Professor: Attend education seminar

Entrepreneur:Small Business Loan

This Could go Platinum: Any CD

Banking in Jammies:Online Banking

Mmm: Money Market

Writer’s Cramp: 30 signature-based debit card transactions in 1 month

Single-handed Stimulus:50 plus debit card transaction in 1 month

Loyalist: 4 or more total products

No More Rent:First time mortgage

Home Sweet Home:Any Mortgage

Nest Egg: IRA

Pass It On:Referrals

The challenge, of course, is measurement and tracking of the badges.  But, realistically, most of the above criteria are built on simple triggers or reports from your core, MCIF or CRM system.  The more immediate the reward notification, the better - so monthly updated files aren't ideal.  But don't let the tech-geek in you kill a potentially good idea.  If you think it will work with your base, make it happen.

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.

What an 6 year old can teach us about customer motivation.

My 6 year old daughter took up Irish Dancing about 6 months ago (she's the redhead in the photo). For 6 months she's been practicing every day and learning new steps. Finally, last week, she had her fist recital and did great!

She loves her Irish Dancing, but since her recital, she can't stop talking about it.

Stay with me, there's a banking point here ... recognition!

Just a little recognition or reward can help to motivate a consumer.

• A congratulations notice when a customer hits savings milestones
• An "your almost there" notice when a loan is paid down to a limit
• Hand written thank you notes when someone opens a new account or makes a large deposit

Think about how you can do the little things to recognize your customers and reignite the spark of interest, excitement or fun that they felt when they first walked into your branch.

Have a blessed and safe St. Patty's day - a day when we're all Irish Dancers.

Take care,

Eric