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.

Nearing 245,000 visits worldwide, we hope that you enjoy this blog.  If you find it helpful, please share it with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing.  

MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.

Here are the conferences where you can find MarketMatch.

See our story here. (click)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848

Follow me on Twitter @egagliano

8 Life Stages You Should Market To

Do you remember when Gen X was a bunch of flannel-wearin', Nirvana-listenin', baristas living in Mom and Dad's basement -- and that was the extent of their ambition?

Fast forward to today, when Gen X is driving a minivan to their kid's activities, meeting a monthly mortgage payment, trying to save for a seemingly nonexistent retirement and ... well ... writing an amazing weekly blog about financial marketing and consulting credit unions and community banks on how to better utilize their marketing resources!

As marketers, we understand that segmentation is little more than politically correct stereotyping.  

It's our job to stick everyone in the world into some kind of bucket.  Traditionally, we've done this based on generational criteria: The Greatest Generation, Baby Boomers, Gen X, Gen Y, Millennials, Gen Next.

The problem is that generations grow up - they evolve.  Segmentation based on generation is a moving target.

Now, consider this ... when Ben, my first child, was born, EVERYTHING changed!  That week, I picked up the phone and started learning about life insurance.  We bought a minivan for the power sliding doors.  During the "nesting" phase, we remodeled the house, prepares a nursery and did all but pad the walls in child-proofing.  All of this had some financial and banking ramifications.  And you know what?  My needs as a new parent were essentially the same in 2003 as a new parent's needs in 1983 and will likely be in 2023.

As bankers (and credit unioners), we are needed MOST during life's big changes.  Our job is to identify those needs and translate them into product solutions.

If you've been a long-time reader of this blog, you've read it; if you've heard me speak, you've heard it; if you are a client, you're likely implementing it.  Consider segmentation based on Life Stage.

There are certain events in nearly everyone's lives that we can predict and that generate specific financial needs.  This list may not be definitive, but it's a great start to get your brain moving:

School Years
From high school through college, they are building a base for their financial future.  It's time to establish great savings habits and manage any debt accrued in school.

Marriage
As two lives become one, there is often a consolidation of checking accounts, a new home, wedding and honeymoon expenses.

New Home
If you're not automatically bundling a credit card with your mortgage, start today!  Old stuff is never good enough for a NEW home.  They also need to start saving for those surprise expenses that homes have a tendency to through our way.

New Baby
Nothing changes financial priorities faster than the pitter-patter of little feet!  

Empty Nest
With fewer mouths to feed, empty nesters often enjoy extra disposable income.  Will change savings habits and often will looks to downsize their home.

Grandparent
They may want to help secure the future of a whole new generation by helping their children and spoiling their grandchildren.

Retirement
With more time to focus on themselves and on their loved ones, retirees look to stretch the savings that they've worked decades to build.

Owning a Business
Though there are similarities, business banking and personal banking are different.  These entrepreneurs are looking for sound advice and ways to better manage their money.


Once you've identified the relevant Life Stages, think about these folk's needs.

• How do they save and spend?
• How do they borrow and for what?
• What are their needs in the near future?
• What conveniences do they want and need?

Finally, assign the most likely products and services to fulfill those needs, then you can:

• Bundle products, 
• Package your bundles in ways that will differentiate you and facilitate meaningful conversation with your customers (see samples from the above photos),
• Train your sales staff to narrow the focus of their discussions and
• Fine tune your targeting of external and internal communications

FOR ANOTHER BLOG ON TARGETING 

AND SEGMENTATION, CLICK HERE.

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With nearly 185,000 visits worldwide, we hope that you enjoy this blog.  If you find it helpful, please share it with your colleagues.  Also, check out our YouTube Channel for short video blogs about financial marketing.  

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.

MarketMatch is also a nationally and internationally requested speaker.  Contact us to bring our marketing ideas to your next conference.

Here are the conferences where you can find MarketMatch.

See our story here. (click)

Chat with me LIVE! (click)

Or email me directly (click)

937-426-9848