A 10 Year Old, Bad Dancing, 2 Dogs & Your Agency Relationship

I haven't seen it yet, but I'm sure it's out there.  You know, EVERYTHING is caught on video now-a-days.

I first want to apologize to everyone, and then explain myself.

When you see that video of the dashingly handsome, painfully modest, suburban man acting 15 years younger than his true age and doing a dance in his front yard that is a unique interpretation of an Irish jig and the Macarena ... I'm sorry. But I had a darn good reason!!!

My 10 year old son mowed my lawn ... by himself ... for the first time this Saturday.  

(Pause, while I do ANOTHER little dance)

At face value, this seemingly has NO meaning to you, my fine marketing reader. But wait, it will!

With my son dutifully walking straight lines back and forth in my yard, it freed me up to do a lot more. I was able to mulch the flower beds and straighten up the shed. With a much more productive Saturday than I had anticipated - I was able, on Sunday, to be a lazy slob and nap with my pit bulls on the couch.

Don't get me wrong. It wasn't easy to hand over the mower. And at first, I kept stepping in to go back over small strips that he missed. Even now, I look at the yard and know that it doesn't look EXACTLY how it would if I were to do it, but it looks pretty darn good. And thanks to his help, I was able to accomplish significantly more.

Now, think about your 3rd party partnerships. Like my handing off the mower, it may be hard to relinquish some tasks. And since we are, in great part, in a creative business, I can guarantee that the solution an agency comes up with will be different than the direction you would have taken. 

There are two reasons to engage a 3rd party marketing firm:
1) When you need additional expertise in an area that simply isn't your forte.
2) When there aren't enough hours in the day to focus on all the things that really matter.

Had I kept stopping to "recommend" better ways for my son to mow, I would have never gotten my other work done.

That's the trick to a sound partnership, isn't it? You need to know when to let go and trust your partner. Assign them the jobs that you are comfortable handing off or where you need the added expertise. Unlike my boy, I'll bet it's NOT their first time behind the mower. Then you can look like a hero by completing more than expected. Heck, you might even have time to hit the couch and nap with your pups too.

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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Managing To The Customer's 1%

Lets face it.  Regardless of your great checking product or competitive rates or fancy branches, when it comes down to it, customers really want convenience and assurance.

 

The convenience is the acquisition phase. In most cases, the FI with the most branches wins market share.  But we can get into the discussion of covering the footprint vs brand awareness and differentiation in a different blog.

Today, I want to discuss retention and relationship depth … the assurance phase.

When it comes to existing customers, here’s the REAL secret …

99% of the time, your customers just want you to do your job!  Don’t screw up!

It’s what happens in the other 1% of the time that really helps you to stand out. That other 1% -- when they’ve mismanaged their budget, want to make a major purchase, are experiencing a significant life change, need guidance.

Our rally cry as bankers should be to shine during the customer’s 1%.

• Train to spot the 1%: Your staff should understand this 1% rule and know the difference between a need to simply do their jobs and a need that will change a customer’s life.
• Life Stage: To help identify many of your 1% situations, understand the events in a typical life cycle that impact someone’s finances.  Define the events, understand the customer needs, present solutions, provide front-line tools and train, train, train.
• Tell your story: Your staff impact customer’s lives every day.  Your bank or credit union has helped many customers tell their life stories.  You’ve helped them buy their first home, manage their budget so they can keep their home in times of trouble, you’ve helped to retire early or restructure finances when priorities change with the birth of a child.  You should share these stories inside and outside of your branches.

Being prepared for the customer’s 1% will help to create more loyal customers, will increase referrals, and will help deepen relationships.  Keeping their accounts accurate and not charging ridiculous fees is expected – for the day-to-day stuff, people only notice when you drop the ball.  But, being there for customers when they REALLY need you is what gets them talking and keeps them with you.

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.

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Who is Your "Uncle Dave?"

“'I might have to make a visit to Uncle Dave,' which is what people in Ouray say when they need to take a loan from the local bank, Citizen’s State, whose chairman is named David Wood.”

This is an excerpt from Twilight of a Mountain God, an article about Rick Trujillo - who said the quote - in the January, 2009 Runner’s World magazine.

Trujillo is part mountain goat … his trail running accomplishments, tenacity, endurance and downright stubbornness made me say, “Wow.”  Then I got to this quote and said ... well, let’s just say it was more than “wow.”

Sure, the city of Ouray, Colorado has fewer than 1,000 residents – but any community bank or credit union in ANY city can have an “Uncle Dave.”  It can be your chairman, president, or branch manager.  Even in a metropolitan area, a community institution can have the "Uncle Dave" of the neighborhood surrounding the branch.

Essentially, Uncle Dave is the community’s go-to-guy when it comes to banking.

Think of the power of having an Uncle Dave … especially in this economy with money transferring and trust wavering. 

My goal for 2009 is to begin to create at least one Uncle Dave (this type of rep won’t come overnight). 

You just need to:

• Have the right Uncle Dave – someone who can represent the bank or credit union well and “own the role.”
  
• Be the first to market – it won’t do to be the second Uncle Dave in the market
  
• Be consistent – Uncle Dave is a THE community banker
  

If you have an “Uncle Dave,” please share some thoughts about it in this blog.

Have a very merry Christmas and happy holidays.

Take care,

Eric