Strategic Partnerships Are Where It's At

As my whole family prepares for our annual fall pilgrimage to the South Carolina coast for a week of relaxation and reconnecting, I began receiving information from our rental company that had nothing to do with the house rental.  These specially-tailored messages featured things like grocery discounts, bike, boat, and ski rentals, and this latest one…a complimentary beach photography package.

Walking you through the thought process of a consumer, hiring a photographer for our beach vacation wasn’t on our radar.  At all.  We have talked about having a family photo every Christmas probably for the past ten years, but it is something we’ve never been able to coordinate with our busy schedules during the holiday season.  But, after seeing this post on the rental agency’s Facebook page, I sent an email out to my family and we all agreed this would be a good idea.

This rental agency has formed strategic partnerships with nearby businesses of every stripe in order to add value to its relationships with customers of all interests.  And those partnerships are mutually beneficial for both companies.  The photography company sends business to the rental company as well through its website, storefront and social media pages. 

We are all in strategic planning mode for 2014, and I urge you, community banks and credit unions, to step back and take a look at the communities in which you do business.  Your greatest opportunity for growth lies there, but your opportunities for adding value to your customer and member relationships can be vast, which will only make the community corral around your financial institution even more.  And it not only stretches your marketing dollars, but gets your message in front of people who might not ordinarily see your message but are interested in your services.  Case in point: the photography business in Charleston, SC.

If your financial institution offers business services – loans and deposit products – there is an even greater opportunity to differentiate yourself within the market and add value to these banking relationships by finding mutually beneficial ways to partner and grow each others’ business.  These partnerships don’t have to be companies necessarily.  Niche markets within your communities like residents’ associations, special demographic groups, and interest groups can be incredible for your institution because these groups all have very specific needs that you could be perfectly positioned to serve.

Knowing your customer and member base would be a good place to start.  Where are they shopping and spending time locally?  Adding more value to your product offerings is all about looking in new and different directions.  And strategic partnerships would be a great benefit to your members and customers - and your local community as well – in 2014 and beyond.  Happy planning!

Amanda

We bring these philosophies to credit unions and community banks all over the country to help them with their strategic planning, marketing, and branding initiatives.  Contact me to learn more about how MarketMatch can help your financial institution define its "why" and achieve sustainable growth in the future.  Don't forget to ask about our ROI Guarantee - the only guarantee of its kind in the entire financial industry!

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The Empty Seat at the Table

There could be an important person missing from your senior management/executive team meetings.  I’ll give you a hint: this person is responsible for driving the strategic plan to grow loans and other key performance indicators for your credit union.  This person has invaluable feedback when it comes to opportunities for growth, process improvements, new product and service recommendations, and ideas to get the staff more engaged. 

Pssstt…it’s the marketing person. 

If this seat is empty at your institution, I urge you to reconsider the merits of why your marketing vice president/manager/director/department head hasn’t been included in meetings thus far.  It may be because their schedule is already so packed that you couldn’t possibly ask him or her to sit in on another meeting.  Or perhaps there is the perception that a lot of the conversation at these meetings is operational and therefore doesn’t apply to marketing. 

Ahhh…but that is EXACTLY why your marketing person should be included in these meetings.  If you have a seasoned marketing exec, their insights into industry and institutional trends, ROI, staff culture, and organizational goals will not only enhance the meeting as they are the most knowledgeable about potential growth opportunities inside and outside the institution, but it will help to make the marketing efforts that much more successful if this person is very well informed about all aspects of the organization.  If, perhaps, you have a less experienced marketing person at the helm, what better way to help them grow than to expose them to the whole of the organization so they can be more knowledgeable about, for example, why loans need increased, who a good target market will be for a campaign, and how that affects the bottom line?

Marketing is the engine that drives all of the operational goals.  For example, how is ROA increased?  Pinpointing the exact opportunities within your membership/customer base for potential growth and pulling various tactical levers to achieve growth in loans, deposits, products per member and retention.  Marketing isn’t about pretty postcards and banners on the website.  Marketing is born out of the strategic goals - and even challenges – for your institution. 

The results of including this person in your senior leadership/executive team meetings are twofold.  As stated above, it will only increase the effectiveness of your marketing efforts and growth in your institution’s key performance indicators.  The goal of any organization should be to grow and challenge its people and give them opportunities for advancement.  Including the marketing department head will also challenge and grow this person – regardless of tenure- and make them more loyal to your institution, which saves you money long-term as well.

If your financial institution is already including your marketing VP/Director/Manager in these meetings, then I would like for you to give yourself a big pat on the back!  Way to go! 

And, if you find yourself in the latter category, it’s not too late!  Go ahead - the rewards significantly outweigh the risks!  You will be on your way to even more amazing growth and success in the future while also having a more well-rounded employee that is a loyal spokesperson for your organization both inside and out.

 Amanda

We bring these philosophies to credit unions and community banks all over the country to help them with their strategic planning, marketing, and branding initiatives.  Contact me to learn more about how MarketMatch can help your financial institution define its "why" and achieve sustainable growth in the future.  Don't forget to ask about our ROI Guarantee - the only guarantee of its kind in the entire financial industry!

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Patience is a Virtue

We have all experienced the thrill of impulse buying; being in the mall or your favorite store ready to buy the items in hand that you went in for.  And then you see it.  A pair of shoes on a display; that new suit you’ve been eyeing for 25% off; a new appliance.  For most, that thrill lasts until the bill comes, and then reality sets in about how this unexpected purchase will affect the budget for weeks or even months to come.

For the purposes of this post, agility and being able to make adjustments quickly is a given for credit unions and banks.  We have to make decisions about liquidity, rates, and many other things on a regular basis.  I’m talking about the super huge decisions that set the course for future decisions and results.

In business, the result of “impulse” decisions can be detrimental to the future direction of your financial institutions.  There is always a new piece of technology, a cool marketing trend, and more people to serve.  Decisions about these and other things set (or change) the trajectory of your organization, and you want to make sure that these choices are all pointed toward the same end goal…your why.

Your “why” is why your business operates, and how it operates differently than everywhere else.  Your why is the reason you and your staff members choose to work in YOUR institution. 

It takes a lot of patience to find your why, and even more to stick with it.  Once you define your why, it is important to weigh against it every choice about product suite, target market, branch location, and even staffing to make sure that you are keeping your compass pointed toward that ultimate goal you set as an organization.

I am working with a client that has spent the last three years patiently doing the work to define the credit union they want to be, performing market research to determine who they are best-suited to serve, and getting their data processing and other systems in place FIRST to be able to start serving those members now. 

What has impressed me over and over about this credit union is their fortitude and vision to pass on pulling that lever in order to achieve short-term successes on their balance sheet.  They wanted to get everything right first in order to set themselves up to have a truly unique culture and sustainable growth in the future. 

The patience that this credit union has had during this process is a virtue that has guided and will continue to guide them on the road to success.  Like we say in our office, there are a million things you could do, but a successful business chooses the few things they should do in order to have the biggest impact.

Amanda

We bring these philosophies to credit unions and community banks all over the country to help them with their strategic planning, marketing, and branding initiatives.  Contact me to learn more about how MarketMatch can help your financial institution define its "why" and achieve sustainable growth in the future.  Don't forget to ask about our ROI Guarantee - the only guarantee of its kind in the entire financial industry!

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What I really need is...

Remember when...

The iPad was not a word, the iPod was a glimmer in Steve Job's eye, "tivo" was not a verb, noun or an understandable word at all!

Yes...the innovators have changed the world.

The financial industry is changing...for the better or for more challenge will remain to be seen...but changing none the less.

Your challenge-- should you decide to accept it-- is to figure out what your client or marketplace "really needs."

BancVue started recent innovation with the "high rate checking, Bank of America came along with "Keep the Change", Huntington Bank added the "24-Hour Grace" and "Asterisk-Free Checking."

Each addressed a fundamental financial need...that was not directly on the surface or clearly spoken by the customer-- but a clearly defined need indeed.  Similar to Tivo, people did not know what they were missing.  To me that is a hallmark of a true innovation-- something not expressly defined as a need by people, but once it arrives, one wonders how they got along with out (just TRY a day without your iPhone!!)

Here are three keys to helping YOUR organization innovate...

• Listen... Intently-- to you customers and your staff.  Their actions WILL show you what they need and what innovations may stick
• Get up close and personal-- the front line of your organization is probably solving the issue right now (the 1st switch kit was born as a sight draft and an industrious teller!)
• I think I can...I think I can-- the best innovations come from areas that are improbable and sometimes from a staff member that may be outside the realm of management...be open to the greatness of the idea!  Some of the greatest ideas started small and in a garage (think HP, Apple, Microsoft!!)

Innovation--- its AT YOUR FINGERTIPS!

Look for it...be open to it...seek it out.  It is there for the taking and your clients will love you for it!

Cheers!

Bruce

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.

Learn more here.

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Or contact me directly (click here).

Strategic Planning & Accountability Go Hand-In-Hand

As strategy planning is just around the corner (if not already here), do you find yourself digging out your 2010 Strategic Plan to see what you have accomplished, or is your strategic plan routinely referenced to ensure your strategic objectives are being met?

If your strategic plan is dusty or even hard to find and you are wondering why ½ of the tactics are not yet implemented, there clearly may have been a breakdown in accountability and follow-through. Strategic Plans fail all too often because leadership does not hold employees accountable.

Accountability and follow-through are imperative in making your strategic plan a living, breathing document that truly guides your organization to fulfill your vision. To transform your organization through the strategic plan, leadership must build and sustain personal accountability starting with management and continuing through to frontline employees. The process is simple, but it makes a world of difference…simply determine who is responsible by when, set priorities for each person, and monitor progress.

This year, when you begin the Strategic Planning Process, assign accountability to the strategic objectives and then monitor your plan on a regular basis. Plans are monitored on a regular basis help to ensure personal accountability and organizational progress.

Put in the work to win the race

In one month from today, I'll be running in my first ultra marathon - a 50K trail run in Michigan.

While on a training run last night, I got to thinking about how so many of the bankers I talk to are starting to talk about their upcoming planning sessions. As I was running through the woods, I started making comparisons to running.

When September 25th comes, the gun fire and the race begins ... the winner will not necessarily have that day's efforts to thank. Rather it's the hundreds of miles run the weeks and months leading up to the race that matter more. It's the hill repeats, the speed work and the long runs. It's the preparation!

The same goes for your planning. First, we need to scrap the phrase "Planning Session" and call it what it is, a PLANNING PROCESS. Planning should not begin and end at your retreat. You should be reviewing, working and improving your plan every day. The "session" should simply be a sanity check ... a report on progress and a group agreement to stay the course or tweak.

What are you doing now to make sure your 2011 planning is a success? Here are some thoughts:

• Make sure you have a thorough understanding of the competition: conduct secret shops, review their products, packaging and pricing. How are they doing in market share?
• Understand market trends. What do local consumers want (not necessarily what product, but what end result - lower monthly payments ... pay off debt faster ... just get by to my next paycheck?) What are their perceptions of your institution and the competition? (Primary research is best here, but if you don't have the time or budget, collect data wherever and however you can to make a informed decision)
• Analyze how your current product suite aligns with the competition and market trends.
• Analyze how your current sales process and external communications aligns with the competition and market trends.
• What are the current financial needs of your institution?
• do you have the right people in the right places to achieve what you need to?

Without some of these basic questions answered, I don't see how a strategic planning process can be very, well "strategic."

A little sweat during the preparation will make you more successful (at least that's what I'm counting on when race day rolls around!)

Take care,

Eric

Jumpstart 2011

OK...

So here we are in the 2nd week of August, half way through the 3rd quarter and you are looking at your budget. You have been focused, thrifty and bent on ensuring an ROI...but it is still...

G-O-N-E !!

Where did it go?  What do you do now? You still have the 4th quarter to go and you need to make sure you hit the ground running in 2011, as it will be the year for growth and coming out of this recession thing at full speed.

That's where you need a jump start.

MarketMatch is here for you...

We know that planning takes time and you need planning to ensure your ROI is the best possible, that your targeting is fool-proof and that your team is ready.

Give me a ring and find out about our 2011 jump start opportunity....it might be JUST what you were looking for and a way to "kill two birds with one stone!"

Cheers...

Bruce Clapp

The tide will turn...

Good morning and HAPPY MONDAY to everyone....

Thank God its Monday!

Today really is a good day.  Sunny, not windy and will be getting warmer...plus my daughter is getting back to a good plateau in her health!

Now, for the update...later this week, we will be launching an exciting new service for bankers around the country and the timing is based upon my belief that the tide has begun to turn and there are plenty of bankers that are looking to charter a new course and the investment community is seeing the opportunity, too.

De novo banks typically open in areas where a void has been left or created.  Closed banks, merged banks, growing markets...all ripe for a de novo bank.  With many execs displaced in mergers, the executive operational talent and drive to start a bank is richly available. 

Here is a chart of de novo bank start-ups in the last couple of years.  You can see they have fallen, but the rise is about to occur.  MarketMatch will be there to help with our expertise and focused assistance!

As you can see, there are parts of the country that flourish with de novo bank openings... keep your eyes open for our announcement later this week.

Have a GREAT MONDAY!

Bruce

Nature Quotes to think about this Monday

"Every morning in Africa, a gazelle wakes up. It knows it must outrun the fastest lion or it will be killed. Every morning in Africa, a lion wakes up. It knows it must run faster than the slowest gazelle, or it will starve. It doesn't matter whether you're a lion or a gazelle--when the sun comes up, you'd better be running."

~Roger Bannister

First man in history to run a sub-four minute mile

"Wolves do not aimlessly run around their intended victims, yipping and yapping. They have a strategic plan and execute it through constant communication. When the moment of truth arrives, each understands his role and understands exactly what the pack expects of him."

~Twyman Towery

Wisdom of Wolves

The thoughts for this Monday?

• Are you the lion or the gazelle?
• Have you hit this Monday running?
• Are you running around your competition "yipping and yapping," or are you following a plan?
• Are you constantly communicating your strategic plan to the rest of the pack?
• What is YOUR role in the hunt?
• Does your entire team know what the pack expects of them when the moment of truth arrives?

Thank God it's Monday!!!

Take care,

Eric

Pro Bowl

Greetings!

Getting ready to watch the NFL's Pro Bowl...and yawning at the same time.

They have moved the Pro Bowl to the week before the Super Bowl to try and add some spice and interest in the game.  Need to move on to idea #2!

The All-Star Game in Major League Baseball is exciting...they engage the fan's, interact with them, and its a playful (but serious) game. The Pro Bowl?  Whiny millionaires on vacation.

So, I am up for creating a "Pro Bowl, All-Start, of MVP" of bank and credit unioning marketing.  Any one want to step up and offer a nominee??

Here is my initial list...

• David Kreiman
• Michelle Willis
• Samantha Strickland

Of course....I cannot vote for MarketMatch (but I think we rank really high!)

I am accepting votes and nominees through Friday...and then I will repost the winning list!

Cheers!

Bruce

2010....it's here! Ready to Rock??

OK....the thinking, planning, rescheduling, organizing, etc....all comes to a head today!  2010 is officially here for the business world...

Ready to rock?

We are!!!

Here's to a GREAT coming year, complete with success (both expected and the best kind...unexpected!)

Cheers!

Bruce Clapp

Would you like a checking account with that pizza?

Would you like a checking account with that pizza?

This month I am traveling meeting with potential clients, visiting family for the holidays and catching up with old friends. After driving over 700 miles in three days, I was getting ready to relax in my hotel and watch the Indianapolis Colts continue their pursuit of perfection.

As you probably know, a football game isn't complete without pizza and your favorite beverage!

Thirty minutes before game time, I called Domino's delivery.

When the pizza arrived, stapled to the pizza box was a flyer from National City Bank. "Open up a National City Checking Account and get up to $300 - How's that for a bank statement." The flyer had all the qualifications and required legal disclosures.

The flyer was branch generic but included the "call to action" i.e. come to your nearest location or call a 800#. It had an expiration date, etc.

I don't know how many Domino's pizzas get delivered in a months time in the city of Indianapolis but I'm sure the number is substantial. The cost of the flyer was minimal and I'm not sure if a fee was paid to Domino's but the all in cost (excluding the $300 offer) was probably very reasonable.

Someone at National City really got creative when trying to grow their checking base.

I know it is a cliche but don't be afraid to "think outside the box" as you tackle your institutions growth challenges!

Have a great holiday season!

Mike

Why your bank's strategic marketing plan can't wait!

It's that time of year when everything begins to compete for our time...the Holidays are here, family activities are in full gear; and wrapping up this year's marketing activities, planning the budget for next year, keeping an eye on new legislation, and many more items are also priorities. What I have found in working with numerous banks over the years, is that it is all too easy to let the marketing plan for next year be put off until January. Does this sound familiar?



I know it takes alot of time to research the market data, competitor data, review internal reports on balance sheet, profitability, study MCIF reports to find those golden opportunities, meet with division heads to find out their priorities and goals and marketing support they require, and then create a targeted plan for the investment of your marketing budget. I feel your pain!



Yet danger lurks in letting this important component of your job go until January. Namely, that you lose the first quarter. If you write the plan in January, get it approved in early February and start implementing in late February, you can't really get started until late March or early April.



A good marketing plan should be designed so that you are more than halfway to all of your goals by June and many would agree that most of your budget should be spent by the end of September. For any sales results to have an impact to the bottom line during 2010, this is the optimal schedule. If you don't get started until March or April, you won't achieve what you could have with your marketing budget in 2010, and as a direct result, you lessen your probability of getting the same or an increased budget for 2011.



A great marketing plan is the basis for a great year! If you are strapped for time and would appreciate some outside support for this critical component of your job, contact us at MarketMatch. We have years of experience at it. Check out our new "Expert2Go" services here: www.marketmatch.com/services/expert2go.



It won't cost you much, but it could get you way ahead of the game!

Here's to this busy time of year,

Sharon

6 Steps To A Successful Strategic Plan

1. Perform your own SWOT analysis: What did you do right last year? What did you do wrong? What are your institution's values ... be honest.

2. Be reflective: What do you think, as an institution, that really holds you back? How can you create your own self-fulfilling prophesy?

3. Be focused: Where do you need to focus to be successful next year? Now pick the ONE thing you want to really put all of your resources into.

4. Step up: With your measurable goals - assign specific responsibilities to team members. Spread the accountability across the entire team so that no one person has an unattainable mountain of work.

5. Share: Communicate to all employees the strategic goals. Let them know how your institution is doing on a regular basis to keep them motivated.

6. Do the hardest work: Too often, strategic plans look great, make sense and fall flat. Measure your efforts against the goals - monthly. Meet as a Strategic Team to discuss the progress of each responsibility and results against the goals. Hold everyone accountable all year.

Note: Sometimes it helps to bring in an industry expert as facilitator to ask the tough questions and state the sometimes sensitive facts.

Take care,

Eric

Early nights...and Halloween

Greetings...

I was reminded yesterday that fall is falling!  If you happen to live in the midwest, you know what I mean.  Crsip nights, changing of the leaves...and of course, the time change looms.

When you live in Ohio, the time change means that very soon it will be dark in the morning when you wake up and dark again at 5:15 pm.  Early nights and short days.  The good news?  Halloween is around the corner and early nights and short days make for a GREAT Halloween!  The darker and spookier the better for getting candy and having fun.

This natural cycle just means that summer is close to coming around again!

So what is the point...

Its the cycle!  For a marketer the short days and early nights usually happen in the 3rd and 4th quarter as our budgets begin to be tapered down.  We need to remember that there is light at the end of the tunnel and that is budget planning, which will start soon (if it has not already started for your bank/CU!)  So, what is your "Halloween?"  The mid-fall event that raises hope, generates fun and brings lots of candy/sugar!!

I encourage you to gather your troops at your Bank/CU and make something happen.  Did you know that THIS WEEK is National Customer Service Week (October 2-6)?  Use this as an opportunity to highlight your service, resurrect your service, or make service an integral part of your 2010 plans.

I know...I know....EVERYONE has great service.  However, we ALL know that we need to INSPECT what we EXPECT (thanks Marty Cohen!) to ensure we get what we want!

Implement a service measurement process...start today!  Make it...

• Measureable
• Consistent
• Customer focused
• Widely communicated

And use the results to coach and mentor staff until you reach a service culture that you can believe in and know that it is consistent across all branches and parts of the day!

And just think...summer is a short winter away!

Cheers!

Bruce Clapp

Don’t Plan to Fail in 2010

Avoid the Top 3 Strategic Planning Pitfalls

Not all strategic planning is created equally. The majority of companies find a mere 63 percent of the goals outlined in their strategic plan are achieved each year. Why leave all of that opportunity on the table?

How can you pull the extra level of growth out of your strategic plan? Make strategic planning an ongoing process rather than an annual event combined with a golf outing or Board retreat.

Most companies see goals fail because their strategic planning process lacks three basic components necessary for success.

• A chain of leadership involvement that extends beyond Executive leadership to include those business leaders actually responsible for producing results.

• A defined accountability program to achieve the goal and detailed process for ongoing progress reviews.

• A platform that includes ongoing monitoring and review to take strategic planning from a onetime annual event to an evolving growth process.

Incorporate these three elements into your planning and you’ll achieve more next year. Or, consider successful planning programs like Best Year Yet®, a strategic planning process that achieves significant, measurable and relevant results by generating alignment to move everyone in the same direction. Best Year Yet is a program that changes behavior, culture and performance to deliver success year after year.

Want to find out more about Best Year Yet – email Sharon Lovejoy at slovejoy@marketmatch.com and plan for success in 2010.

Deanna

Making Sense of it all...

Not sure if you have heard of Andrew J. Hall...but he has become a symbol for all bankers. He is the head of a company called Phibro, a small commodities trading firm in Westport, Connecticut.

The deal is that Phibro is a subsidiary of Citigroup. They trade energy commodities and have made a ton of money....almost $2 BILLION in net revenue in the past 5 years. That equates to about 20% of Citigroup's net revenue...think about that. One guy and his team of 54 employees have made 20% or more of Citigroups operating profit!!

Impressive....

Perhaps more impressive, or scary, depending on your viewpoint, is the $100 million bonus he is about to receive....the 2nd $100+ million bonus he has received in the past 3 years.

Earned? No doubt. Citgroup obligated to pay? Yes, it is in his contract. Out of sight bonus? You bet! I will offer no other commentary...other than to say you know what I could do with $100 million???? (maybe buy a German castle with 150 rooms like Andrew Hall did!)

This gives us all cause to pause....certainly our community banks and CUs are not paying such bonuses to the degree of Citi, but we will all be, again, grouped into one pot. All taking a hit on our reputation and trust factors.

Today, we are hosting a Reputation Management eCollege session....this is EXACTLY why you have to proactively manage your own reputation. Because if you do not, someone else will!

I encourage you to proactively think about your brand and your reputation...there has never been a more important time!

With the strategic planning "season" coming upon us...you need to add this to your agenda!

Cheers...

Bruce Clapp

PS: Remember, we can help make 2010 the "Best Year Yet" with our proven strategic planning process!! Give us a call or email...

Here is the article on Andrew Hall

Pondering the Road Ahead - what will change?

Could we finally be seeing a glimmer of light at the end of the tunnel? There are reports of some positive economic indicators. And, economists are suddenly cautiously optimistic, even forecasting a recovery ahead, albeit slow.

When we come out of this morass is a question I'll leave for others. But I do think we as marketers and planners need to spend some time thinking about how the world will have changed in response to this unprecedented financial crisis.

How will what has happened in banking and the economy over the last 18 - 24 months change our industry in the next 10 years?

I'm not talking simply about the regulatory changes we will all have to navigate, but, what has this done to the psyche of our customers?

Ponder the following and share your thoughts so we can paint a picture of what to expect in 2020.

How will the experience of surviving and economic meltdown change how businesses and individuals deal with their finances?

Will customers have new expectations of their financial partners as far as transparency, knowledge, guidance, etc.?

Will this change how customers seek credit? More cautious about
accepting credit? More skepticism about the fine print?

Will customers become more receptive to financial management products?

Is the increased interest in savings products and a rise in the personal savings rate a newly ingrained behavior of the future or is it a temporary reaction?

How will the dramatic crisis of trust in the financial services industry impact our ongoing customer relationships? How can we turn the tide? Are there other industries that have faced a similar break in trust that have overcome it successfully? What did they do?

I'm sure there are other questions to look at to see how the relationship between customers and financial services providers will change. Share them as you think of them.

Now the big question -- how do we incorporate these changes into how we market and what financial services products we offer?

We are looking ahead at MarketMatch, asking questions and realizing that we will be doing business in a changed world. Call me and let's ponder the future together.

Deanna

Ignoring Fear

I was at the IBA MEGA conference this past week....saw Erik Wahl present again. His message and performance is excellent and always on the mark.

One captivating point, especially in the current times. The concept of FEAR. Erik shared a definition of FEAR....it goes:

• F false
  
• E evidence
• A appearing
• R real

There is a tremendous amount of fear in the market place today...some founded in fact and most built from media hype. The solution?

Communication.

You need to over-communicate, if there is actually such a practice. Communicate to your customers, your best customers, your staff, your shareholders, your market....everyone!

Not the "we are safe and stable" message, but a tangible message that is actionable. I heard a radio spot for a bank in Michigan and it was the president speaking and sharing very tangible ideas on how their bank was strong (facts) and ended the spot with his direct dial phone number. That creates tangible comfort!

Remove the fear, communicate, communicate, communicate!

Cheers!

Bruce