Shop Around...

It’s the holiday season and everyone has shopping on the mind. But what about shopping your competition - have you shopped them lately?

Touching base with your immediate competition on their advertising, products, access, and customer service is something your financial institution should consistently be doing in order to ensure you are maintaining your competitive advantage.

It may be time to take a look at the competition and see how you stack up in the following areas:

• Advertising: What products/messages are your competition promoting and how does your financial institution stack up?
• Products: Do gaps exist in your competitions’ product lines or within product features?
• Access: What are the features of their websites and is the website interactive and resourceful? Also, what other technologies can customers/members use to interact with the bank/credit union or access their accounts?
• Customer Service: Communicate with your competition in a variety of ways (email, phone, in person, etc.) to see how they stack up. Are there ways that they excel or fall behind?

Competitive research equips you with the information that you’ll need to uncover where your financial institution excels and may lags behind. Once complete, you will better be able to identify your strengths, correct any weaknesses, and capitalize on opportunities!

Happy shopping!

Jamie

Lessons From Weekend Football...

Good morning...

We all know how the game went on Saturday and Sunday...depending on who you follow-- College or Pro.  My Buckeyes romped and the Bengals limped, but still won!

The greatest part about this time of year?  Mondays!  We ALL get to be the best coach and GM around...by analyzing what did or did not happen in the game.

Take the same logic and become a Monday Morning QB for your team...follow these simple steps:

• Calculate ROI for EVERY measurable marketing activity
• Review your strategic plan for gaps, changes, and Plan B's
• Review the week's results, by branch and product, to determine what worked and what did not
• Talk to the team...and hear 1st hand the feedback from the front-line-- and then incorporate what you learn into the planning for next week
• Review the other "teams" and so how they progressed...or failed...and bring that learning into your planning for next week, too!

Being the Monday Morning QB is the safe place to be...but ONLY is you implement the changes and take the learning from the week/weekend and bring them to life in your planning for next week/weekend.

Cheers!

Bruce Clapp

Spring Training

Pitchers and catchers report TODAY!  Soon there will be the smell of fresh-cut grass, the sound of wood cracking against leather and the aroma of hot dogs in the air.

Over the next few weeks, even last year’s All-Stars will be going back to basics:  How do you position your body to turn a double play?  What are the mechanics for a slider?  What is the sign for “steal second”?

What are you doing to get your team ready for Game Day (you know, that day a customer or prospect walks in your front door or calls your office)?

 

Here are some ideas to get Back to Basics:

 

Look in the mirror

Have someone from outside the company shop your offices.  Simply have them ask for information on a new checking account and see how your staff handle it.

 

Scout the competition

Have that same person do the exact same thing at your major competition

• How did your offices stack up?
  
• Was there an emotional difference in how they felt at each office?
  
• Most importantly … would they buy from YOU or THEM?
  

The Golden Rule

Treat EVERYONE who walks into your office as you would treat a guest in your home

• Look them in the eye
  
• Shake hands
  
• Walk them from place to place (NEVER just point)
  
• If a teller is referring to New Accounts staff, make formal introductions
  
• Offer a bottle of water to ANYONE who sits anywhere in your office
  
• Before you talk about yourself, ask about them (learn a customer's needs first and focus on the relevant products – don’t information dump)
  
• Ask if you can open an account for them today.  They took time out of their day to drive to your office – reward them with a new account.
  
• When the conversation is complete, walk them to the door, shake their hand and thank them for coming.
  

Sounds simple doesn’t it?  What is your staff doing right now?

Make sure your team knows the playbook

If your frontline staff doesn’t have a checking account, online banking, bill pay and debit card with your institution – how can they speak knowledgably about it? 

“I use our online banking and it’s super easy,” is a much more powerful sentence than, “Our online baking is supposed to be pretty easy.”

Getting Back to Basics means that you don’t necessarily need scripts or new procedures.  Simply use common sense, make an effort and have fun.

Enjoy your Spring Training!

 

Happy Trails,

Eric