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)

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937-426-9848

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USAA ... The Disney of Banking?

As a life rule, many people ask, "What would Jesus do?"  As a marketer, I typically ask myself, "What would Walt do?"  As bankers, we should all ask, "What would USAA do?"

In 2006 I left a Marketing role at a credit union and came to MarketMatch. Still, 7 years later, I'm a fiercely loyal CU member. They have my mortgage, home equity, 2 auto loans, checking, savings, credit card and some investments. But when I decide to leave, I'm going taking my accounts to USAA.

I have USAA home and auto insurance and, to me, they are the Disney of banking. Maybe that's why, in a 2011 Forrester report, USAA was found to lead our industry with 3.5 products per member, with Navy Federal Credit Union close behind with 3.1.

How can you see these kind of results?

Focus on Service, but Don't Forget Sales

USAA averages 3.5 products per member while Wells Fargo, a sales machine, "only" has 2.6 products per customer. What's up with that? In my opinion it's a slight deviation of focus.

I've shopped many a Wells Fargo for clients all over the country and they have an outstanding sales model.  USAA, on the other hand, has an outstanding SERVICE model.

I've been a USAA member for 19 years and in that time, I've NEVER met a single employee face-to-face. Yet, I still consider them the greatest service company that I do business with.

The USAA Way: Like Disney, the primary driver is the member experience. Focus every single member interaction on service first! Service leads to trust and trust leads to sales. Then ask simple questions at every interaction and suggest products related to individual responses. It's that simple. The unspoken steps here are: 1) Listen and 2) Care!

Bundle Products
Customers often walk in the door or come to your web site inquiring about a product.  The successful institutions don't focus on one product at a time, they focus on clusters.

Here are some examples:
Debit cards, online banking and e-statements are not "cross sells" to a checking account, they are access points and should be as assumed as ordering checks.

As soon as your customer closes on that mortgage and moves in, they're going to start filling their new house with ... new stuff!  Help them by bundling a credit card with every mortgage. If they're good for $100,000+, they're also good for a couple extra grand on a credit card. And it should go without saying that your mortgage customers should have an automatic referral to any insurance offerings.

Every single commercial account has a decision maker with a personal account. Do you have them both?  How can you package the two to give you an advantage?


Blowup the Silos

I have a client who, when talking about referrals from the mortgage department to retail, is concerned about getting the customer's "permission" to call. What I sometimes need to remind them is that customers don't bank with a department, they bank with an institution.

Rarely does someone bank with XYZ Mortgage, or ABC Insurance ... they are going to XYZ Credit Union or ABC Bank.

What USAA does REALLY well is communicate internally. My auto insurance contacts may not have all the answers about retail checking, but they're certainly not shy about asking me if I'm interested.

Many of you offer a lot of products. I'm not saying that every employee has to be an expert on every product, but they should know everything that you have to offer and know how to get someone to the right contact within one transfer.

When you want to focus on improving what you do, spend some time at USAA.com.  Look at their Life Stages or their Advice Center.  Notice, though they likely offer a lot more services than you do, how simple their website is to navigate.


Think about it.  USAA has 3.5 products per member among more than 9 million members ... and no branches! They are killing us and they only have the computer and phone to build a relationship. Imaging what we could do with our world-class, face-to-face interactions if we took a few pages from USAA's playbook. We could become the most magical banking place on earth.

Read More

• Lessons From 100 Branch Experiences
• Disney Service in your Branches
• $#*! Bankers Say

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.

With nearly 195,000 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

The Easiest Cross-selling Method

Everyone knows the importance of cross-sell and what this does to the bottom line of our financial institutions, but do you know the first place to start in putting an effective cross-sell program together? It begins with every employee within your company.

The best way for your employee to know and promote your products and services is if they themselves use them.  Other ways to encourage employees to get excited about cross-selling are:

• Start with internal campaigns to encourage and educate your employees well in advance of your external campaigns.
• Be sure to offer as-great or greater incentives for your employees than you offer your customers. After all, it’s your employees that take care of your customers.
• Make the internal campaigns fun and exciting - friendly competition among coworkers, branches, and/or departments can really get people fired up.  If your company has ‘silos,’ mix up the silos with team members competing on different teams. (For an example – everyone with birthdays in January on one team, February another team, etc.)

Make it your goal that each employee is your financial institutions’ best customer. I promise you, if every employee uses each of the products and services your financial institution offers, your cross-sell ratios will be greatly impacted!


Best,
Melissa

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People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily.  - Zig Ziglar


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.

The Checking Account is Dead ... Long Live the Checking Account!

OK, checking is not "DEAD," but certainly evolving.

I've been seeing several blogs and e-discussion about the death of the checking account because of electronic evolution and I'd like to add my two cents.  To me, it's a matter of perspective.

I'm rarely a fan of renaming products and re-educating customers, but it may be time, my friends.


As true customer-centric marketers, think about how your "Checking Account" is used.  In the past, the paper check was the primary access tool for the account.  Well, we all know, it's not your parent's checking account any more.


People will always have a need for this account -- simply because they will always have a need to access their money.  We just need to change the way we look at it.

It is no longer a CHECKING account, it is an ACCESS account.

Think about it!  It's a simple idea with enormous ramifications.  


This basic change in product name shifts the focus to what the customer really needs the account for.  It also controls how our staff sell the products and services that go with it.  


Would you ask, "would you like checks with your checking account?"  Of course not, it's absurd.  Then why do we ask, "Would you like online banking with your checking account?"


As an ACCESS ACCOUNT, our front line team can now focus on, "How would you like to access your account?"  


When we increase the utilization, we increase our PFI status and, in turn, increase income.

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.

Chat with me LIVE!

Or contact me directly (click here).