Building a Bridge...

Greetings...

This weekend, I was helping my 17-year old son with a physics project-- building a bridge from toothpicks.

The project is an interesting dilemma...build a bridge to specific dimensions using nothing but regular toothpicks and white Elmer's glue.  The project is worth 50 points for the quarter and the student who's bridge holds the most weight among ALL students earns another 50 bonus points!  One would think that you simply use a ton of glue and hold it all together...that is where you would be incorrect!

The "trick" to the best bridge design is NOT the glue...its the physics of the toothpick placement!  The glue provides stability and flexibility but the true ability to do the heavy weight is the distribution of the weight across the bridge (for us, the organization).

So...there is my connection.

We work with MANY banks and credit unions around the country.  Most that are performing well but others not so well....the difference?  Its not the glue holding the organization together-- its the design of the teams!  The best teams works together and each contributes and takes some of the weight and helps the other teams.  This is one effective bridge design...the "Warren Truss" design.  It will hold and is a fine design.  However, it will not hold the most!

Here is what I mean...each bank and many CUs have a retail group, lending, investment group, and business lending.  If they operate separately-- no matter how much glue is applied to hold them together-- if they are not designed to be one unit with multiple entry points and really work together, then they are destined to fail.  Here is the design that is truly interrelated, "Warren Truss Subdivided" designed bridge...this will hold the most weight and it designed to be integrated and work as one unit.

Remember, glue is important-- as it gives stability and flexibility.  But the best design is one where everyone ACTUALLY works together, supports one another, and is seamless in distributing the work and weight!

Cheers!

Bruce

Today's Marketing Challenge: Keeping Social Media Fresh

We talk to financial marketers from all over the country, every day. During our chats, we hear what's bugging you. This week, we'll address some of the more common issues we're hearing.

You're not alone!

Today's Marketing Challenge: How do you keep Social Media fresh and beneficial?

Who's in charge of updating your blogs, Facebook pages, emails, Tweets, Linked In, etc., etc., etc.?

If it's just one person, you may be missing an opportunity.

The solution? Build momentum!

The underlying strategic goal behind any social media effort is to position the bank or credit union as a financial expert and to ultimately build the relationship with your target in a value-added way.

That said, you can build momentum in your efforts by soliciting the efforts of your entire institution. Schedule specific times for key team members to post messages. "This week our lending VP focuses on mortgage issues, next week our Commercial VP talks about how Reg E will effect transactions at the point of sale. The week after that, our Wealth Management advisor will discuss the ebbs and flows of the market."

Here are some tips:

• Since you'll want to include managers from different business units (preferably even the CEO) and/or staff from different markets, schedule well in advance
• Be clear on exactly who is responsible and exactly what they are responsible for
• Provide recommended topic ideas and talking points. The more you can do for them up-front, the more likely they are to do it
• Be a classy-pest. Send nice reminders prior to their deadline (see if they would like your help)
• Set clear guidelines. Tweets should be short ... Blogs should be no more than XXX words ... Facebook should not be salesy .. etc.

If successful, you will enjoy the collective expertise of your entire institution, your team will begin to understand the value of social media, your customers will get to know more of your team, and you will position your bank or credit union as having a deep understanding of a variety of financial issues.

Take care,

Eric