The Lost Art of Engagement
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Transcript of The Lost Art of Engagement
• 14 year old Financial Marketing Company
• Principals have spent a majority of their careers in the financial services and marketing industries
• Work with financial institutions of all sizes in helping them generate more sales through more channels
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Today’s Remote Customers
• Technology is causing more customer remoteness, moving brand attributes away from people to transactions
• 34% haven’t been in a branch in 6 months (bankrate.com)
• Millennials see branch as irrelevant
with 92% preferring to do their
banking online (TD Bank Study)
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Lack of Engagement
• Branch mystery shop of 134 banks (Econiq)
• 88% offered only single product
• 11% offered companion savings
• 1% offered non-deposit product
• Survey of 4000 retail bank customers (Accenture)
• 74% consider their banking relationship to be transactional rather than relationship driven
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Need to Engage Beyond Transactions
• Building a brand image beyond transactions - as a place to go for more financial needs
• Leverage branch and digital channels to engage customers in more meaningful ways
• Turn those engagements into selling opportunities
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Engagement Means Sales
• Gallup research “customers that are fully engaged represent an average 23% premium in terms of share of wallet, profitability, revenue, and relationship growth.”
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Content Will Engage
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• Creating and distributing relevant and valuablecontent to engage customers.
• Moving that engagement into more life events to start dialogues and provide solutions.
Why So Powerful?
• People are looking for easy to understand answers to their financial questions.
• People will buy from the one who provides it.
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Source:Next Century Media
Why So Powerful?
• This is especially true around life events when, according to Forrester Research, they are 43% more likely to buy a financial product.
• You want to engage in a meaningful way that makes you that resource for answers,
not the competition.
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Content Marketing: A New (Old)
Strategy
• John Deere – 1895 – newsletter on technology in agriculture
• Nike -1966 - benefits of jogging, not selling shoes
• Home Depot - today– teaches people how to build a fence
What Type of Content is Needed?
• Your customer needs…
Broad
Branded
Easy to navigate
Easy to read and understand. No jargon!
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What Type of Content is Needed?
• Your institution needs…
Professionally created and maintained to satisfy legal, tax and regulatory changes.
Compliance reviewed including FINRA review letters for investment related content
Reviewed and approved by B/D compliance department
Expanded as needed to reflect changing rules and regulations
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• Content that sits idle is not helping your customers and not helping your financial institution
• Its more than just passively offering financial literacy or general education
• Most people react to events as they occur
• They want just the answers they need at just the time they need them
It Takes More than Content to Set
Up Selling Opportunities
• Delivered around life events when people are looking for answers and more likely to buy.
• Delivered in a way that engages people and allows them to uncover hidden needs.
• Delivered in a way that connects them with the person who can help with those needs.
Delivery Platform is Key
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Examples of Delivery Platform
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Financial Answer Center
Business Answer Center
Leveraging What you Have in Place
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Engagement through
multiple channels
To initiate dialogues
with the person that
can help with
Leverage existing branch and online channels to build awareness promote usage of a new value added service.
Interactive delivery
platforms
Emotion Adds Impact
Feelings are Facts - “Only 30% of human decisions and behaviors are actually driven by rational considerations” – Nobel prize winners
Gallup – “Emotionally connected customers tend to deliver significantly enhanced business results when compared to their rational counterparts.”
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Engage Emotionally
• Save money (Satisfaction)• Avoid mistakes (Fear)
• Protect those who count on you (Confidence , Lack of Guilt)
Focus on the emotional benefits of the help you can provide
Engagement in the Branch
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Onboarding
Account Servicing
Frontline employees introduce the content as a value added service and offer guides relevant to their life events as a part of their everyday service-focused routine. The request for a guide is an automatic lead.
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Automated Fulfillment
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Engagement Through Website
Engagement Through Email
Feature your content in emails to your members!
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Twitter Solution Facebook Solution
Edu PostsEdu Tweets
Engagement Through Social Media
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Promoted for relevance and value to get followers (e.g.. Tuesday’s Tips)
Engagement Through Mobile
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EZ Viewer
All content and features of the Financial Answer Center are formatted for easy access through mobile devices
Worksite Engagement
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Financial education is one of the most rapidly growing employee benefits. Your business customers can provide it to their employees with a simple link.
Link to Financial Answer Center as an employee benefit draws employees of business customers to you for financial education and people that can help
The Financial Focus
• If 1 in 3 appointments buy with an average net present value per sale of $2000 (deposit, loan, mortgage, investment, insurance, etc.) the value of 1 sales appointment is $660
• Target of over $100,00 new revenue/branch/yr. A single appointment from a branch in a month returns over 6 times the cost.
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Make your own assumptions using a Revenue Opportunity Calculator at
www.Truebridge.com
Truebridge Content Marketing System
• Affordable monthly subscription includes:
• Full turnkey Content Marketing System
• Customized to match your look and feel
• Integrated employee pictures and contact information
• Professionally maintained by a top national accounting firm
• Individual customer service to ensure active usage and shared “best practices”
• Hosted through top-ranked secure facility
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So, What’s the Next Step?
• Schedule a 1 on 1 demo- learn more at www.truebridge.com
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